The Internal Revenue Service has released a draft version of the Form 1040 for next tax season, with an expanded question about virtual currencies, now referred to as digital assets, along with other changes on drafts of that form and related forms and schedules. Last tax season, the question was:
Donor-advised funds have been receiving more than half of their contributions from complex assets such as shares of public and private companies, real estate and cryptocurrency in the past five years, according to a new report. The report, released last week by the National Philanthropic Trust, which manages DAFs on
The Senate passed a landmark tax, climate and health-care bill, speeding a slimmed-down version of President Joe Biden’s domestic agenda on a path to becoming law after a year of Democratic infighting that the White House was unable to control. The vote on the bill was 51 Democrats in favor
All Bonadio Group offices were closed on Friday, as the CPA firm celebrated its fifth annual Purpose Day. This tradition encourages staff members to spend a day volunteering at various charitable organizations, and over 560 staff members participated across New York State. “Just as with our client relationships, the Bonadio
The American Institute of CPAs has sent comments to lawmakers in the House and Senate about the tax proposals in the Biden administration’s climate, tax and spending bill, which could be seeing a vote as soon as this weekend in the Senate. Last night, one key holdout senator, Kyrsten Sinema,
One sentence at a time; comp con; D.A. cleared; and other highlights of recent tax cases. New Orleans: Two tax preparers have been sentenced for conspiring to defraud the federal government. Carlanda Isaac, sentenced to 40 months in prison, worked for Pelican Income Tax and Bookkeeping Services and later for
The IRS is continuing to hone its filters to catch business identity theft and tax fraud, using 84 selection filters last year to identify business tax returns claiming refunds for potential fraud but not always succeeding, according to a new report. The report, released Monday by the Treasury Inspector General
Two of 11 defendants charged with running a $300 million cryptocurrency-based Ponzi scheme have agreed to settle with the Securities and Exchange Commission. The case concerns the four founders of a cryptocurrency company called Forsage, as well as a group called the “Crypto Crusaders” who heavily promoted the site. The
July is Disability Pride Month, commemorating the landmark Americans with Disabilities Act of 1990. In the 32 years that have followed, we have seen the federal government continue to take steps to aid those with disabilities and protect them from discrimination. Many people with disabilities, however, have felt the negative
The American Institute of CPAs, New York, named the recipients of its 2022 Effective Learning Strategies Awards: Kimberly Young of Greenville Technical College in South Carolina, received the George Krull/Grant Thornton Teaching Innovation Award, and Perry Moore of Lipscomb University received the Mark Chain/Federation of Schools of Accountancy Teaching Innovation
