What happens if the debt ceiling and banking crisis collide?
President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday.
IRS tests free e-filing system that could compete with tax-prep giants
The prototype program developed by the federal government could be available for a small group of taxpayers by January
Hiring New Accountants: The Challenge For The CPA Community And The IRS
Our nation is facing a significant shortfall in young people entering the workforce as accountants. Setting aside the joy of accountants wanting to become lion tamers – the impact on the nation is potentially significant. I am seeing first-hand in discussions with our CPA Firm relationships across the country
The Biden tax proposals that could hit baby boomer, family businesses
President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.
R&D Tax Credit — An Update On A Lifeline For Small And Medium Business
A cornerstone of U.S. tax policy (and for many other countries) has been to encourage and support research and development (R&D) in this country. Policymakers on both sides of the aisle have long recognized the importance of incentivizing companies to engage in R&D.
IRS Compliance Restructuring Plan Faces Steep Road to Reality
An item in the IRS’s strategic operating plan to centralize its enforcement function could herald the most substantial reorganization for the agency since 1998 — or it may fizzle out altogether.
How Can the Inflation Reduction Act Benefit Healthcare Facilities?
The Inflation Reduction Act (IRA) was signed into law last summer in an effort to stem the rising inflation. Within the IRA was an enhancement to the 179D Energy Efficient Commercial Buildings Deduction. 179D itself is essentially providing an incentive for organizations to use more energy efficient technologies for their buildings.
The IRS released its $80 billion funding plan. Here’s what it means for taxpayers
The IRS on Thursday released a plan for the nearly $80 billion in agency funding enacted through the Inflation Reduction Act in August — including expected boosts for customer service, technology, and enforcement.
3 Ways the IRS’s $80-Billion Spending Plan Will Make It Easier for Small-Business Owners to Do Their Taxes
The IRS on Thursday released its $80-billion plan to begin the agency’s modernization efforts, which will introduce new digital tools, streamline tax processes, and offer more assistance to taxpayers.
The IRS wants more people working in tax enforcement. Now it has to find them
The IRS is planning how it will use the $80 billion allocated to the agency under the Inflation Reduction Act — and how it will successfully recruit new employees