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TIGTA – IRS Scores 98% On First Stimulus Payments

by admin | Jul 19, 2020 | Tax

Originally published on Forbes.com. It seems that the biggest tax story currently is whether there will be a second stimulus payment (Economic Impact Payment – EIP). Shahar Ziv on this platform seems to be watching that closely. Here is some news on how the...

Paycheck Protection Shaming – Just Stop It

by admin | Jul 19, 2020 | Tax

Originally published on Forbes.com. The SBA has released data on the Paycheck Protection Program. 5,461 lenders made 4,885,388 loans totaling $521,483,817,756. Tax Pro Mobilization I once did a back of the envelope computation that estimates that roughly a million...

Preparers May Fight IRS On PPP Deduction Denial-Hundreds Of Billions At Stake

by admin | Jul 16, 2020 | Tax

Originally published on Forbes.com. One of the most exciting features of the Paycheck Protection Program was that it appeared that borrowers were going to be getting deductions funded with loans that did not have to be paid back. And there was an explicit statement...

Newly-Released IRS Data Book Shows Continued Downsizing of IRS and Taxpayer Audits

by admin | Jul 14, 2020 | Tax

by Joshua Ashman CPA The IRS recently published its annual Data Book, a statistical report providing insights into the workings of the IRS courtesy of a macro-level snapshot of the agency. This year’s 2019 Data Book numbers aren’t alarmingly different than last year’s...

Why Stimulus For The Dead Might Not Have Been So Bad

by admin | Jul 10, 2020 | Tax

Originally published on Forbes.com. The way my mind works stimulus checks going to dead people had me first thinking about zombie movies. My second thought was about a fellow I knew who said his estate plan would be to bounce his last check. He would have had to come...

IRS May Issue Millions Of Notices With Dates Wrong

by admin | Jul 6, 2020 | Tax

Back on April 15, which used to be a really important date, I wrote about IR-2020-59 in which the IRS announced that it was suspending collection actions of various sorts until July 15. I spoke with E. Martin Davidoff Partner in Charge-National Tax Controversy at...