When a partnership claimed a $9.5 million tax deduction after donating 106 acres to a Tennessee land conservancy, the IRS challenged it. Both the U.S. Tax Court and the Sixth Circuit Court of Appeals found in favor of the IRS, but the latter decision was split. This prompted the partnership to appeal to the U.S. […]
Read More Conservation Easement Deduction in the NewsSecurities and Exchange Commission (SEC) Chair Gary Gensler spoke during a recent webcast to commemorate the 20-year anniversary of the Sarbanes-Oxley Act. Gensler recommended that the SEC take a “fresh look” at its rules on the issue of auditor conflicts of interest. He also asked the Public Company Accounting Oversight Board (PCAOB) to add auditor […]
Read More SEC Chair Gensler warns about conflicts of interestThe IRS has set a year-end deadline to clear its backlog of unprocessed tax returns. How’s it going? As of Sept. 30, there were 5.8 million individual returns outstanding (down from 8.7 million in August). Despite making progress, the IRS still faces challenges. The agency has hired 5,000 new workers at processing centers and the […]
Read More Backlog of Unprocessed tax returns updateFile Now Extension Deadline October 17 https://bit.ly/3MNEBY5
Read More Extension Deadline is at handGig workers: How to stay tax compliant
Read More Gig workers: How to stay tax compliantMore than a year ago, the U.S. Supreme Court ruled that student athletes can be compensated for the use of their names, images or likenesses (NIL). Now, a new bipartisan bill would eliminate a tax incentive for contributions to tax-exempt affiliates of colleges and universities. Since the ruling, groups of college boosters (third-party entities that […]
Read More The Athlete Opportunity and Taxpayer Integrity ActRep. Vern Buchanan (R-FL) has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA). Without congressional action, 23 provisions of the five-year-old tax law are set to expire after 2025. According to the Tax Foundation, most taxpayers will see a tax increase unless some or all […]
Read More Legislation on tax provisions introducedThe Child Tax Credit (CTC) was increased for 2021 and the IRS was tasked with quickly making direct periodic payments to eligible families for part of the year. How did the IRS do? The Treasury Inspector General for Tax Administration (TIGTA) took a look at the accuracy of the payments. Overall, the IRS hit 98% […]
Read More Child Tax Credit reviewedHow Do Taxes Affect Interstate Migration? https://bit.ly/3VrCIUP
Read More How Do Taxes Affect Interstate Migration?Will the fate of the so-called “tax extenders” be addressed in Congress this year? It’s unclear at this time. The extenders could be part of an omnibus bill, expected in December. According to a recent Congressional Research Service (CRS) report, 40 temporary tax provisions expired in 2021 and others are set to expire in or […]
Read More Will Tax extenders be addressed this year?
