The IRS has granted about $1 billion in penalty relief to some 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. Most getting the relief make less than $400,000 a year. During COVID-19, the IRS temporarily suspended mailing of automated reminders
Too much money; five little letters on how clients might see you; loss-harvesting season; and other highlights from our favorite tax bloggers. Manual AI Weird Keller Advisors (https://ritakeller.com/wordpress/): Think some of your clients are weird? Imagine what they think of you. The Tax Times (https://www.thetaxtimes.com): A look at the IRS
The New York judge in Donald Trump’s civil fraud trial denied the former president’s request for an immediate verdict in his favor, criticizing his defense and suggesting his star witness was motivated by money. The witness, accounting expert Eli Bartov, “is a tenured professor, but all that his testimony proves
Under Development; lack of security; CI at work; and other highlights of recent tax cases. Trenton, New Jersey: Business owner Khuram Raja, of Locust Valley, New York, has admitted to evading personal income taxes. During tax years 2016 to 2018, he owned and operated a company that provided construction and
Enjoy complimentary access to top ideas and insights — selected by our editors. The use of artificial intelligence is becoming so common in everyday life that even the accounting profession is embracing the change. AI innovation is the hot topic at accounting events, the IRS is continuing to roll out
The U.S. has spelled out new rules for tax credits manufacturers can receive for domestically producing parts necessary for the energy transition — and there’s a clear divide for miners and processors. Companies that mine lithium, nickel, cobalt, gallium or the other 46 minerals deemed critical by the U.S. cannot
Linda Bucklin/AlienCat – Fotolia Today there is a veritable universe worth of products that claim to use artificial intelligence or be powered by AI or are, themselves, an AI solution. But how true is that? Because while “What is AI?” is an important question (see previous story), another one just
Andrew Ostrovsky/agsandrew – Fotolia The sheer number of times people have written, spoken or even thought the phrase “artificial intelligence” has spiked dramatically in just one year since ChatGPT — possibly its most prominent specimen — exploded onto the scene. But just what is it we’re talking about when we
Rosen, Sapperstein and Friedlander LLC, a Regional Leader based in Towson, Maryland, is buying Mister, Burton & Associates LLC, a firm based in Cockeysville, Maryland, effective Jan. 1, 2024. The acquisition will add six partners and directors to RS&F. MBA offers audit, tax, accounting and management advisory services for businesses,
The Internal Revenue Service’s Independent Office of Appeals hopes to improve both taxpayer service and the experience of its workforce next year. The Appeals office posted a focus guide Friday laying its main priorities for fiscal year 2024. The Taxpayer First Act of 2019 renamed the IRS Office of Appeals