Recent years have seen demand skyrocket for short-term rentals promoted on sites such as Airbnb and VRBO. Investors are increasingly attracted to these properties to generate passive income, and they are moving aggressively into the market. Listings grew 9.4% in 2021 and are expected to grow 20.5% in 2022. However,
Fluence adds new account reconciliation feature; Xero deepens ties to Hispanic and Latino communities; ; the IFRS Foundation is looking for tech-savvy accountants with experience with digital taxonomies; and more accounting technology news from the past week.
The Internal Revenue Service updated its frequently asked questions page Friday on how tax professionals should deal with the third round of Economic Impact Payments for their clients. The revised fact sheet includes a number of areas where the IRS amended the FAQs, including general information, eligibility and calculation of
Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report. The report, released Wednesday by the Treasury Inspector General for Tax Administration, examined the impact of a provision of the Bipartisan Budget
The Internal Revenue Service needs to make changes in its management of taxpayer accounts to reduce the backlog of millions of unprocessed tax returns, according to a new report. The report, released Wednesday by the Treasury Inspector General for Tax Administration, found that the backlog of old inventory in the
A former IRS employee pleaded guilty to tax evasion after the IRS accused him of filing false tax returns and providing fabricated records in an effort to obstruct a tax audit. Wayne M. Garvin, 57, of Columbia, South Carolina, was a longtime IRS employee who most recently worked as a
The Internal Revenue Service released a revenue ruling that updates the rules for the tax return disclosure restrictions for government employees in light of the Taxpayer First Act. Revenue Ruling 2022-7, released Monday by the IRS, updates the 2004 guidance in Rev. Rul. 2004-53 in accordance with the Taxpayer First
The Treasury Inspector General for Tax Administration, in a recent report, pointed to various control weaknesses at the Internal Revenue Service, many of which had to do with its computer systems, that led to the agency erroneously granting Child and Dependent Care Credits on multiple occasions. Among other things, the
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