IRS WATCH

IRS opens tax pro accounts

By Michael Cohn       4 min read

The Internal Revenue Service has begun offering online Tax Pro Accounts that practitioners can use for submitting an authorization request to an individual client’s own taxes online with the IRS. Read story →

IRS begins distributing monthly child tax credit payments

By Michael Cohn       6 min read

The IRS and the Treasury started disbursing advance monthly payments Thursday of the expanded Child Tax Credit in a program that aims to lift millions of families out of poverty.  Read story →

Intuit withdraws TurboTax from Free File Alliance

By Michael Cohn       3 min read

Intuit has decided to leave the Free File Alliance after coming under criticism for making it difficult to access a truly free version of TurboTax. Read story →

Wyden introduces bill to overhaul pass-through deduction and expand to accountants

By Michael Cohn       6 min read

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000. Read story →

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IRS offers advice on cost-sharing agreements and stock-based comp

By Michael Cohn       2 min read

The Internal Revenue Service’s Office of Chief Counsel posted a memorandum on cost-sharing agreements with reverse clawback provisions and their implications for transfer pricing arrangements and stock-based compensation. Read story →

Senior Democrat proposes cap on Trump-era business deduction

By Colin Wilhelm       2 min read

The bill would expand eligibility for the “pass-through” deduction to lawyers, accountants or doctors making above certain income thresholds. Read story →

Ivix receives $13M in funding to help fight tax evasion

By Michael Cohn       2 min read

The Israeli technology company is advised by former IRS officials and current PwC execs. Read story →

Tax Fraud Blotter: Next on the docket

By Jeff Stimpson       5 min read

Rage against the Machine; property casualty; herbal remedy; and other highlights of recent tax cases. Read story →

Work-life balance improves audits, but not job satisfaction

By Michael Cohn       2 min read

Auditors don’t put much emphasis on work-life balance, but the quality of their audits tends to suffer if that balance is absent, according to a recent study. Read story →

A vintage Ferrari? Rich investors use ‘The Bank of Me’ to splurge without paying capital gains tax

By Lynnley Browning       5 min read

Securities-based lending is up sharply as wealthy investors leverage gains in their stock portfolios into low-interest loans for pricey purchases. Read story →

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