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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • House Oversight Subcommittee Hears About Employee Retention Credit Problems

    By:
    S.J. Steinhardt
    |
    Jul 31, 2023
    The U.S. House of Representatives’ Committee on Ways and Means’ Subcommittee on Oversight recently held a hearing on the issues faced by tax professionals and other interested parties concerning the Employee Retention Credit (ERC).

  • GAO: IRS Can Use New Funding to Audit More Large Partnerships

    By:
    S.J. Steinhardt
    |
    Jul 28, 2023
    The IRS audits few large partnerships, and it and can use the extra funding provided by the Inflation Reduction Act to strengthen its audit processes to address the growing numbers of these partnerships, the Government Accountability Office (GAO) found.

  • IRS Intensifies Scrutiny of Employee Retention Credit Fraud

    By:
    S.J. Steinhardt
    |
    Jul 27, 2023
    After clearing its backlog of Employee Retention Credit (ERC) claims, the IRS is now shifting its efforts to implementing additional procedures to root out fraudulent claims, Commissioner Daniel Werfel told attendees at the IRS Nationwide Tax Forum in Atlanta.

  • Despite Delay in Implementation, New 1099-K Reporting Provision May Still Confuse Taxpayers

    By:
    S.J. Steinhardt
    |
    Jul 26, 2023
    The implementation of the lower filing threshold for Form 1099-K—the information return used for reporting transactions involving payment cards and third-party networks—has been delayed for a year but, if it becomes effective as scheduled, it could still confuse and frustrate taxpayers.

  • Blue-State Republicans Demand Higher SALT Deduction Cap

    By:
    S.J. Steinhardt
    |
    Jul 24, 2023
    Some Republican House members from states such as New York, New Jersey and California are threatening to vote against a tax package approved in June by the House Ways and Means Committee unless a provision is added to raise the $10,000 cap on state and local tax (SALT) deductions instituted by the 2017 Tax Cuts and Jobs Act (TCJA).

  • IRS to End Unannounced Visits

    By:
    S.J. Steinhardt
    |
    Jul 24, 2023
    In a policy change aimed at protecting the safety of its employees and of taxpayers, the IRS will no longer make unannounced visits to taxpayers’ homes.

  • House Republicans Seek to Stop Global Corporate Minimum Tax Agreement

    By:
    S.J. Steinhardt
    |
    Jul 21, 2023

    Republican members of the House of Representatives’ Committee on Ways and Means are seeking to block the United States from entering the global corporate minimum tax agreement reached in 2021.
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