Advice

Want to open Pandora’s Box? Talk to a tax professional about digital services taxes. In nearly every incarnation they have taken on, digital services taxes have proven controversial. Whether domestically, where at least half of the states in the U.S. have made waves by enacting digital provisions of some kind, to foreign governments like France
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The Internal Revenue Service could be doing more to help taxpayers who own Bitcoin and other forms of cryptocurrency to comply with their tax obligations, according to a new report from the Government Accountability Office. The report, issued Wednesday by the GAO, acknowledged that the IRS has provided some guidance in 2014 and 2019 on
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Numbers game; we have a loser; scrapped; and other highlights of recent tax cases. Philadelphia: Preparer Abdoulaye Coumbassa has been sentenced to two years in prison for aiding in the preparation of a false client tax return. Coumbassa, who pleaded guilty last year, owned and operated Abbi Tax Services and Accounting. From at least 2012
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When it comes to research and development tax credits, certain costs related to wages, supplies and contract research are eligible. Often, though, taxpayers — and more specifically, the engineers doing the work — overlook various processes and routine work that can be tapped for extra tax savings. R&D credits aren’t limited to what’s never been
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The Further Consolidated Appropriations Act, enacted on Dec. 20, 2019, included a number of tax changes with retroactive impact, requiring taxpayers and their advisors to consider filing amended 2018 tax returns. These include 28 regularly expiring tax breaks that had expired at the end of 2017 and have been retroactively extended. A package of disaster
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The complexity and insufficient oversight of the IRS’s Free File program, which is supposed to provide free tax software to most taxpayers, results in low taxpayer participation in the program, according to a new government report. The report, from the Treasury Inspector General for Tax Administration, comes in the wake of controversy that erupted over
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This may well be the year that the do-it-yourselfers make a serious dent in the practice of professional preparers. With fewer itemizations and simpler returns, the number of self-filed returns using commercial software could mushroom — and that will have differing impacts on accounting firms and smaller preparers, according to Bob Charron, tax practice leader
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