TAX PRO TODAY

Proposed tax hikes accelerate business deals

By Roger Russell       3 min read

Waiting until after potential rate increases go into effect could lower values. Read story →

IRS: More time to replace livestock after drought

By Jeff Stimpson       2 min read

Farmers and ranchers may have another year to defer tax on gains from sales. Read story →

Biden tax changes look uncertain in Congress

By Michael Cohn, Roger Russell       6 min read

The prospects for specific tax changes in the Build Back Better Act appear murky right now, but there could be more clarity later this week. Read story →

New fee for estate closing letters from IRS

By Jeff Stimpson       1 min read

The service notes, however, that users can get similar information from a free transcript. Read story →

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ASC 842 and GASB 87 – Practical lease accounting examples

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IRS didn’t spot $20.6M in bogus nonresident tax refunds

By Michael Cohn       3 min read

A review found 8,332 individual international 2018 returns filed with potentially erroneous or fraudulent refunds that weren’t identified. Read story →

Pelosi’s Dems head for showdown this week on Biden’s agenda

By Erik Wasson and Laura Litvan       5 min read

The specific tax hikes remain to be detailed, as does any move to suspend or expand a $10,000 SALT cap. Read story →

House budget panel advances Biden’s giant tax and spending bill

By Erik Wasson and Jack Fitzpatrick       4 min read

The economic package would raise $2.1 trillion in revenue through measures including tax increases on corporations and the wealthy. Read story →

Russian gas exec accused by U.S. of tax crimes

By David Voreacos, Neil Weinberg and Dina Khrennikova       3 min read

Novatek PJSC shares dropped after the arrest of deputy CEO Mark Gyetvay on tax charges in the U.S. Read story →

NYU professor at White House finds Democrats wary of taxing rich

By Nancy Cook       5 min read

The law professor who’s coordinated President Biden’s sweeping tax proposals is finding that many Democrats don’t share his zeal to soak the rich. Read story →

Dems agree to narrow Biden plan giving IRS bank data

By Laura Davison       3 min read

A new deal would up the thresholds of what triggers reporting to the IRS, according to a key House Democrat. Read story →

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Changes in 1099-K threshold: What it means for the gig economy

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