Tax

  Blockchain technology and cryptocurrencies are natural partners, with decentralized control mechanisms and distributed models that emphasize secrecy as much as they offer privacy or security. For the IRS, secrecy is a problem. More precisely, it’s a missed revenue opportunity. In an effort to collect tax on the booming crypto trade, the agency has already […]

During initial discussions about tax reform, clients were more optimistic (45 percent) than anxious (40 percent) about the impact it would have on their finances. However, the extremes tell a different story. The proportion of very anxious clients ...

Planning for the upcoming tax season is an important step in managing the professional liability risk associated with providing tax services. The following pre-tax season checklist provides several suggestions firms should consider in planning for ...

An email may start with a simple, “Hey, you in today?” and, by the end of the exchange, all of an organization’s Forms W-2 for their employees may be in the hands of cybercriminals. This puts workers at risk for tax-related identity theft.

The Internal Revenue Service has issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified ...

There is a plethora of information (and more pointedly, misinformation) about the Tax Cuts and Jobs Act of 2017 (TCJA) that taxpayers are taking as gospel and applying to their 2018 tax situation.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

The IRS also reminds all professional tax preparers that they are required by federal law to create and maintain a written data security plan. Sole practitioners are just as vulnerable to data theft as practitioners in large firms.