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Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated

Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated The IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised. Form 14457 allows taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS. These updates and additions […]

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Further Details Provided on Relief in Preparing Schedules K-2 and K-3

Further Details Provided on Relief in Preparing Schedules K-2 and K-3 The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the […]

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Treasury Secretary Yellen Promotes Corporate Minimum Tax

Treasury Secretary Yellen Promotes Corporate Minimum Tax A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the […]

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AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID

AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic. “During the pandemic, taxpayers […]

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IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. […]

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