1099s every quarter; latest tax lawmaking; a crypto outlook for 2024; and other highlights from our favorite tax bloggers. Interesting questions Where there’s a Means Incoming Surgent Income Tax School (http://www.theincometaxschool.com/blog/): You know in broad terms what you have to do to get ready for the season — streamline client
Left to right: Michael Sabol, Stephen Giamalis and James Mahoney of MahoneySabolCourtesy of MahoneySabol MahoneySabol & Company LLP, a regional firm based in Glastonbury, Connecticut, has merged with Giamalis and Company, also headquartered in Glastonbury, effective Jan. 15. MahoneySabol was founded in 1990 and has over 60 accounting professionals. Financial
The Internal Revenue Service and the Treasury Department released guidance Friday on tax incentives for installing electric vehicle charging stations and other alternative fuel refueling stations under the Inflation Reduction Act and where they can be located. Notice 2024-20 provides guidance on satisfying the geographical requirements of the Section 30C
The Internal Revenue Service and the Treasury Department released guidance Friday on tax incentives for installing electric vehicle charging stations and other alternative fuel refueling stations under the Inflation Reduction Act and where they can be located. The information can help households, businesses and other organizations considering such investments find
The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to modify their guidance on catch-up contributions in the wake of the SECURE 2.0 Act of 2022 requirement that certain catch-up contributions be made as Roth IRA deferrals. Last August, the Treasury Department and the
The Internal Revenue Service said Thursday that a limited number of tax-exempt organizations won’t be able to electronically file their income tax returns until the middle of March due to technology upgrades. The affected forms are Form 990-T, Exempt Organization Business Income Tax Return, and Form 1120-POL, U.S. Income Tax
Tax prep and technology giant Intuit has filed a lawsuit against tax prep and technology giant H&R Block, saying the company made false and misleading claims about its pricing structure in its marketing materials. The lawsuit concerns three specific matters that Intuit said H&R Block misrepresented on its web page:
Trivium Point Advisory, a financial advisory firm based in Westport, Connecticut, has added Lyons & Lyons CPAs, a firm in Macclenny, Florida, and Paradigm Financial Partners, a registered investment advisory firm in Westport. Lyons & Lyons offers tax planning, accounting and business consulting services to complement the investment advisory and
The IRS flipped a stance the agency took seven years earlier on the question of whether certain trust distributions amount to a taxable gift. Its Dec. 29 guidance, called “chief counsel advice,” may affect the many financial advisors and tax professionals providing estate planning services to their clients. In it,
Even as it brings stricter enforcement to bear on large corporations, complex partnerships and high-income individuals, the Internal Revenue Service said it’s also been making steady improvements in taxpayer service and technology, including for tax professionals, ahead of the start of tax season on Jan. 29. “We’ve been working hard