How a Go-Between Can Help You Save Taxes on Real Estate Transactions. If you are a real estate investor or business owner, you may have heard about Section 1031 of the tax code, which allows for a tax-deferred exchange of
National Taxpayer Advocate Raises Concerns Over Funding Allocation. The Internal Revenue Service (IRS) is a much-maligned agency that has long faced criticism for its poor customer service. However, there are recent reports that the agency is starting to improve, particularly
Modernizing the Agency for a Digital-First Approach Small business owners have long had a complicated relationship with the Internal Revenue Service (IRS). Filing taxes can be a daunting and confusing task for entrepreneurs, and the agency’s reputation for being bureaucratic
Protecting Yourself Against Fraudulent Tax Preparers and the Consequences of Non-Compliance. The U.S. Department of Justice (DOJ) has been increasing its efforts to combat fraudulent tax preparers who take advantage of unsuspecting taxpayers. The DOJ has been working with the
A Look at the IRS’s Goals for the Next Decade and the Challenges It Faces. The IRS has announced a new strategic operating plan aimed at transforming the tax agency and improving service to tax payers and the nation during
Exempt Organizations Can Now Submit Form 8940 Online Beginning April 3, 2023. The Internal Revenue Service (IRS) has announced a update to Form 8940, Request for Miscellaneous Determination, which is used by exempt organizations to make random purpose requests. The
Tips and Reminders for Taxpayers to Request an automatic Six-Month Extension to File Their taxes and Avoid Penalties The tax season can be a stressful time for many people, especially those who are unable to file their tax returns by
Credit card balances rose by $61 billion in Q4 2022, reaching $986 billion, the highest level ever recorded, according to a report by the Federal Reserve Bank of New York’s Center for Microeconomic Data. Credit card debt in America has
Leveraging the Predictive Capabilities of ChatGPT-4 to Save Time, Reduce Errors, and Boost performance in the Accounting Industry As the accounting industry continues to evolve, technology is playing an increasingly important role in driving performance and improving outcomes. Accounting professionals
Streamlining Operations, Enhancing Communication, and Improving Collaboration with Cloud-Based Solutions The accounting industry is constantly evolving, and accounting firms need to adapt to stay competitive. If you rely on a filing cabinet to monitor your client interactions, you may be