Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985. Prior to joining Accounting Today and WebCPA, he worked for Red Herring, Internet World, Beyond Computing, Accounting Technology and PC Magazine, and freelanced for a variety of other business publications. A graduate of the University of Pennsylvania with a BA in English, he studied accounting at the Wharton School of Business, and currently lives in New York City.
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Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.
January 14 -
The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.
January 11 -
The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.
January 6 -
The Internal Revenue Service is increasing many of the fees for requests for private letter rulings by 26.7 percent, starting Feb. 4.
January 4 -
Private collection agencies that have contracted with the Internal Revenue Service to collect overdue tax debts have collected nearly $500 million since 2017, according to a new report, but that’s just a fraction of the over $30 billion owed.
December 31 -
The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.
December 21 -
The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.
November 30 -
A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.
November 30 -
The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
November 19 -
Regardless of who wins the White House, the scope for tax legislation in the near term will be limited.
November 5 -
The legislation would encourage saving earlier by enrolling employees automatically in their company’s 401(k) plan, whenever a new plan is created.
October 29 -
An estimated 9 million people haven't yet received Economic Impact Payments provided under the CARES Act.
October 27 -
The agency announced changes to more than 60 tax provisions.
October 26 -
The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.
October 19 -
While the contributions aren’t deductible, distributions such as earnings are tax-free to the designated beneficiary if they’re used to pay for qualified disability expenses.
October 5 -
The final regulation includes guidance on the requirements needed for properties to qualify for the deduction.
September 22 -
“Americans are relying on Social Security more than ever during this pandemic,” House Ways and Means Social Security subcommittee chairman John B. Larson wrote.
September 9 -
Several significant changes are probably in store for next tax season.
August 24 -
The agency is encouraging taxpayers who have received but not yet responded to a CP-14 notice to promptly do so.
August 24 -
By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.
August 19
