Taxes

Tamera Ripperda, the commissioner who runs the Internal Revenue Service’s Tax Exempt and Government Entities division, is retiring on Sept. 30 after 33 years at the IRS. Ripperda began working at the IRS’s Exempt Organizations unit in 1988 as a revenue agent. She has held executive leadership positions in three of the four services and
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U.S. Senator Bernie Sanders said he will introduce legislation to tax what he called the “obscene wealth gains” from billionaires during the coronavirus crisis. Sanders, a self-described democratic socialist, made the announcement in a Twitter post Wednesday evening. Last year, while running for the Democratic nomination, Sanders embraced a proposal that would tax fortunes above
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This map shows the real value of $100 in each state. Across the United States, the cost of living fluctuates, as prices for the same goods may be cheaper in some areas—such as rural parts of Arkansas or South Dakota—than in large cities in states like New York or California. This means that the same
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As of today, the IRS has ruled that expenses paid with forgiven Paycheck Protection Program loans are not deductible. But what if the loan is processed and expenses are paid in 2020, but the forgiveness determination is not made until 2021? Such circumstances are not only possible but likely to occur, according to Roger Harris,
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The Internal Revenue Service has named James Lee as its new chief of the Criminal Investigation unit, starting Oct. 1. Lee is currently deputy chief of CI and a 25-year veteran of the organization. He will succeed current IRS CI chief Don Fort, who announced last month he plans to retire on Sept. 30. “Jim
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Today, Senators Ted Cruz (R-TX) and Martha McSally (R-AZ) introduced the CREATE JOBS Act (Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups) that would make two significant changes to incentivize investment in the United States. The proposal would prevent scheduled changes that would worsen the tax treatment
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The Internal Revenue Service released regulations to restrict a valuable tax break that hedge fund managers were able to claim after an error in 2017 Republican tax law. The change, published Friday, bars money managers from using some types of business entities, including S corporations and passive foreign investment companies, to take advantage of an
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The National Conference of CPA Practitioners has endorsed legislation to give the Treasury and the Internal Revenue Service the authority to regulate tax preparers. In a letter to Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Oregon, and Reps. Kevin Brady, R-Texas, and Richard Neal, D-Massachusetts, the organization urged them to pass S.1192/H.R.3330, “The Taxpayer Protection
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On Thursday, U.S. Senators Marco Rubio (R-FL), Bill Cassidy (R-LA), Steve Daines (R-MT), and Mitt Romney (R-UT) released the Coronavirus Assistance for American Families Act (CAAF). This bill would change the way the economic impact payments—commonly known as recovery rebates or stimulus payments—could work in the next round of pandemic-driven relief for households.  The bill’s
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As stay-at-home notices are expiring, CPA firms and tax practices nationwide are making decisions on how and when to return to their traditional workspaces. While the process continues, employers and employees have many risk factors to consider. There are multiple sets of guidelines that must be followed, observed Stan Sterna, vice president, professional firms, at
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Inheritance tax dates back to the Roman Empire, which collected 5 percent of inherited property in order to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece,
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