Four years after the start of the COVID-19 pandemic, the Internal Revenue Service’s Criminal Investigation division has investigated 1,644 tax and money laundering cases related to fraud around pandemic relief programs worth potentially $8.9 billion. As of the end of February, 795 persons had been indicted and 373 sentenced to
Whether they plan to use an accountant (63%) or prepare their own return (37%), a significant number of Americans procrastinate when it comes to filing their taxes. Almost a fifth (19%) will file in April or later, and 8% will file for an extension. Why? Procrastinators say that the process
New technology from progressive generative AI firm C.P.A.AI has been put to the test this year. In January, their AI Busy Season Bot was launched to an audience of CPAs eager to get their hands on the advanced technology. Local CPA firm Watts, Taber and Fiske had been searching for
Having dominated the quarterly lists of new Securities and Exchange Commission audit engagements for the first half of 2023, Top 100 Firm Cohen & Co. topped the rankings for the whole year by a wide margin. The Cleveland-based firm grabbed the top spot almost entirely due to its March 2023
Farming it out; short circuited; California dreamin’; and other highlights of recent tax cases. Marshall, Texas: Tax preparer Boyd Lynn Butcher, 51, has been sentenced to three years in prison for a federal income tax violation. Between 2015 and 2017, he operated a tax prep company under the name Boyd’s
The Digital Business Networks Alliance, a nonprofit backed by the Federal Reserve that serves as the legal entity overseeing the US open Exchange Framework, announced the first successful electronic invoice transmission over the U.S. network. While the European Union has been working on developing e-invoice infrastructure for at least a
More than prep; homebuyer credit needs work; tax shots across the Hudson; and other highlights from our favorite tax bloggers. Whine of the times Home games Tax Vox (https://www.taxpolicycenter.org/taxvox): A tax credit for first-time homebuyers could be an important step towards restructuring how the U.S. subsidizes home ownership. How the
2024 presents the rare circumstance where it appears likely that both the Democratic and Republican candidates for president have already served in that office. We have already witnessed, therefore, election-year tax proposals from both President Biden and former President Trump. We have seen annual budget tax proposals from each. We
Rules for federal production and investment tax credits under the Inflation Reduction Act have been broadened, according to the Internal Revenue Service. IRS guidance released Friday in Notice 2024-30 expands rules for determining an “energy community” and the ability to include some land-based equipment for offshore wind facilities for production
An unlikely pair of lawmakers is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity. Sen. Sheldon Whitehouse, D-Rhode Island, and J.D. Vance, R-Ohio, introduced Thursday the Stop Subsidizing Giant Mergers Act, a bill that aims to end tax-free mergers and taxpayer subsidies for acquisitions that