Tax

Because of the Infrastructure Investment and Jobs Act, P.L. 117-58, which President Joe Biden signed into law on November 15, 2021, the ERC was ended early and broker reporting of cryptoasset transactions is now required. After clearing the Senate in August, the bill was finally passed by the House of Representatives on Nov. 5, 2021. … Read more

The IRS released Rev. Proc. 2022-14 on Monday, which contains an exhaustive list of modifications to tax accounting techniques to which Rev. Proc. 2015-13, as later amended, applies automatically. As a result of the revisions made in Rev. Proc. 2015-13, the IRS may now provide automatic and advance nonautomatic consent to a change in an … Read more

Do you have clients who want to spend their golden years in exotic locales? For your post-accountancy life, are those dreams of tropical beaches and lower living costs your own? Increasing numbers of Americans are deciding to spend some of their golden years outside of the United States. More than 413,000 people, a 40% increase … Read more

Citizens of the United States, regardless of where they live, are generally treated as if they were U.S. residents for tax purposes, and as a result, their worldwide income is subject to U.S. tax reporting. U.S. expats face a number of unique challenges, some of which are especially relevant during their first year abroad, due … Read more

An audit by the Treasury Inspector General for Tax Administration (TIGTA) found that while pandemic and law changes were to blame for the IRS’ failure to meet timeframe standards for most taxpayer cases last year, inefficiencies in staffing, equipment, and procedures also played a role. “Program and organisational changes are needed to address the continued … Read more