John McAfee Indicted for Tax Evasion
Cybersecurity pioneer and crypto promoter John McAfee can now add another title to his job description: defendant.…
IRS Gives Details on Syndicated Conservation Easement Settlements
As we’ve mentioned before, the Internal Revenue Service has been fighting abusive tax shelters that use syndicated conservation easements as their main vehicle. More details have now been released on how their prosecution may unfold.…
Read more about IRS Gives Details on Syndicated Conservation Easement Settlements
IRS Announces ABLE Account Final Regulations
Achieving a Better Life Experience (ABLE) accounts now have final regulations from the Internal Revenue Service. Published last Thursday, this is the latest in a series of recently published final regulations that address changes to programs and rules affected by the 2017 Tax Cuts and Jobs Act.…
Read more about IRS Announces ABLE Account Final Regulations
Tax Year 2020 Desk Reference Guide
Drake Software gathers important, regularly accessed tax information for tax professionals in an annually released desk reference guide. The Drake Software 2020 Desk Reference Guide includes a preseason checklist, due diligence requirements, MACRS recovery periods, medical account information, filing requirements, and much more.…
Default Withholding Rate for Periodic Retirement and Annuity Payments Gets Final Regulations
Final regulations for the default rate of individual income withholding for certain periodic retirement and annuity payments that are made in 2021 are now available.…
Hurricane Sally Victims Get IRS Tax Relief
Taxpayers affected by Hurricane Sally have been given tax relief by the Internal Revenue Service. They now have until Jan. 15, 2021 to file various individual and business returns and make payment of tax due.…
IRS Spotlights Online Tax Resources for Small Business Week
The pandemic has affected everything in American life, even National Small Business Week. This year, the Internal Revenue Service spent all three days of the event highlighting online resources that can help small businesses dealing with coronavirus-related difficulties.…
Read more about IRS Spotlights Online Tax Resources for Small Business Week
AICPA Renews Call for PPP Extension and Expansion
The American Institute of CPAs is adding its voice to others calling for an expansion of the Paycheck Protection Program (PPP) and seeks to extend the program’s lifespan.…
Read more about AICPA Renews Call for PPP Extension and Expansion
Drought-Stricken Farmers, Ranchers Get Tax Relief from IRS
American agriculture is in the grip of a major drought, with many farmers and ranchers forced to sell off major portions of their herds to avoid starvation.…
Read more about Drought-Stricken Farmers, Ranchers Get Tax Relief from IRS
Final Regulations for Estate and Non-Grantor Trust Deductions, 100 Percent Bonus Depreciation
Anyone who has prepared tax returns professionally knows that change is the rule, not the exception. When tax laws change, the Internal Revenue Service has the unenviable task of making sense of legislation or executive actions that directly impact the tax industry.…
