The Internal Revenue Service said Wednesday that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs like the PPP. The IRS cited a memorandum released last week by its Office of Chief Counsel saying that when a
Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 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, meaning that individuals and households that reside or have a
A system that Congress mandated allowing federal contractors to self-certify they don’t owe a significant amount of taxes is enabling many of them to score lucrative contracts while still owing plenty of delinquent taxes. A report released last week by the Treasury Inspector General for Tax Administration pointed out that
The Public Company Accounting Oversight Board intends to update some of its older auditing standards, some of which it inherited two decades ago from the American Institute of CPAs after passage of the Sarbanes-Oxley Act of 2002, and not a moment too soon. Last month, the PCAOB proposed a draft
The Treasury Department recommended that the government begin the work of developing a digital currency of its own, just in case it ever wants to use one. The department drafted the report — one of three — as required in the March executive order “Ensuring Responsible Development of Digital Assets,”
A recent study found that when publicly traded companies appoint a Black CEO, their stock price generally rises. This is the conclusion borne out of a study outlined in the Strategic Management Journal. Researchers came to this conclusion after examining nearly 5,000 CEO appointments over 20 years, from 2001-2020. Specifically,
The U.S. Treasury Department, in response to developments in the digital asset space, said it is committing to a coordinated interagency action plan for mitigating the illicit financial and national security risks associated with digital assets. The plan was outlined in a recent report, released as part of the March’s
Kin capers; Easy money; just feeling frivolous; and other highlights of recent tax cases. San Diego: Attorney Elliot Adler has been sentenced to a year and a day in custody for conspiring with former Chabad of Poway Rabbi Yisroel Goldstein to commit tax fraud. Beginning at least as early as
The additional $80 billion in funding over the next decade for the Internal Revenue Service from the Inflation Reduction Act is supposed to go toward improving taxpayer service, modernizing the IRS’s outdated technology, increasing enforcement efforts, and hiring more staff to process tax returns and replace retiring employees, but many
Fewer clients = more income; the new car credit; the IRA’s real importance; and other highlights from our favorite tax bloggers. Just imagine Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Here’s a guy who fired his prep clients — and quadrupled his income. Mauled Again (http://mauledagain.blogspot.com/): For the anti-tax group and for those
