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TIGTA: IRS Gave Out More Than $10 Billion in Excess Child Tax Credits in 2021

CPA Practice

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

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In ongoing accounting crunch, where to go for sales tax help?

TaxConnex

The accounting education pipeline is drier than ever even as accounting degrees require many additional course hours. million accountants and auditors in the U.S. in 2022, up 1.3% from 2019,” reads a recent Wall Street Journal article on accounting’s latest great resignation. There were about 1.65

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How Colorado’s 2022 Retail Delivery Fee Will Impact Out-of-State Retailers

Anders CPA

per sale, which will be paid by the customer While the fee directly impacts customers, retailers are responsible for collecting and remitting the fee Affected businesses will need to register for a Retail Delivery Fee account on the Colorado Revenue Online system. As of July 1, 2022, Colorado is now collecting a retail delivery fee of $0.27

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Friday Footnotes: Tim Ryan Works Too Hard; Fake CPA Gets Violent Over QuickBooks Files; PwC PR | 10.20.23

Going Concern

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. Accounting enrollment for the past 10 years has been declining by 16.9% LBMC is already Tennessee’s largest CPA firm, and was recently named a 2023 best tax and accounting firm by Forbes.

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Bipartisan Bill Would Force IRS to Fix Issues With Math Error Notices

CPA Practice

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error. You owe money on your taxes as a result of these changes.

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Your Guide to 2022 R&D Tax Credits

Shay CPA

Per the Protecting Americans from Tax Hikes (PATH) Act of 2015 , if your gross receipts are less than $5 million and you’ve been in business for fewer than five years, you can most likely claim a credit of up to $250,000 to apply toward the social security tax on your payroll. Let us crunch the numbers. Let us crunch the numbers.

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IRS Starts Accepting Returns and Extends Hours at Tax Assistance Centers

CPA Practice

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Where’s My Refund?” tool on IRS.gov.