The verdict for this year’s tax season is that it was one of the most normal in years, without any of the craziness of the first three season of the COVID pandemic, or the massive tax law changes of the few years before that — and that’s all reflected in
Victims of severe storms, straight-line winds and tornadoes in Oklahoma on April 19 and 20 now have until Aug. 31 to file various federal individual and business returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside
The narrow requirements for qualifying for the electric vehicle tax credits under the Inflation Reduction Act are causing some consternation in the auto industry, as they only seem to apply to a limited number of models, so accountants need to advise clients carefully about new vehicle purchases. On April 18,
Internal Revenue Service commissioner Daniel Werfel defended the IRS’s budget during congressional testimony Thursday, a day after House Republicans passed a bill that would eliminate much of the extra $80 billion in funding it secured under the Inflation Reduction Act. “When we had lower resources, it was so frustrating for
Whitley Penn is adding Cogenics Consulting, a technology consulting firm in Pleasanton, California, expanding the Fort Worth, Texas-based Top 50 Firm’s client accounting and advisory services team, effective June 1. Cogenics specializes in data analytics and digital transformation for financial forecasting, analysis and strategic planning. It works with applications and
The statute’s start; chat’s all, folks; costs of fraud; and other highlights from our favorite tax bloggers. Just saying Post-game show Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Another season in the books. But this year the afterglow includes everyone’s special agency and its new strategic plan. And how what’s in it may determine
The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency to reflect the fact that some countries now accept Bitcoin as legal tender. The IRS issued Notice 2023-34 on Monday, basically updating Notice 2014-21 because it stated that digital currencies were not legal tender;
Matt – stock.adobe.com If you or a client of yours is planning on selling a company, here are 24 documents you’re going to have to show to any prospective buyer. Are you prepared? I’m betting you’ve got most of this information stored somewhere, but in various places. This is pretty
Republican leaders in the House proposed legislation this week to strip the Internal Revenue Service of much of the $80 billion in extra funding it won in last year’s Inflation Reduction Act as a gambit to reopen negotiations with the Biden administration over increasing the debt limit, while calling for
Oklahoma enacted changes in the number of hours needed for CPA candidates to sit for the CPA exam, reducing them from 150 credit hours to 120, but still requiring 150 hours to actually get a CPA license. Oklahoma Governor Kevin Stitt signed Senate Bill 171 into law on Wednesday as
