Income Tax
Latest News
Trump Vows 25% Tariffs on Canada and Mexico, and 10% More on China on ‘Day One’
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
Another FTX Executive Pleads Guilty in Billion-Dollar Fraud Case
Nishad Singh, the former head of engineering at FTX, pleaded guilty to wire fraud and several other charges.
Average Tax Refund is Down 11% From Last Year, IRS Says
IRS statistics for the week ending Feb. 17 show the average refund is $3,140, down 11.2%, or $396, from last year.
AICPA News – March 2023
AICPA News is a roundup of recent announcements from the American Institute of CPAs.
The Tax Blotter – March 2023
Generally, small business owners who use their automobile for business driving are entitled to deduct expenses based on the vehicle’s use, but there are plenty of twists and turns along the way.
This is the One Easy Tax Credit Many U.S. Workers are Overlooking
Just 49% of workers know about the credit, which can help them save for retirement and lower their taxes, a survey found.
Clerical Error Results in Wrong Tax Refunds for Hundreds of Iowans
Roughly 300 Iowans who had filed their 2022 federal tax returns did not receive the correct federal refund.
IRS Extends Tax Deadline in Three States to Oct. 16 for Taxpayers Impacted By Disasters
Disaster-area taxpayers in most of California and parts of Alabama and Georgia received tax filing and payment relief.
IRS Processing Tax Returns At a Quicker Rate Than Last Year
As of Feb. 3, the IRS said it has processed more than 16.7 million tax returns—29% more than in 2022.