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Tax Practice

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August 25, 2020

Election 2020: Trump vs. Biden on corporate tax policy

Top 10 Firm Crowe has put together an at-a-glance guide to the candidates' positions on corporate taxes.

Trump faces N.Y. probe into valuation of assets to get loans

By Erik Larson 4 min read

New York is investigating whether President Donald Trump’s company falsely reported the value of his assets to secure loans and get tax benefits as claimed last year by Trump’s former personal lawyer and fixer, Michael Cohen, who has fallen out with his ex-boss.

IRS rolling back penalties on some employers who didn’t deposit enough taxes

By Michael Cohn 3 min read

The Internal Revenue Service plans to correct penalties mistakenly levied on employers who reduced their tax deposits because they expected to claim some of the new tax credits to which they’re entitled.

IRS 2020 draft 1040 puts crypto question front and center

By Ranica Arrowsmith 1 min read

Taxation and regulation are steps toward further legitimizing cryptocurrency.

Trump fight over delay of subpoena for taxes set for Sept. 1

By Erik Larson 2 min read

A federal appeals court set a hearing for Sept. 1 to consider President Donald Trump’s emergency request to put on hold a judge’s ruling that cleared the way for the Manhattan District Attorney to enforce a subpoena for his tax returns and other financial records.

Credit Suisse faces Belgian probe over hidden accounts

By Peter Chapman 1 min read

Credit Suisse Group AG faces a criminal probe amid suspicions it helped more than 2,600 clients to hide money in Swiss accounts, Belgian prosecutors said.

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IRS will stop sending overdue notices until it catches up on mail backlog

By Michael Cohn 4 min read

The Internal Revenue Service agreed to quit warnings about unpaid taxes while it works through millions of pieces of unopened mail that have accumulated during the pandemic.

IRS previews draft version of 1040 for next year

By Michael Cohn 3 min read

The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season.

Clients disappointed with tax refunds, expect more from accountants

By Michael Cohn 2 min read

The vast majority would still recommend their preparer, however, according to a new survey.

For CPA firms building a sales and use tax practice, the time is now

By Mark Friedlich 5 min read

Most of the Top 100 CPA firms reportedly are showing significant increases in revenue in their SUT practices.