In 2005, when Hurricane Katrina hit landfall along the Gulf Coast, the Katrina Emergency Tax Relief Act of 2005 (H.R. 3768) was introduced and passed by Congress in less than two weeks.
Unfortunately, this prompt response is not the standard model each time a disaster occurs. Relief offered through the tax system varies, and as explained in the AICPA’s comment letter submitted to Congress last November, “this process results in taxpayers receiving different treatment for similar losses and not knowing what tax treatment they will receive until Congress enacts some form of relief, which frequently occurs long after the disaster.”
Continue reading "Tax Relief for Disaster Victims: We Can Do Better, Sooner" »
you have tax clients who run small businesses or decided to sell their
household items on eBay this past year? Or perhaps you are a CPA who accepts
credit card payments from your clients? If so, you may have already received a notice
from the IRS or should be aware of the latest updates on the IRS push for information
matching with Form 1099-Ks (Payment Card and Third Party Network Transactions).
Some AICPA members have received 1099-K mismatch notices assessing thousands of
dollars in penalties.
Continue reading "To Match or Not to Match? 1099-K Notices Bewilder Taxpayers" »