Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
IRS, Treasury propose rules for renewable energy tax credits
From Kiplinger Personal Finance — By Michael Cohn — The Treasury Department and the Internal Revenue Service issued proposed regulations to update the investment tax credit rules to encompass various forms of renewable energy. The proposed regulations, which...
The extra standard deduction for people age 65 and older
From Kiplinger Personal Finance — By Kelley R. Taylor — You’ve probably heard about the standard deduction, but did you know that the tax code offers a perk in the form of an extra standard deduction for people aged 65 or older? For eligible older adult filers, the...
IRS Wins $109 million court case, defeats ‘Project Soy’ maneuver
From the Wall Street Journal – By Richard Rubin – The Internal Revenue Service won a $109 million victory in federal court this week that will help the tax agency combat aggressive corporate tax maneuvers and collect more money from other companies. From the...
Consumer Fraud Reporting group lists top 10 scams of 2023
From ConsumerFraudReporting.org— Below is ConsumerFraudReporting.org's list of the top 10 scams of 2023, to date. The list is continually updated. We have a side-by-side comparison of other reporting agencies' top 10 scam lists here. The FTC's (Federal Trade...
New IRS group intensifies enforcement efforts
From Accounting Today — By Roger Russell — The working group being formed by the Internal Revenue Service to go after high-net-worth taxpayers that utilize pass-throughs and complex tax strategies to minimize their tax obligations has been called a...
Extension filers face Oct. 16 deadline for 2022 tax returns
From the IRS — WASHINGTON — The Internal Revenue Service is reminding taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax return should file their Form 1040 on...
Your first look at 2024 tax rates: Projected brackets, standard deductions, more
From Forbes — By Kelly Phillips Erb — The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) increased by 0.6% in August after rising 0.2% in July. You won't just feel the impact of those boosts in your wallet—you'll also see them on your...
IRS stops processing new Employee Retention Credit (ERC) claims
From Kiplinger Personal Finance — By Kelley R. Taylor — Due to an alarming onslaught of ERC scams and fraud, the IRS has stopped processing new employee retention tax credit claims. Due to an increase in ERC tax credit scams and fraud and to protect honest business...
Introducing SafeSend Returns® for tax return delivery
Dear Clients, We are pleased to offer SafeSend Returns as our new secure, electronic tax return delivery system. The client-friendly interface walks you through a guided process that includes on-screen review of your return, collecting IRS-compliant e-signatures on...
IRS reminds taxpayers to prepare for natural disasters
From the IRS — September is National Preparedness Month. With the peak of hurricane season just ahead, the Internal Revenue Service reminds taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023. Taxpayers can begin...
IRS sent letters about possible ID theft; 2.5 million people just didn’t respond
From the Detroit Free Press — By Susan Tompor — Hard to imagine anyone just ignoring an IRS letter that flags a potential trouble spot involving fraud or ID theft. Or taxpayers not making a move to prove they are who they say they are to get their tax refund cash....
Self-employed have quarterly tax payments due in September
From The Ascent — By Maurie Backman — Self-employment can really be a mixed bag. On the one hand, it's nice to set your own hours and, in some cases, work from anywhere. On the other hand, being self-employed means grappling with an income that might vary...