AICPA News
Financial fraud risks to watch for amid the pandemic
The precise effect the COVID-19 pandemic is having on financial fraud may take time to sort out — regulatory enforcement actions against accounting violations can take years to piece together.
journalofaccountancy.com
Cannabis
Legalization: What’s ahead with cannabis accounting - AICPA Insights
Ballot initiatives relating to cannabis will be voted on in five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — this November. Topics being considered are presented in Marijuana on the ballot.
aicpa.org
IRS News
Taxpayer Bill of Rights
**The Taxpayer Bill of Rights gives each and every taxpayer a set of fundamental rights they should know when dealing with IRS to comply with tax laws and rules.
The IRS Taxpayer Bill of Rights codifies existing rights into 10 fundamental rights, & make these rights clear, more understandable, & available to taxpayers.**
irs.gov
IRS "Taxpayer Bill of Rights;" 10 Provisions Highlighted on IRS.gov, in Publication 1
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them.
The Right to Be Informed The Right to Quality Service The Right to Pay No More than the Correct Amount of Tax The Right to Challenge the IRS’s Position and Be Heard The Right to Appeal an IRS Decision in an Independent Forum The Right to Finality The Right to Privacy The Right to Confidentiality The Right to Retain Representation The Right to a Fair and Just Tax System
irs.gov
CNBC sounds the alarm for clients on Virtual Currency reporting, emphasizes CPAs’ role [VIDEO] | CPA.com
How many of your clients with crypto assets are aware the IRS requires them to include crypto transactions on their taxes?
If your clients are like most, the answer is probably “not enough.”
Especially at this moment, when issues such as Paycheck Protection Program (PPP) loans are dominating client conversations at firms, reporting of crypto assets may not even make the top 10 list of concerns about their taxes and finances.
Yet clients with crypto assets can’t afford to let other issues push crypto reporting off the agenda.
cpa.com
IRS announces help with tax debt
The IRS on Monday announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because of the pandemic (IR-2020-248). Taxpayers who owe taxes and could not pay have always had options such as installment agreements and offers in compromise, but now they have more options.
journalofaccountancy.com
Politics
Can Donald Trump Pass $2,000 Stimulus Checks by Executive Order?
Can Donald Trump Pass $2,000 Stimulus Checks by Executive Order? President Donald Trump has used the power of the executive order for multiple reasons. In 2020 alone, Trump signed executive orders to invoke the Defense Production Act to expedite the manufacture of medical equipment during the coronavirus outbreak, increase protections of historical monuments during demonstrations and dictate a specific style of architecture for federal buildings. However, Trump has not used an executive order to mandate $2,000 direct payments to Americans affected by the COVID-19 pandemic.
newsweek.com
McConnell says Electoral College certification will be his 'most consequential' vote ever: Report | Fox News
McConnell says Electoral College certification will be his 'most consequential' vote ever: Report The Senate leader's acceptance of Joe Biden's victory put the Kentucky Republican at odds with Trump
foxnews.com
Tax Relief Solutions
Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service
Latest Updates on Coronavirus Tax Relief The Internal Revenue Service and the Treasury Department have started delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.
No action is required by eligible individuals to receive this second payment. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.
As with the first round of payments, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
irs.gov
Uncollectible Status: An Alternative Resolution
Uncollectible Status: An Alternative Resolution. Having an account placed in uncollectible status allows the taxpayer to remain current in tax compliance without worrying about enforcement action and allows a taxpayer to recover from a financial setback. The IRS may designate an account as being in uncollectible status for the short or long term.
thetaxadviser.com
From The Desk of Keith L. Jones, CPA
Thoughts from the desk of TheCPATaxProblemSolver
Welcome to issue number one of "TheCPATaxProblemSolver's Taxpayer's Tribune.
This is the inaugural edition of a weekly publication about tax debt forgiveness, news from around the world and in the U.S, IRS news, politics, the cannabis industry, business, and sports.
Do you owe back taxes? Under audit? Years of unfiled returns? Making payments you can’t afford? Our expert team has helped thousands of delinquent taxpayers solve their IRS problems. You can find quick solutions to your Business or Personal IRS matters! Call for a free consultation NOW!
Keith Jones, CPA TheCPATaxProblemSolver