Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During a hearing Thursday before the House Ways and Means Oversight Subcommittee, Rep. Carol Miller, D-West
With the March Madness college basketball tournament getting underway, a top Democrat on the House Ways and Means Committee is asking three top schools with highly paid basketball coaches to hand over data about those compensation packages. Representative Bill Pascrell, a New Jersey Democrat, sent letters to Duke, Villanova and
The Deloitte offices in LondonJack Taylor/Getty Images Deloitte, New York, released a survey that found U.S. companies are preparing for an increase in demand for high-quality environmental, social and governance disclosures. (Read the full story.) The International Ethics Standards Board for Accountants, New York, appointed new members to the Technology
Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most significant IRS priority, and we have implemented many new, innovative strategies in an effort to improve our overall level of service and processing
Too many letters; IRS funding, finally; pruning; and other highlights from our favorite tax bloggers. Sense of fulfillment Procedurally Taxing (https://procedurallytaxing.com): Over several decades, correspondence examinations became the IRS go-to for auditing some four out of five individual targeted taxpayers. Originally designed for “less complex” matters, correspondence exams are now
Most accounting firms have been very busy over the past two years — with COVID-19’s impact on the economy and the government’s response creating plenty of new work — but with the pandemic winding down (hopefully), this year’s Regional Leaders aren’t going to rely on circumstances to keep themselves busy
Senate Finance Committee chair Ron Wyden, D-Oregon, said Friday he is developing policies that could remove some tax benefits available to Russian and Belarusian individuals and entities that earn income from the U.S., as well as U.S.-based multinational companies that do business in those countries. For individuals, he noted that
National Tax Day (April 15) has not been modified since 1955. In 1955, the Tax Code was 929 pages. Today, it’s more than 6,600 pages. Why haven’t we updated our filing deadline? Accuracy matters. The proper calculation of tax liabilities is important for both the Treasury and taxpayers. Serving an
The Internal Revenue Service is looking to hire more than 5,000 employees in three cities over the next few months, and another 5,000 employees over the course of the next year. It has also added voice and chat bots on some of its phone lines and its website as part
Patriot Software, an accounting technology and payroll services company, announced that it has successfully patented a “dual-ledger accounting” software feature. The patent explains it as a system and method for selectively displaying accounting data in both cash and accrual basis formats. This allows a user to track cash, modified cash