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Erin Collins - 2 Bill Smith - 1 CBIZ - 1 Smith - 1 Henry Grzes - 1 Tom O'Saben - 1 Jan - 1 " Smith - 1
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9 mentions found


☆ This IRS issue is 'the biggest, most consistent problem' for taxpayers, expert says
  + stars: | 2024-02-27 | by ( Kate Dore | Cfp | Ana Teresa Solá | ) www.cnbc.com   time to read: +3 min
You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.
Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA
☆ Investors may miss out on this key tax loophole if they actively trade a spot bitcoin ETF
  + stars: | 2024-01-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
But there's a catch with conventional assets: the wash sale rule . Now, tax professionals are flagging a potential wrinkle that may arise: Even though bitcoin itself isn't subject to the wash sale rule, a spot bitcoin ETF very well may be. Property versus security Under federal tax law, the IRS deems cryptocurrency to be property . Managing limitations At its core, that means investors should avoid swapping in and out of the same spot bitcoin ETF within the 61-day limit if they had sold the position. This also raises the question of whether dumping one spot bitcoin ETF for another would be deemed substantially identical.
Persons: Stephen Turanchik, Paul Hastings, Andrew Gordon, Dan Herron, Richard LaFalce, Morgan Lewis, Turanchik Organizations: Internal, Digital, Tax, Force, American Institute of CPAs, IRS, Gordon Law Group, Elemental Wealth, Investors Locations: San Luis Obispo , California
☆ 'Buyer beware.' Anyone can call themselves a tax preparer. Here’s how to find a qualified professional
  + stars: | 2023-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
There's a staffing shortage in the accounting industry, and it's not too early to lock in a tax preparer for next season. "Buyer beware," said April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. "Truly, anybody can call themselves a tax preparer." In her 2022 annual report to Congress, National Taxpayer Advocate Erin Collins highlighted the "absence of minimum competency standards for return preparers" as a top problem. When a preparer makes a mistake, the filer is ultimately responsible for their return and can face IRS enforcement action, she wrote.
Persons: it's, Walker, Roth, there's, Erin Collins Organizations: American Institute of CPAs, Finance, IRS, National
☆ IRS to target 'unscrupulous' tax preparers amid crackdown of small business tax credit
  + stars: | 2023-09-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Chip Somodevilla | Getty ImagesIRS scrutiny of the employee retention creditThe plan is part of the agency's elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. A pandemic-era tax break, the employee retention credit, or ERC, was designed to support small businesses that kept employees on payroll during shutdowns or revenue declines in 2020 and 2021. He included the earned income tax credit, a tax break claimed by low- to moderate-income filers, which has been prone to mistakes due to complex eligibility requirements. While IRS audit rates have dropped overall, the rates have declined more slowly for filers claiming the earned income tax credit than higher earners. "The IRS audits a higher percentage of taxpayers with the earned income tax credit than any other taxpayers, except those with at least $5 million of total positive income," National Taxpayer Advocate Erin Collins wrote in her 2022 report.
Persons: Daniel Werfel, Chip Somodevilla, April Walker, Werfel, Chuck Marr, Erin Collins Organizations: Senate, Getty, American Institute of CPAs, ERC, IRS, Budget, National Taxpayer, filers Locations: Worth
☆ Lawmakers weigh tax rule 'backslide' for Venmo, PayPal users, says analyst. What it means for you
  + stars: | 2023-08-20 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
There's bipartisan support for the changeThe lower Form 1099-K thresholds were originally slated for 2022. watch nowThe Republican-led House Ways and Means Committee in June approved legislation to revert the reporting thresholds back to 2022 levels. Form 1099-K has 'always been problematic'Meanwhile, there are lingering worries among tax professionals about the 1099-K change. For businesses selling goods, she said Form 1099-K may not accurately reflect returns or adjustments. How to prepare for the 1099-K reporting change
Persons: Sherrod Brown, Bill Cassidy, Rosenthal, AICPA, Phyllis Jo Kubey, Kubey Organizations: PayPal, IRS, Republican, Sens, American Institute of CPAs, New York State Society of Locations: Ohio, New York
☆ Firms are 'bombarding' small businesses with ads for a Covid-era tax credit, advisor says. Here's how to know if you qualify
  + stars: | 2023-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. The tax break — known as the employee retention credit, or ERC — was enacted in 2020 to support small businesses during the Covid-19 pandemic, worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. While the credit applies to tax year 2020 or 2021, business owners still have time to amend returns and claim the credit, which has sparked a flood of ads from companies offering to help. While Hausz's company has completed at least 100 amended filings for clients to claim the employee retention credit, it has also informed clients when they don't qualify. "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received, said Kristin Esposito, director for tax policy and advocacy for the American Institute of CPAs.
Persons: Craig Hausz, Kristin Esposito Organizations: ERC —, Finance, CMH Advisors, ERC, American Institute of CPAs Locations: Dallas
☆ Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing
  + stars: | 2023-05-12 | by ( Anna Mutoh | ) www.wsj.com   time to read: +1 min
Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. Photo: Thomas Wells/The Northeast Mississippi Daily/Associated PressGraduates entering the workforce this year who are considering careers in accounting should see plenty of demand for their services as the industry grapples with a dearth of candidates. But even so, they may find what companies are willing to pay them underwhelming, particularly given the rigorous academic and testing requirements required to follow this career path. Recruiters say experienced accountants are often moving into new roles in finance and technology. And the exodus is expected to worsen as baby boomers leave the workforce, with 75% of certified public accountants retiring or close to retiring in the next 15 years, according to the American Institute of CPAs.
☆ How to Read a Form 1098-E
  + stars: | 2023-03-02 | by ( ) www.wsj.com   time to read: +10 min
By Kerri Anne RenzulliIf you have student loans, chances are you’ll encounter the IRS’s Form 1098-E. Those with multiple loans across multiple lenders will be sent a separate 1098-E form by each lending institution. But for those who do, this mark indicates that you took out your student loan before Sept. 1, 2004. Instead of relying on the Form 1098-E, you’ll need to request or download records of what you paid in interest and your payment history from your loan servicer, says Greene-Lewis. Who can claim the student loan interest deduction The $2,500 deduction phases out as your modified adjusted gross income rises.
☆ 5 reasons I pay a CPA $350 to do my taxes, even though I could do them myself
  + stars: | 2019-10-14 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com   time to read: +5 min
A good tax professional goes way beyond preparing your tax return — they can help you plan for the future and avoid costly mistakes. But a few years ago, I started working with a certified public accountant to do my taxes, and I've never looked back. I pay my CPA $350 each year to file my taxes, but I handle my regular bookkeeping on my own. Here are a few reasons why I decided that working with a CPA or an EA (Enrolled Agent) makes a lot of sense. Every year brings tax law changes, whether from new laws passed by Congress, old laws expiring, or regular changes to keep up with inflation.
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