While the use of private collection companies to recover delinquent tax debt saw a sharp increase in 2021, they remain a very small — and particularly effective — player in the overall landscape, recouping just 2.78% of the total value assigned to them by the IRS. This is the conclusion
Big offenders; the profession’s coming year; new blog on the block; and other highlights from our favorite tax bloggers. At least fascinating Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): “Taxes are, if nothing else, persistent… Even in years when the changes are negligible, they are back, starting to add up on the
This includes a will and the accompanying documents, a buy-sell agreement if you are in a partnership, a practice continuation agreement if you are a solo, and a listing of where everything is and who to go to for assistance. I would have liked to finish this list with an
Massive losses and large tax deductions in Donald Trump’s returns reveal how the former president was able to use the Tax Code to minimize his income tax payments. Democrats on the House Ways and Means Committee released Trump’s tax returns Friday, after he lost a multi-year legal battle to keep
“Where were the lawyers and accountants?” That was the withering assessment of one U.S. judge after years of fraud and deception went undetected during the 1980s savings and loan crisis, despite a well-stocked entourage of audit, legal and compliance professionals who might have been expected to raise the alarm. It’s a relevant question
As the year’s end approached, the Internal Revenue promised regulations for some clean vehicle provisions of the Inflation Reduction Act, as well updating its guidance on accounting methods for some research and experimental expenses. The Inflation Reduction Act of 2022 made several changes to the new clean vehicle credit for
The Internal Revenue Service announced that it has updated its frequently asked questions for the Form 1099-K, “Payment Card and Third-Party Network Transactions.” The update to Fact Sheet 2022-41 follows the agency’s recent announcement that it was pushing back the lowering of the reporting threshold to $600 from Jan. 1,
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Gift giving is prevalent at this time of year and is usually accompanied by exchanging gifts with loved ones. I have a suggestion for a gift for you and your family that hopefully would never be used,
The Internal Revenue Service and the Treasury Department are giving investment brokers more time to report information on transactions involving digital assets such as cryptocurrency. They announced Friday that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under
What a load; slip and falls; bless this cell; and other highlights of recent tax cases. Damascus, Oregon: Rebekah Joy Williams, former owner and general manager of local dump truck hauling and concrete companies, has pleaded guilty to failing to pay employment taxes. Williams owned and operated Anbasa Transport and