Check out our articles below written by our team for Tax Practice News

Efficiently Handle IRS Notices with Tech

If you feel like your clients have recently experienced an uptick in IRS notices, you’re not alone. During the pandemic and through most of last year, the IRS had paused notices related to past-due balances and other matters. Beginning in early 2024, the COVID pause ended, and notices for years

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Understanding Reportable Transactions: What Tax Preparers Need to Know

Many tax preparers may not often run into a reportable transaction situation, however most returns require disclosures about whether an entity does or doesn’t have an affected transaction to report. It’s important for all preparers to understand what transactions fall into the reportable category and when to disclose more information.

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The New Dirty Dozen: Top 2024 Tax Scams

The Internal Revenue Service (IRS) has released its annual “Dirty Dozen” list of top tax scams for 2024. Typically the IRS releases a new list each year to warn taxpayers and preparers alike of what to watch out for when it comes to scams and data security. While most preparers

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The Fate of a Finished Filing Season Still in Limbo

One significant concern is the Corporate Transparency Act, which has faced legal challenges and caused confusion among small businesses regarding their reporting requirements. The American Institute of CPAs has called for the suspension of enforcement actions until related court cases are resolved. Failure to address this issue could lead to

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Critical Accountant Shortage

The accounting profession’s staffing shortage has finally reached critical status after nearly a decade of declining accounting graduates. A drop in CPA exam candidates and an aging workforce in existing firms are both attributed to crisis-level shortages. The critical status was made obvious in a recent CPA Trendlines survey that

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The Great COVID Heist: IRS Announces Billions in Fraud

As the United States grappled with the devastating effects of the COVID-19 pandemic, the government rolled out an unprecedented relief plan to help businesses and individuals weather the storm. However, the hastily implemented programs, such as the Paycheck Protection Program (PPP) and COVID unemployment relief, became targets for fraudsters who

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Keeping Your Tax Practice Compliant

Every tax practice owner and manager recognizes the key importance of compliance and its necessity to the success of the firm. However, like the proverbial cobbler who neglects their shoes, it’s easy to put your client’s needs ahead of your own when it comes to keeping them compliant and neglecting

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The AI Revolution: Navigating the Future of Tax Practices

As artificial intelligence continues to advance at an unprecedented pace, tax practice owners find themselves at a critical juncture. The potential for AI to transform the accounting industry is undeniable, but many professionals remain hesitant to embrace this powerful technology. With concerns ranging from data security and ethical implications to

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Predictions for Post Election Tax Law Changes

The Biden budget proposes significant tax increases on the wealthy, corporations, and capital gains rates. Treasury Secretary Janet Yellen testified before the Senate Finance Committee about these proposals, but much will depend on the election’s outcome. If implemented, the corporate tax increase from 15% to 21% could significantly impact business

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