The Tax Court recently upheld the IRS’s rejection of an attorney’s “offer in compromise” (OIC) as it was seen as an unreasonably low offer. For a quick review, an OIC is an agreement between a taxpayer and the IRS settling the taxpayer’s tax liability for less than the full amount owed. If
Whether digital goods are subject to sales tax sometimes depends on who you ask. Regardless, states need to sort out sales tax policies on digital products sooner than later. The following case, which focuses around decisions being made in Mississippi and their Department of Revenue in particular, illustrates why states need
I wrote a column earlier this month about the critical issues involved in running a small accounting firm. My column identified four critical issues based on the views of the 11 firms and 17 people attending my two virtual joint retreats. They are: staffing, how owners and partners spent their
The Internal Revenue Service added a new feature Friday to its online portal for the Child Tax Credit allowing parents to update the mailing address where they should receive the monthly payments. The new feature will enable any family that opts to receive their payment through a paper check to
QuickBooks rolls out a software upgrade every year, and it is always exciting to see the new feet of advancements it brings along. QuickBooks is pushing its online version to the existing users for quite some time as it offers a safer storage option to the users for their company
At least $1 billion in commercial donor-advised fund grants went to other commercial DAF sponsors in 2019, according to a new report, rather than being distributed to charity. The report, released Thursday by the Institute for Policy Studies, found that over the five years analyzed from 2015 to 2019, the
Tax increment financing (TIF) is a seemingly simple economic development tool that has become anything but—and it’s somewhat controversial in its use to promote improvements in certain city areas. Proponents contend that TIF provides necessary funding for cities to redevelop blighted properties and infrastructure, which can increase property value and even increase
Financial and occupational fraud has become a serious problem in the United States, clarifying the need for enhanced fraud risk management. Donald R. Cressey’s Other People’s Money: A Study in the Social Psychology of Embezzlement set the foundation for studying fraud. From his research, the fraud triangle was born. Each
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My father-in-law is a very successful attorney. One of his great sayings is: “I’m always looking at the clock, and they are looking at the calendar.” What that means is he has very different expectations from his clients about when something should be completed. If you’re a CPA, an attorney,
