CPA Practice
JUNE 15, 2023
The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. 105 taxpayers didn’t receive all of their eligible child tax credit, estimated at $139,000. This process uncovered 3.8
TaxConnex
FEBRUARY 27, 2024
million accountants and auditors in the U.S. from 2019,” reads a recent Wall Street Journal article on accounting’s latest great resignation. More than 300,000 accountants quit their jobs between 2019 and 2021, data show.” With the former, you risk that a professional versed in the tax code of the U.S.
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Churchill-Knight
DECEMBER 20, 2021
With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE).
Cherry Bekaert
JANUARY 18, 2024
2024-9 relieves the need for certain taxpayers to file non-automatic accounting method changes by year-end specifically, Rev. 2024-9 allows taxpayers to comply with the guidance in Notice 2023-63 by filing an automatic accounting method change for taxable years beginning after December 31, 2021. Specifically, Rev.
Withum
JANUARY 8, 2024
Until the proposed regulations are published, taxpayers can rely on the excluded product right exception for R&E expenditures paid or incurred in the taxable years beginning after December 31, 2021. However, automatic changes in accounting methods can be filed on Form 3115 and are not due until the extended due date of the tax return.
Withum
JUNE 24, 2022
When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.
Going Concern
NOVEMBER 24, 2023
EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e., Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e.,
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