IRS WATCH

Biden plan would give IRS authority to regulate tax preparers

By Michael Cohn       4 min read

The American Families Plan includes provisions that would expand Internal Revenue Service oversight of tax preparers. Read story →

IRS to fix its confusing tax ‘error’ on new 10-year rule for inherited retirement plans

By Lynnley Browning       4 min read

Heirs of IRAs and 401(k)s won't need to take annual distributions before cashing out within a decade of receiving the plans, the agency says. Read story →

Expect a ‘more aggressive’ compliance landscape for taxpayers

By Roger Russell       5 min read

After a pause during COVID, experts predict an increase in tax controversies. Read story →

Michael Jackson estate wins smaller tax bill in court

By Michael Cohn       4 min read

The estate of the late singer prevailed on the valuation of his name and likeness and the taxes owed to the IRS in a long-awaited Tax Court ruling. Read story →

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Biden $400K tax-hike threshold may hit couples

By Josh Wingrove       1 min read

The proposal won’t affect couples with incomes below $400,000 — but could impact couples who together exceed that threshold. Read story →

Biden offers a vision of unity with rich paying ‘fair share’ of taxes

By Justin Sink and Alex Wayne       6 min read

The president declared the U.S. has turned the corner on a pandemic that’s killed more than half a million Americans. Read story →

IRS previews proposed K-2 and K-3 for int'l taxes

By Michael Cohn       2 min read

The updated early draft versions will be used by pass-through businesses to report foreign tax information. Read story →

Biden tax proposal would kick in at over $500K for couples

By Josh Wingrove and Laura Davison       2 min read

The proposed top 39.6 percent tax bracket in the administration's “American Families Plan” would encompass less than 1 percent of taxpayers. Read story →

Biden calls for raising taxes on capital gains and wealthy

By Michael Cohn       8 min read

President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains. Read story →

Accountants help restaurants apply for new SBA grants

By Michael Cohn       5 min read

The Small Business Administration plans to begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply.  Read story →

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