A busy year; must love scams; state of emergency; and other highlights of recent tax cases. Salem, Massachusetts: Tax preparer Roosevelt Fernandez, 42, has been sentenced to five years in prison and three years of supervised release after orchestrating two schemes involving COVID-19 relief funds and returns submitted using stolen
Congress gave billions of dollars in tax credits to employers in response to the COVID-19 pandemic that helped pay for providing paid sick and family leave and retaining employees, but now the IRS needs to step up its compliance efforts, according to a new report. The report, released Tuesday by
Victims of wildfires and straight-line winds that began in New Mexico on April 5 now have until late summer to file various federal individual and business returns and make tax payments. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS has given relief to affected
The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately. On Monday, the Treasury Inspector
Royal pain; cashing out; midnight at the Oasis; and other highlights of recent tax cases. Dallas: Tax consultant Steven Jalloul, a Liberian national who orchestrated a scheme to secure more than $23 million in forgivable Paycheck Protection Program loans, has been sentenced to 10 years in prison. Jalloul, who pleaded
CEOs who prefer risky sports hobbies are more likely to take a risky approach to their company’s tax planning, according to a new study published by the American Accounting Association. The study, from researchers at the University of Hong Kong, the University of California Irvine, the National University of Singapore,
What to change; cash flow forecasting; the sales tax paradox; and other highlights from our favorite tax bloggers. High anxieties Procedurally Taxing (https://procedurallytaxing.com): Is momentum finally building for the IRS to provide taxpayers with free online filing options? EideBailly (https://www.eidebailly.com/taxblog): This news roundup looks at how the recent record tax
The Public Company Accounting Oversight Board named the members Monday of its two new advisory bodies, the Investor Advisory Group and the Standards and Emerging Issues Advisory Group, and scheduled their initial meeting dates. The selection of the members came after the board started a nomination process in January. These
Financial Accounting Standards Board chair Richard Jones said that, over the course of its agenda consultation process, stakeholders have communicated that a project to permit or require companies to account for certain digital assets at fair value should be a “top priority.” Speaking at Baruch College’s Financial Reporting Conference, Jones said
More than 30,000 taxpayers may now qualify for Additional Child Tax Credits totaling over $16 million after the Internal Revenue Service implemented a provision of the American Rescue Plan Act last year that expanded eligibility for premium tax credits to buy health insurance. On Friday, the White House announced plans