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IRS Introduces Draft Form 7217: Implications for Partnership Distributions

The Internal Revenue Service (IRS) has unveiled draft Form 7217, "Partner's Report of Property Distributed by a Partnership," set for implementation...

Remote Worker Classification: A Guide for Tax Professionals

Federal law changes this year have shed new light on employee and contractor classifications. Employers need to take a close look at how employees...

The Fate of a Finished Filing Season Still in Limbo

One significant concern is the Corporate Transparency Act, which has faced legal challenges and caused confusion among small businesses regarding...

The New Dirty Dozen: Top 2024 Tax Scams

The Internal Revenue Service (IRS) has released its annual "Dirty Dozen" list of top tax scams for 2024. Typically the IRS releases a new list each...

Understanding Reportable Transactions: What Tax Preparers Need to Know

Many tax preparers may not often run into a reportable transaction situation, however most returns require disclosures about whether an entity does...

Efficiently Handle IRS Notices with Tech

If you feel like your clients have recently experienced an uptick in IRS notices, you’re not alone. During the pandemic and through most of last...

Tax Technology Outlook for 2024

As we navigate through 2024, the world of tax technology is on the brink of unprecedented transformation. With advancements in artificial...

IRS Progresses in Employee Retention Credit Review, Flags Majority as Improper

Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands...

The IRS’ New Use of AI

The Internal Revenue Service (IRS) is turning to artificial intelligence (AI) to help select tax returns for audits, aiming to narrow the tax gap. A...

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