Featured News
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Paper returns major cause of backlog, IRS says
Paper-filed returns are largely to blame for the current IRS backlog of tax returns, according to the IRS National Taxpayer Advocate’s Erin Collins.
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Gov. Evers proclaims April as Financial Literacy Month
Gov. Tony Evers has proclaimed the month of April as Financial Literacy and Capability Month in Wisconsin.
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FASAB proposes conforming amendments to technical releases
A new FASAB proposal would amend four federal government accounting standards technical releases to conform with recently issued guidance.
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IRS reminder: Educator expense deduction rises to $300 for 2022
The IRS is reminding teachers and other educators planning for 2022 that they can deduct up to $300 of out-of-pocket classroom expenses when filing their returns next year.
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FASB issues expanded hedge fund accounting standard
A new Accounting Standards Update (ASU) aims to better align hedge accounting with an organization’s risk management strategies.
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IRS to brief tax pros on latest email scams on March 30
The IRS will brief tax professionals on the latest email scams during two 30-minute Zoom meetings on Wednesday, March 30.
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IRS pauses notices to various exempt organizations
The IRS is suspending 10 notices generally sent to tax-exempt organizations about late return filings, the agency recently announced.
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Crowdfunding money may be taxable, IRS says
The IRS recently warned taxpayers that money received through online crowdfunding — such as soliciting to fund businesses, for charitable donations or for gifts — may be taxable.
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Certain e-filed returns rejected for missing Form 8962
Starting tax year 2021, the IRS will reject e-filed returns if the taxpayer needs to reconcile advance payments of the premium tax credit on Form 8962 but does not attach the form.
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Advisory services continue to grow in firms, survey finds
Globally, most accounting firms are offering — or planning to offer — a more diversified selection of advisory services for clients, a new survey finds.