AICPA Archive

Proposed bill to regulate tax preparers has AICPA support

TweetShareSharePin0 Shares News Practice & Procedures By Dave Strausfeld, J.D. The AICPA signaled strong support for a bill introduced in Congress last week that would authorize Treasury to regulate paid tax return preparers and mandate minimum competency standards. The proposed legislation has bipartisan backing and is sponsored by Reps. Jimmy Panetta, D-Calif., and Tom

AICPA suggestions on Q1 price quotes and also 2020 Form 709 …

TweetShareSharePin0 Shares, uses to any type of person that submits a government private revenue tax obligation return on Form 1040, 1040-SR, 1040-NR, 1040-PR, 1040-SS, or 1040(SP) (the Form 1040 collection) or has a government tax obligation settlement reported on one of these types that would certainly or else be due April 15, 2021. In addition,

Taxpayers deserve pandemic penalty relief, AICPA says

TweetShareSharePin0 Shares News Practice & Procedures By Alistair M. Nevius, J.D. With taxpayers continuing to face challenges related to the COVID-19 pandemic and the IRS facing a backlog of 29 million tax returns that need manual processing, the AICPA on Monday urged the IRS to implement “fair, reasonable, and practical” penalty relief measures to

6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress

TweetShareSharePin0 Shares News Practice & Procedures By Dave Strausfeld, J.D. The AICPA welcomed the Biden administration’s recent request for congressional legislation to give the IRS the authority to regulate paid tax preparers who are currently unregulated. The Biden proposal, included in the recently released American Families Plan, requests Congress to pass legislation authorizing the

AICPA requests for advice on S corp. and also collaboration …

TweetShareSharePin0 SharesArea 276 of the act gives that expenditures paid with forgiven PPP funds are insurance deductible, that PPP customers are not to lower any type of tax obligation characteristics, as well as that no basis boost will be refuted by factor of the exemption of PPP mercy from gross earnings. The AICPA is advising

Tax filing postponement doesn’t go far enough, AICPA says

TweetShareSharePin0 Shares The AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17 but said the measure falls far short of needed taxpayer relief. After IRS Commissioner Charles Rettig, in a congressional hearing Thursday, sought to justify the Service’s limited postponement, AICPA President and CEO Barry Melancon
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