Tax News

PRISMA Professional Services offers you a compilation of tax-related news

Don’t Cry For Argentina

This economic wreck of a country may soon be rescued by a fervent believer in capitalism.

Guilty Pleas In Multimillion-Dollar Paycheck Protection Program Fraud Conspiracy

Five Texas men pleaded guilty today to their participation in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program…

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

What’s Going On With Digital Link Taxes?

Nana Ama Sarfo outlines the state of digital link taxes and how they demonstrate that unilateral taxes on digital service providers continue to evolve.

IRS Continues To Expand Online Services Available To Tax Professionals

The IRS has expanded online services available to tax professionals with a Tax Pro Account, including the ability to view and manage taxpayer information.

Congress Votes To Avoid A Government Shutdown—For Now

On Sept. 30, 2023, with a few hours to go before midnight, the House passed a bipartisan bill to fund the government for 45 days.

IRS Leaker Of IRS Tax Data To The Press Is Charged With Tax Crimes

An Internal Revenue Service consultant has been charged with disclosing tax return information without authorization. If convicted, he could get up to five years.

Taxpayer Advocate Warns Office Won’t Be Able To Help Taxpayers During A Shutdown

NTA Erin Collins warned taxpayers that if there is a shutdown, the Taxpayer Advocate Service will not be permitted to assist taxpayers until the government reopens.

Countdown To Chaos: What A Government Shutdown Means For The IRS

A government shutdown would mean that the IRS would be operating with a significantly reduced staff, resulting in delays and disruptions to its services.

Tax Governance- Becoming a Large Business in the UK – UK Tax Strategy Requirements

Tax governance- Becoming a Large Business – Tax Strate This article focuses on another tax governance obligation for large businesses in the UK; the requirement to pub…

As Government Shutdown Appears More Likely, Treasury Releases IRS Contingency Plan

With a government shutdown pending, federal agencies are taking steps to get ready—including the IRS. About one-third of IRS employees will continue to perform services.

New IRS Chatbots Use AI In Aim To Assist Taxpayers—And They Actually Work

The IRS has expanded its chatbot technology to help answer basic questions for people receiving tax notices.

Earlier Government Shutdowns Offer A Glimpse Of What Taxpayers Might Expect From IRS, Other Agencies

On Sept. 30, the government will run out of money. Unless a compromise is reached, there will be a shutdown and all nonessential government functions must stop.

Tax Planning For Traders

Traders have unique needs and opportunities in tax planning. Get organized well before the year-end so you don’t miss out.

RSBs Can Rescue Our Retirements

RSBs are coupon-only bonds that would be issued by the U.S. Treasury. Their adoption would dramatically improve the wellbeing of current and future American retirees.

Your First Look At 2024 Tax Rates: Projected Brackets, Standard Deduction Amounts And More

Bloomberg Tax has released its annual Projected U.S. Tax Rates Report, giving you an early look at what brackets and other key tax figures will look like in 2024.

Cryptocurrency And The Newly Proposed Tax Rules On Digital Assets

Garrett Brodeur, a tax attorney based in Washington, D.C., discusses the recently released proposed regulations for the cryptocurrency industry and their potential effect on digital asset transactions.

Raphael Warnock Discusses Possible Government Shutdown; Addressing Financial Difficulties Of Americans

Speaking to ForbesBLK Senior Editor Jabari Young Sen. Rev, Raphael Warnock (D-GA) spoke about leading both a congregation and representing Georgia as a senator.

Conservation Easements Under Scrutiny: How Jack Fisher’s Case Impacts The Industry

On September 22, 2023, Jack Fisher was convicted of fraud that involved his dealings in the conservation industry. This conviction will have an everlasting impact.

IRS Gives Maine & Mass. Taxpayers Hurricane Tax Extension To Feb. 15

All 16 counties in Maine and all 14 counties in Massachusetts qualify for IRS filing and payment extensions until Feb. 15, 2024 from the October 16 2023 due date.

Two Promoters Charged In Alleged Sham Trust Tax Shelter Fraud Scheme

The DOJ announced that Timothy McPhee and Larry Conner have been charged with conspiring to defraud the U.S. and assisting in the preparation of false income tax returns.

IRS Gives Taxpayers Impacted By Hurricane Lee In Maine And Massachusetts More Time

The IRS has announced tax relief for individuals and businesses in Maine and Massachusetts affected by Hurricane Lee.

History: Treasury Promised A 20-1 Return On Tax Enforcement, But Congress Slashed Funding Anyway

In tax history, Joseph J. Thorndike examines arguments for and against funding cuts to the IRS during President Truman’s administration.

ERC Moratorium – What Does That Mean?

The IRS moratorium on ERC claims can impact previously filed ERC claims, and claims that are filed in the future…

Breaking News: IRS Announces Game-Changer Group To Catch The 1%

The pass-through group is equipped with a team of experts who have an in-depth understanding of complex tax structures, financial transactions, and offshore holdings c…

Former Russian CFO Sentenced To 86 Months In Prison For Hiding Millions From IRS

Mark Anthony Gyetvay was convicted of failing to file a FBAR, making a false statement to the IRS, and willfully failing to file tax returns.

IRS Criminal Investigation Warns Illegal Gambling Isn’t A Safe Bet For Taxpayers

From friendly wagers to jackpots, gambling winnings are reportable by individuals for tax purposes. And when gambling turns criminal, law enforcement takes an interest.

How Instacart’s IPO Delivers Liquidity Payday For Employees’ Stock Options And Restricted Stock Units

Instacart’s IPO is a big payday of liquidity for employees with grants of restricted stock units (RSUs) and stock options. Its SEC registration filing shows how it works.

How Budget Commissions Can Make It Harder To Cut The Deficit

They either provide political cover for lawmakers who want to achieve a goal but are afraid to act without an external push. Or an excuse to duck crucial policy decisions.

IRS Announces Next Steps In Plans To Focus On Pass-Throughs, Including Complex Partnerships

The IRS has announced plans to establish a special pass through organization to focus on large or complex pass-through entities.

Why A House Bill To ‘Prevent’ A Shutdown May Increase The Odds Of One

By refusing to support a House GOP alternative, far-right holdouts leave Speaker McCarthy with little choice but to allow a vote on the Senate’s bipartisan approach.

IRS Slams The Brakes On ERC Claims Over Suspicious Activities

This will undoubtedly have an effect on legitimate claimants and further complicate the already complicated ERC process.

FTC Issues Warning To Five Tax Preparation Companies About Sharing Taxpayer Data

The FTC is warning five tax preparation companies that they could face civil penalties if they use or disclose confidential data collected from taxpayers.

Pennsylvania Man Sentenced To Prison After His Mega-Mansion Attracted Notice From Feds

Joseph Nocito was sentenced to prison for conspiring to defraud the U.S. Nocito was accused of characterizing millions of dollars of personal costs as business expenses.

Fraudulent Tax Refund Grab Involving Identity Theft Nets Man 34 Years In Prison

While in Paris, Arasokun devised a scheme to unlawfully obtain tax refund money by filing fraudulent federal income tax returns.

An Update On The Foreign Tax Credit Rules And IRS Relief

Tax Notes reporter Andrew Velarde discusses the latest developments on the final regulations for claiming foreign tax credits, including the IRS’s decision to delay implementation and the tax community’s response.

Rapper Tyga Buried Under $8 Million In Tax Debt Keeps Going Deeper

Michael R. Stevenson is better known by his stage name of Tyga.

IRS Says Disability Pay Is Taxable Or Tax Free, Here’s How To Tell

Under the tax code, whether payments you receive for being injured are taxed depends on your injuries. But non-physical injuries like emotional distress are taxed.

For U.S. Territories, IRA Tax Credits Remain A Complicated Question

Marie Sapirie examines how the proposed elective payment regulations under the Inflation Reduction Act will affect U.S. territories.

IRS Is Hiring Thousands Of New Workers To Ramp Up Focus On Millionaires And Large Corporations

Weeks after the IRS announced plans to ramp up its focus on millionaires, complex partnerships, and large corporations, the agency said it would hire 3,700 new employees.

Can You Keep Working From Home? Not Every Employee Has Access

As companies continue struggling with remote work for their employees, many workers want at least some remote work. But not everyone can get it. Can you?

IRS, Citing Rampant Fraud, Stops Processing Covid Era Employment Tax Credit

The idea of the Employee Retention Credit was to get money into the hands of employers during the pandemic. Now, the IRS worries it’s become a money grab.

Do American Expats Need Their Own Taxpayer Advocate?

Tax Notes contributing editor Robert Goulder proposes that the Taxpayer Advocate Service create a special unit to focus on concerns of American citizens living abroad.

Georgia Suspends Gas Tax After Declaring State Of Emergency Over Higher Prices

Gov. Brian P. Kemp declared a State of Emergency in Georgia, citing inflation and unfavorable economic conditions. The move will save Georgians 31.2 cents/gallon of gas.

Marijuana Dispensary Owner Convicted Of Evading Federal Tax, Obstructing The IRS

A federal jury in Detroit has found Ryan Richmond of Bloomfield, Michigan, guilty on charges including evading federal income taxes and obstructing the IRS.

The Intersection Of U.S. Tax Law And Democracy

Professor Clint Wallace of the University of South Carolina School of Law discusses his argument for using tax policy to reinforce democracy.

New IRS Form 1099 Crypto Reporting Rules Bring More Taxes

No matter the transaction, you may have a gain or a loss triggering taxes. And new 1099 reporting rules will make the tax bite more certain.

It’s Time For The United States To Move On From The Digital Services Tax Feud

Ryan Finley asserts that the apparent failure of the United States’ global crusade against digital services taxes should prompt a reassessment of U.S. policy.

Meta And Other Employers Can’t Figure Out Working From Home

The Covid pandemic-induced growth in working from home continues rippling through the economy, highlighting tensions for both employees and employers.

Costs And Frustrations Grow As Escaped Killer Continues To Elude Law Enforcement

A report from Chester County, Pa., where the manhunt continues for escaped killer Danelo Cavalcante. A similar search years ago cost taxpayers millions.