Top 10 IRS Challenges for 2020 Posted: October 18, 2019 The Treasury Inspector General for Tax Administration has reported on the most serious management and performance challenges facing the Internal Revenue Service for fiscal 2020. The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
New Jersey Issues Guidance on Mandatory Unitary Combined Reporting Posted: October 18, 2019 The New Jersey Division of Taxation has issues a bulletin that explains the unitary business principle and the definition of unitary business for New Jersey corporation business tax purposes.
PTIN Renewal Period Underway for Tax Professionals Posted: October 18, 2019 If you plan to prepare any federal tax returns for compensation, you must apply for or renew your PTIN with the IRS by Dec. 31.
FASB Votes to Delay Effective Dates for 3 Major Standards Posted: October 17, 2019 Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses (known as CECL) and hedging after a unanimous vote Wednesday by FASB.
New Jersey to Offer Streamlined Business Dissolution and Reinstatement Program Posted: October 11, 2019 The New Jersey Department of the Treasury will be offering a temporary program in 2020 designed to help businesses return to good standing with the state without the cumbersome filing process typically associated with reinstatement or dissolution.
IRS Issues Additional Guidance on Tax Treatment of Virtual Currency Posted: October 9, 2019 The IRS has provided additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions.
New Version of PTIN Application and Renewal Form Released Posted: October 8, 2019 The IRS has released a new version of Form W-12, IRS Paid Preparer Tax Identification Number (PTIN) Application and Renewal and instructions.
Registration Open for New York Employer Compensation Expense Program Posted: October 7, 2019 Registration for the Employer Compensation Expense Program - a new optional program in New York - is now open.
IRS Makes Identity Protection PINs Available to More Taxpayers Posted: October 7, 2019 The IRS is expanding the opt-in Identity Protection Personal Identification Number (IP PIN) program to taxpayers in an additional 10 states for the 2020 filing season.
NJ Lawmakers Promote Bipartisan Effort to Cut Red Tape for Businesses Posted: October 4, 2019 A bipartisan collection of state senators is pushing to revive a panel dedicated to helping the public — and especially business owners — clear a path through what they say are overly burdensome government regulations.