Taxes
How to Efficiently Complete a Business Personal Property Rendition
A personal property rendition is a report that lists all business assets (personal property) that are subject to personal property tax, which is typically all tangible personal property unless a specific exemption applies.
IRS Chief Daniel Werfel Says He Is ‘Deeply Concerned’ About Racial Bias in Audits
An academic study revealed that Black Americans are up to five times more likely to be audited than taxpayers of other races.
Sizing Up a Charitable Deduction for Clothing: When is an Appraisal Required?
Adhere strictly to the substantiation rules for charitable donations. A deduction worth thousands of tax dollars could be at stake.
Banks Face Increased Regulatory Oversight
U.S. regulators are ratcheting up oversight efforts across the banking system as they lack the ability to quickly overhaul rules to blunt turmoil that’s already collapsed four mid-sized lenders.
California Lawmaker Heads GOP Push for a Larger Standard Deduction
Rep. Michelle Steel is leading Republicans on a new bill that would preserve a bigger standard deduction at tax time.
IRS Publishes Initial Guidance for Domestic Content Tax Credit
Domestic content is generally defined as steel, iron or manufactured products that are manufactured or produced in the United States.
IRS is Looking to Connect More Taxpayers with Appeals Services
The agency is seeking ideas on how to improve tax dispute conference options for taxpayers who don’t live close to an appeals office.
AICPA Supports Extending Tax Mailbox Rule to E-Filed Returns and Payments
This practice – known as the “mailbox rule” – already applies to payments and documents sent to the IRS through traditional mail.