Taxes September 8, 2023
IRS is Using AI to Identify Wealthy Tax Cheats for Audit
The agency is opening examinations of 75 of the largest partnerships in the U.S. that on average have over $10 billion in assets.
September 8, 2023
How to Avoid the “BIG” Tax on S Corp Conversions
The BIG tax often catches business owners by surprise. Fortunately, however, you may be able to avoid adverse tax consequences with some astute planning.
Taxes September 6, 2023
Businesses Must E-file Form 8300 in 2024, IRS Says
This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300, released in February.
Taxes September 6, 2023
Colorado Lawmakers Again Ask IRS: Don’t Tax TABOR Refunds
New IRS guidance marked the second time this year the agency raised the specter of subjecting state refunds to federal income tax.
Taxes September 6, 2023
How to Determine the Nature and Taxability of NFTs
Is the sale of an NFT subject to tax? Should it be? While lawmakers and tax officials worldwide have at least 91.8 million reasons to ensure tax laws account for sales of NFTs and other new tech, crafting tax policies for NFTs is difficult.
Payroll September 6, 2023
Student Loan Debt Relief Program Draws 4 Million Sign-Ups
More than 4 million student loan borrowers are enrolled in the Biden Administration’s new income-driven repayment plan, including nearly 332,000 borrowers in California.
Taxes September 5, 2023
New Tech Automates Federal and State Compliance Tracking
Compliance Tracker ensures accurate and timely tax filings, reducing risk of non-compliance and penalties by incorporating trusted data compiled and maintained by Bloomberg Tax’s in-house tax analysts.
Taxes September 4, 2023
Beware the Accumulated Earnings Tax
The accumulated earnings tax must be paid in addition to the regular corporate income tax. Despite recent threats by Congress to raise the ante, this penalty tax remains at the 20% rate.
September 1, 2023
IRS Issues Guidance on State Tax Payments
The guidance is being issued as part of the IRS's efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers.
Taxes September 1, 2023
IRS Gives Tax Filing Delay to Hurricane Idalia Victims
These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
Small Business August 30, 2023
Georgia (and Florida) on My Mind
Hurricane Idalia made landfall in Florida early Wednesday morning as a Category 3 hurricane, and with sustained winds of 125 mph or greater. As of noon Eastern time, the hurricane was still a Category 1, and moving over southern Georgia.
Taxes August 29, 2023
Treasury, IRS Formally Propose New Rules for Claiming Clean Energy Tax Credits
The proposed regulations include prevailing wage and registered apprenticeship requirements for clean energy projects.