Taxes

The Tax Blotter is a round-up of recent tax news.

The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.

McDonald’s purchased Boston Market in May 2000, eventually selling it to Sun Capital Partners, a private equity firm in 2007, which in turn sold the company to the Rohan Group during the pandemic.

The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.

Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients.

As of March 2, the IRS flagged 1.1 million tax returns with $6.3 billion in refunds for potential identity fraud, said TIGTA in a new report.

Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily.