Recent months have proved challenging, if not exhausting, for professionals in the state and local tax compliance arena, for several reasons that have been well…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…
Turning Tax Refunds into Retirement Savings
The Treasury’s New my RA
CPAs know that tax refunds are the largest sums of money that some people will receive all year, so tax season is a great time…
Changes to Social Security Have Tax Implications for Married Couples
Recent Legislation Eliminates Loopholes
As a bargaining tool used to expedite the passage of the Bipartisan Budget Act of 2015, Congress tightened Social Security loopholes for married couples, which…
On December 4, 2015, President Obama signed the Fixing America's Surface Transportation Act (FAST). Section 32101 of FAST adds section 7345 to the Internal Revenue…