Income Tax
Latest News
IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
GASB Proposes Guidance on Subsequent Events
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
New Jersey Considers Tax Cuts for Seniors and Businesses
New Jersey is home to the nation’s highest property taxes, with the average bill hitting a record $9,490 in 2022.
Hard Times for Colorado Weed Industry
Colorado’s cannabis entrepreneurs face a perfect storm of problems: too much supply, not enough demand, plunging prices, heightened competition in other states and ...
AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan, the AICPA encourages the IRS to issue guidance on recommended areas.
Digital Automation Increasing in Tax Firms
Expect to see a bigger push for digital automation. This is not a new phenomenon — but rather one that will be recognized for the true advantage it brings.
Former IRS Staffer Gets Jail Time for Identity Theft, Tax Fraud
Deena Vang Lee, a former IRS employee in Fresno, CA, and private tax preparer, received four years and six months in prison.
Sizing Up a Charitable Deduction for Clothing: When is an Appraisal Required?
Adhere strictly to the substantiation rules for charitable donations. A deduction worth thousands of tax dollars could be at stake.
IRS Publishes Initial Guidance for Domestic Content Tax Credit
Domestic content is generally defined as steel, iron or manufactured products that are manufactured or produced in the United States.
AICPA Supports Extending Tax Mailbox Rule to E-Filed Returns and Payments
This practice – known as the “mailbox rule” – already applies to payments and documents sent to the IRS through traditional mail.