Taxes
The Tax Blotter – May 29, 2023
The Tax Blotter is a round-up of recent tax news.
Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions
The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.
After Debt Ceiling Deal is Reached, House GOP Likely to Roll Out Tax Package
A House Republican tax proposal could include changes involving R&D credits and 1099-K relief for casual online sellers.
TurboTax Settlement Checks from Intuit are Starting to Hit Mailboxes
The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.
AICPA Endorses Legislation to Simplify Tax Filing Extension Process
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.
Special Report: 2023 Reader’s Choice Awards
Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients.
IRS Has Done a Better Job Nipping Tax ID Theft in the Bud This Filing Season
As of March 2, the IRS flagged 1.1 million tax returns with $6.3 billion in refunds for potential identity fraud, said TIGTA in a new report.
How to Avoid Mutual Fund Tax Traps
Owing unexpected capital gains taxes after your mutual fund’s assets lose value is frustrating. Here’s a way to avoid this problem.