Income Tax

Accounting thought leaders convened in New York City Feb. 20-22, 2023, for CPA Practice Advisor's 13th annual Accounting Thought Leader Symposium.

To fight identity fraud and cybercrime, tax preparers and filers must collaborate and adopt effective methods to secure their data and financial resources.

This guidance applies to owners of certain solar and wind facilities placed in service in connection with low-income communities that are eligible for the section 48 energy investment credit.

The CAP program began in 2005 as a way to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return.

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.

According to the new survey, three-quarters of tax departments report experiencing difficulties in recruiting and retaining talented tax professionals.

The annotations show the locations he supposedly visited in connection with either business. For several reasons, the Tax Court didn’t find this evidence credible.

For 2023, a participating employee can contribute up to $22,500 in elective deferrals or up to $30,000 if they are age 50 or over.