Tax Feed

Form 1040 income tax return

The AICPA provides tax practice tools to help members elevate their practices and maintain the highest ethical standards. The AICPA also advocates sound tax policy and effective tax administration.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Top 10 Resources for the 2017 Tax Season

FootballAs we prepare this list for all of our current members, we cannot help but feel like a pair of college football coaches rallying the team before the big game. So to everyone out there looking at their screen, we ask you to take a knee (figuratively) and lean in for a huddle.

We are on the eve of the big game. People are watching and will be expecting your all. The competition will be fierce, the plays will change frequently and you can expect someone or something will be coming at you from all directions. But fear not! You’ve got this. (Fist pump).

All your years of training have led to this very moment. Now is the time to stretch your muscles, gather your equipment and focus on the game plan. We want to help by putting some tools at your fingertips to get you warmed up, refreshed and staying sharp.

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ID Theft: Two Prevention “Hassles” Worth Your Time

ID theftEven if you aren’t personally a victim of identity theft, as a CPA you still bear the burden of combating it on behalf of your clients. More often than not, for tax practitioners, the big cost is your time.

Recently, to help combat thieves, the IRS implemented various authentication measures, which emerged from the Security Summit. While many of these measures may not be noticed, some are quite visible. One measure, two-factor authentication for e-Services, has already prompted comments and complaints and another, the optional W-2 pilot program, is not being used much by practitioners and I suspect time has a lot to do with that too.

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Tax Reform in the 115th Congress?

Shutterstock_184356782 (1)Tax reform has been actively studied and discussed for the past six years by the 112th, 113th and 114th Congresses. At the start of the 112th Congress in 2011, Congressman Dave Camp (R-MI), then chair of the House Ways and Means Committee, announced the first in a series of hearings on fundamental tax reform to simplify the Internal Revenue Code and improve economic growth and job creation. Since then, Congress has held over 80 hearings on tax reform. In addition, several congressional study groups were formed and various proposals introduced. Yet, despite President Obama and congressional leaders supporting a lower corporate tax rate for international competitiveness purposes, tax reform did not occur in that six-year span.

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Earlier Date for Information Returns Brings Penalty Risk

Time for ActionWe are all now facing a new Jan. 31 deadline for filing Forms W-2 with the Social Security Administration and 1099-MISC (when reporting nonemployee compensation payments in box 7) with the IRS. The earlier deadline will allow faster matching of W-2 and 1099 information with tax returns, which helps combat identity and refund theft. Unfortunately, when something is done to combat identity theft, it sometimes means extra work for practitioners, and with this new rule comes increased risk of penalties for not timely filing so we urge you to act quickly.

 

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Unclaimed Property: When Does the Auditing Go Too Far?

Money and lockYou know those gift cards you never got around to using? It’s possible they are now being counted as revenue by the state. Same goes for uncashed payroll checks and other financial instruments that were never claimed or used. States’ interest in unclaimed property as a source of revenue continues to grow. CPAs need to be extremely alert to state abandoned and unclaimed property (AUP) laws (which continue to evolve) and AUP reporting requirements to limit surprises related to an audit.

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