FICPA News
Tax debt from late return is held discharged
A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.
journalofaccountancy.com
IRS News
All taxpayers should familiarize themselves with the Taxpayer Bill of Rights | Internal Revenue Service
By law, all taxpayers have fundamental rights when they’re interacting with the IRS. It’s important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories.
irs.gov
New voice bot options mean faster service and less wait time for taxpayers | Internal Revenue Service
The IRS’s new voice bot options mean less time on hold for taxpayers trying to verify their identity to set up or modify a payment plan. Voice bots run on software powered by artificial intelligence, which allows a caller to navigate an interactive voice response.
irs.gov
Spear phishing targets tax pros and other businesses | Internal Revenue Service
Tax pros take their responsibilities to protect client data seriously. Knowing common identity theft scams, like spear phishing, is one way they can do that.
irs.gov
Here’s what taxpayers need to know about business related travel deductions | Internal Revenue Service
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes.
irs.gov
Tax
New Republican plan calls for renewing monthly child tax credit payments — but there are 'significant' trade-offs, one report finds
A new Republican proposal calls for sending parents monthly child tax credit checks of up to $350 per child. But not all families may benefit, a report finds.
cnbc.com
Qualified Business Income Deduction | Internal Revenue Service
Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A - More 👇👇👇
irs.gov