The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report. In August 2022, the Secretary of the Treasury, Janet Yellen, directed the IRS to not use any
Close personal relationships; home is where the scam is; tort trouble; and other highlights of recent tax cases. Los Angeles: Mathew R. Bowyer, of San Juan Capistrano, California, has agreed to plead guilty to running an illegal gambling business that took in unlawful sports bets, including from professional athletes as
Individuals and businesses throughout the U.S. Virgin Islands who were affected by Tropical Storm Ernesto that began on Aug. 13 now have until next February to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated by
Lakewood, Colorado-based BF Borgers CPA PC and its owner Ben Borgers have been prosecuted by CPA Ontario, the regulatory body that licenses and oversees chartered professional accountants and firms in the province, with offenses including performing the audit of a reporting issuer without registering with CPA Ontario or holding a
Republican nominee Donald Trump said his plan to renew expiring tax cuts would pay for itself by spurring economic growth as he highlighted his agenda on taxes in a visit to a key swing state in November’s election. “Growth, we’re gonna have tremendous growth,” Trump said when asked how he
Individuals and businesses in Puerto Rico and South Dakota who were hit with severe weather earlier this year now have until Feb. 3 to file various federal individual and business tax returns and make tax payments. The same relief, which applies to all of Puerto Rico and parts of South
Top 50 firm HBK announced today its executive committee has voted to split leadership of its two entities, HBK CPAs & Consultants and HBKS Wealth Advisors, giving each its own top executive. Christopher Allegretti, HBK’s CEO and managing partner since 2004, will remain in both roles at HBKS Wealth Advisors,
Six years of the Centralized Partnership Audit Regime have elucidated a central understanding: the Bipartisan Budget Act provisions present plenty of potential pitfalls for partnerships, partnership representatives and the partners. The BBA creates a fictitious partnership level tax, imbues the partnership representative with authoritarian control, threatens to create conflict between
This edition of Generational Viewpoints features two professionals from BSB CPAs + Business Advisors, a 55-employee firm located in Fairfax, Virginia. We asked baby boomer managing partner Debbie Harris, born in 1963, and millennial audit partner Kevin Hamaker, born in 1987, to share their perspectives on the following question: “What
The Internal Revenue Service, state tax agencies and groups in the tax industry hope there’s strength in numbers, and in coordination, when fighting scams. The new task force, called the Coalition Against Scam and Scheme Threats, will be a joint effort to combat the growth of scams and schemes threatening taxpayers