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Tax Fraud Blotter: Hard lessons

Accounting Today

Grand Prairie, Texas: Four tax preparers convicted of defrauding the IRS of nearly $8 million have been sentenced to a combined 105 months in prison. Adenisimi pleaded guilty last year to falsely preparing returns and admitted to fraudulently obtaining two Paycheck Protection Program loans totaling $760,415. income tax return.

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In the blogs: Here to stay

Accounting Today

The Wandering Tax Pro ( [link] ): What politicos dub "tax reform" just adds complexity to the code. How any "new Internal Revenue Code must acknowledge and confirm that the one and only purpose of the federal income tax system is to raise the money necessary to fund the government." By Michael Cohn 4h ago Tax House vs.

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.