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The future of the tax field lies in proactive and intentional tax advisory services, according to experts in the industry. While tax compliance remains important, there is a growing emphasis on tax planning and consulting. This shift is driven by factors such as increasing complexity in tax laws and clients' desire for strategies to reduce their tax liability. Tax professionals are also leveraging technology, such as artificial intelligence, to meet the demands of the profession. Additionally, offering comprehensive advisory services allows for regular client engagement throughout the year and can lead to higher-value client relationships. [Extracted from the article]

A roundup of the most important court cases, regulations and more in tax for the first six months of the year. [ABSTRACT FROM AUTHOR]

A ruling in the Corner Post case that makes it easier to sue over government regulations will cause 'chaos,' says one expert. [ABSTRACT FROM AUTHOR]

The end of Chevron deference, shifting IRS policies and other major changes to the tax landscape. [ABSTRACT FROM AUTHOR]

The end of Chevron deference, shifting IRS policies, and other major changes to the tax landscape. [ABSTRACT FROM AUTHOR]

In a narrow holding, the Supreme Court upheld the provision, but emphasized that the ruling did not have broader implications. [ABSTRACT FROM AUTHOR]

In a narrow holding, the Supreme Court upheld the provision, but emphasized that the ruling did not have broader implications. [ABSTRACT FROM AUTHOR]

This year's Greenbook proposals contain some greatest hits, including a higher corporate minimum tax. [ABSTRACT FROM AUTHOR]

This year's Greenbook proposals some greatest hits, including a higher corporate minimum tax. [ABSTRACT FROM AUTHOR]

The Supreme Court asked the solicitor general to weigh in on whether a Pennsylvania tax case has federal ramifications. [ABSTRACT FROM AUTHOR]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

The timing of restructuring will be critical, though, thanks to its significant tax implications. [ABSTRACT FROM AUTHOR]

The timing of restructuring will be critical, though, thanks to its significant tax implications. [ABSTRACT FROM AUTHOR]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

If marijuana is reclassified, lots of businesses may want to reconsider their structure. [ABSTRACT FROM AUTHOR]

The decline in taxpayers taking advantage of the ADR process was a major topic at a recent IRS meeting. [ABSTRACT FROM AUTHOR]

Insights into the IRS's progress on the Form 1099-DA and forthcoming regs on crypto asset reporting. [ABSTRACT FROM AUTHOR]

The article discusses the experience of Steven Jager, a CPA who successfully handled a case in Tax Court. The case involved penalties for late filing of a specific form, and Jager argued that the initial assessment of the penalties did not follow the proper approval process outlined in the law. Jager's client was also due a refund, which was confiscated by the IRS, leading Jager to file a request for a collection due process hearing. Through the discovery phase and meetings with IRS attorneys, Jager was able to push the IRS to concede the case without addressing the underlying issue. Jager's case gained attention from the National Taxpayer Advocate, who referenced it in a report to Congress. [Extracted from the article]

A hearing on Capitol Hill reveals some of the problems with the act, and why we may see 'massive' noncompliance. [ABSTRACT FROM AUTHOR]

How do you charge sales tax when different kinds of digital product are sold together? [ABSTRACT FROM AUTHOR]

A CPA's embezzlement turns out to be no excuse for trust fund recovery penalties. [ABSTRACT FROM AUTHOR]

From BOI reporting to tax legislation in limbo, even the most 'normal' filing season in a several years still has unresolved questions. [ABSTRACT FROM AUTHOR]

Ongoing court cases and questions about whether accountants can actually work on BOI reporting make the Corporate Transparency Act a source of serious confusion. [ABSTRACT FROM AUTHOR]

A congressional hearing takes aim at an estate planning strategy that relies on the step-up in basis. [ABSTRACT FROM AUTHOR]

The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap. [ABSTRACT FROM AUTHOR]

The Bekkerman case held that California may tax a bundled cellphone at the full price as an unbundled cellphone, rather than the discounted price. [ABSTRACT FROM AUTHOR]

Changes in rates and rules at every level require advisors to stay on their toes. [ABSTRACT FROM AUTHOR]

Despite a later start, tax filing is proceeding apace — though there are some unresolved issues. [ABSTRACT FROM AUTHOR]

The ruling further complicates an already complicated area — the law's mandate around beneficial ownership information reporting. [ABSTRACT FROM AUTHOR]

While most accountants are aware of the reporting requirement, the majority of business owners are likely to be, at best, dimly aware of them. [ABSTRACT FROM AUTHOR]

In the wake of President's Day, and in the midst of tax season, take a minute to learn about Washington's and Lincoln's key contributions to the U.S. tax system. [ABSTRACT FROM AUTHOR]

The Senate may not get to the Tax Relief for American Families and Workers Act soon enough to impact returns. [ABSTRACT FROM AUTHOR]

Accountants and tax pros need to take steps to protect themselves as they start the countdown to April 15. [ABSTRACT FROM AUTHOR]

An inside look at the Tax Relief for American Families and Workers Act of 2024 as it works its way through Congress. [ABSTRACT FROM AUTHOR]

Practitioners have always shared advice as part of tax prep, but the future of the field is in proactive, intentional tax advisory services. [ABSTRACT FROM AUTHOR]

Practitioners have always shared advice as part of tax prep, but the future of the field is in proactive, intentional tax advisory services. [ABSTRACT FROM AUTHOR]

SMB organizations are calling for the Supreme Court to uphold the Tax Cuts and Jobs Act's Mandatory Repatriation Tax. [ABSTRACT FROM AUTHOR]

A case over repatriated earnings might open up the possibility of taxing unrealized gains. [ABSTRACT FROM AUTHOR]

Employee stock ownership plans allow accounting firms 'to be in control of their own destiny.' [ABSTRACT FROM AUTHOR]

Among other things, they may unintentionally snare mutual funds, an expert testifies. [ABSTRACT FROM AUTHOR]

Microsoft's recent embroilment with the IRS highlights the dangers of this tax strategy for multinational companies. [ABSTRACT FROM AUTHOR]

The IRS and preparers are preparing to navigate the filing season ahead. [ABSTRACT FROM AUTHOR]

Many are considering extra hiring to handle the upcoming mandates, according to KPMG. [ABSTRACT FROM AUTHOR]

A new proposal would create new definitions of digital goods for state taxation. [ABSTRACT FROM AUTHOR]

This year's Greenbook proposals contain some greatest hits, including a higher corporate minimum tax. [ABSTRACT FROM AUTHOR]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

The timing of restructuring will be critical, though, thanks to its significant tax implications. [ABSTRACT FROM AUTHOR]

FEATURES Major issues in the world of state and local tax continue to reflect the past, such as the government response to COVID, the Supreme Court decision in Wayfair, and the Tax Cuts and Jobs Act. PTE taxes "Over the past couple of years, most states have addressed the $10,000 SALT deduction limitation through the adoption of pass-through entity taxes", observed Yesnowitz. ARPA tax mandate litigation Since it was passed as part of the American Rescue Plan's COVID aid package, the tax mandate, also known as the tax cut ban, has been challenged by a number of states. [Extracted from the article]

The IRS is making improvements for the upcoming filing season, including the ability for taxpayers to digitally submit correspondence and responses to notices. By the start of filing season 2024, taxpayers will also have the option to e-file 20 additional tax forms. Additionally, updates to the "Where's My Refund?" tool will provide taxpayers with more detailed refund status messages. Tax practitioners are monitoring legal developments that may affect their practice, such as the Bittner case, which clarified penalties associated with the Bank Secrecy Act, and the Moore case, which examines the taxation of unrealized gain. Businesses may need help with issues such as the Employee Retention Credit and the amortization of Section 174 expenses. Finally, accountants can learn from Microsoft's dispute with the IRS regarding transfer pricing arrangements involving intangible assets. [Extracted from the article]

Most new claimants don't qualify for the Employee Retention Credit, experts say — but that hasn't stopped facilitators from promoting it. [ABSTRACT FROM AUTHOR]