Tax

What tax firms need to know now about technology

Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.

Changes coming to tax transcript availability

To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.

Line items

IRS expands relief from underpayment penalty ... Credit for GM electric cars phasing out ... IRS extends private letter ruling pilot program

Laurie Austin, CPA

Delegating and trusting others isn’t always easy, but it helps a leader manage a workload and develop others’ skills, says Laurie Austin, CPA.

IRS issues draft of revised Form W-4 for 2020

The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.

IRS corrects error in Schedule D tax calculation worksheet

The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.

IRS extends filing deadlines for CCH customers

The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.

SPONSORED REPORT

The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.