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The service's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic probably had little effect on taxpayers, according to a new report. [ABSTRACT FROM AUTHOR]

The service's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic probably had little effect on taxpayers, according to a new report. [ABSTRACT FROM AUTHOR]

Even the smallest of firms will soon be fully paperless, say accounting thought leaders. [ABSTRACT FROM AUTHOR]

Even the smallest of firms will soon be fully paperless, say accounting thought leaders. [ABSTRACT FROM AUTHOR]

Response times for tax professionals are also a problem, according to the National Taxpayer Advocate's Annual Report to Congress. [ABSTRACT FROM AUTHOR]

Responses times for tax professionals are also a problem, according to the National Taxpayer Advocate's Annual Report to Congress. [ABSTRACT FROM AUTHOR]

The service decided to destroy the documents in March 2021 because of its inability to process its backlog of paper tax returns, according to a new report. [ABSTRACT FROM AUTHOR]

Things are improving at the IRS, but there's still work to be done — and tax pros can help. [ABSTRACT FROM AUTHOR]

A recently introduced bill would, if passed, require the IRS to add scannable bar codes to electronically prepared paper returns, to encourage process efficiency. [ABSTRACT FROM AUTHOR]

The Securities and Exchange Commission is requiring some financial forms that currently are allowed to be filed or submitted in paper format to be filed or submitted electronically. [ABSTRACT FROM AUTHOR]

The study, from a top NVDR executive and an IMF research economist, crunched zillions of numbers to determine the thresholds. [ABSTRACT FROM AUTHOR]

As we move from pens and paper to the digital world of Web 3.0, many tools have been developed for SMBs and accountants to manage their cash flow better. [ABSTRACT FROM AUTHOR]

Tax-loss harvesting, a strategy that uses net losses to reduce capital gains taxes, is becoming more prevalent through applications like direct indexing. However, there is a lack of research on this strategy, according to a working academic paper by Harry Mamaysky. While tax-loss harvesting can be beneficial for wealthy investors, it is not suitable for everyone and requires careful consideration of offsetting capital gains. Investors are advised to consult with financial advisors and tax professionals to understand how this strategy applies to their specific cases. The paper also discusses the importance of factors such as intermediate capital gains, reinvestment of tax savings, and differential tax rates in maximizing the benefits of tax-loss harvesting. [Extracted from the article]

Taxpayers and tax professionals in some Western states will need to begin using a new mailing address. [ABSTRACT FROM AUTHOR]

UBS, a Swiss wirehouse, is targeting high-end art collectors in the US by offering guidance on investing in fine art. The bank published a 90-page paper titled "Your Collection, Your Legacy: Building a Lasting Art Collection" as a guide for wealthy clients to engage with the art world. UBS aims to position itself as an independent advisor in the art market, distinguishing itself from other wealth management firms. The paper also provides advice on creating foundations, loans, and estate plans for artworks. [Extracted from the article]

The inability to include both types together in standard loan pools has been one of the hurdles to the adoption of digital collateral. [ABSTRACT FROM AUTHOR]

NTA Erin Collins expressed concern Wednesday about continuing delays by the service in processing tax returns filed on paper last year. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service hopes to process all of the tax correspondence, notice responses and nontax forms it receives digitally in the next two years. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service is not expected to meet the Treasury Department's goal of scanning millions of returns by the end of the year. [ABSTRACT FROM AUTHOR]

Tax-loss harvesting through "highly correlated" products is driving a significant share of trading volume, according to a working academic paper. [ABSTRACT FROM AUTHOR]

Industry News Advisors at RIAs with private equity stakeholders are more likely to engage in misconduct with clients, according to a new study. The Oregon paper cited internal research by DeVoe & Co., a consulting and valuation firm for wealth managers, as showing that, while private equity funds participated in only 5% of all RIA deals over 2013 to 2019, they accounted for 26% of all deals as measured by client assets. [Extracted from the article]

The service has increased its scanning of Forms 940 twentyfold in 2023. [ABSTRACT FROM AUTHOR]

A new analysis forecasts a higher return on investment from the Inflation Reduction Act of 2022, but only if the funding isn't reduced. [ABSTRACT FROM AUTHOR]

A new analysis forecasts a higher return on investment from the Inflation Reduction Act of 2022, but only if the funding isn't reduced. [ABSTRACT FROM AUTHOR]

Under the agreement, inspectors will be able to see complete work papers without any redactions and select any issuer audits. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service added a new option Thursday for taxpayers who electronically file an amended tax return, giving them the ability to select direct deposit to speed up their refund. [ABSTRACT FROM AUTHOR]

An academic paper challenges the entrenched message that America faces a retirement crisis. [ABSTRACT FROM AUTHOR]

Here's why it's helpful to keep a big multifunction printer with lots of extra printing capacity and even fax capability. [ABSTRACT FROM AUTHOR]

A new analysis of 110 years of state-level tax policies shows a migration of wealthy Americans to low-tax jurisdictions. [ABSTRACT FROM AUTHOR]

A new analysis of 110 years of state-level tax policies shows a migration of wealthy Americans to low-tax jurisdictions. [ABSTRACT FROM AUTHOR]

The international public-sector accounting board released its proposed consultation paper for its strategy and work program over the next five years. [ABSTRACT FROM AUTHOR]

A recent study looked at government-backed virtual currency. [ABSTRACT FROM AUTHOR]

National Taxpayer Advocate Erin Collins is protesting a decision by Internal Revenue Service officials to postpone implementation of scanning technology. [ABSTRACT FROM AUTHOR]

The service said that as of June 10, it had processed more than 4.5 million of the more than 4.7 million individual paper returns received in 2021. [ABSTRACT FROM AUTHOR]

When you take paper out of the equation, your company workflow automatically improves. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024. [ABSTRACT FROM AUTHOR]

Cryptocurrency mining is such an energy-intense activity now that a recent study found its presence can increase electricity bills in the overall surrounding community. [ABSTRACT FROM AUTHOR]

A limited number of tax-exempt organizations won't be able to electronically file their income tax returns until the middle of March due to technology upgrades. [ABSTRACT FROM AUTHOR]

The International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities. [ABSTRACT FROM AUTHOR]

The service is coming under criticism for destroying an estimated 30 million paper-filed information returns, with one lawmaker even calling for the IRS commissioner to be replaced immediately. [ABSTRACT FROM AUTHOR]

The IRS issued a revised version allowing nonprofits and charitable trusts to file requests for miscellaneous determinations electronically. [ABSTRACT FROM AUTHOR]

For many investors, Franklin Templeton says, three giant ETFs that track the S&P 500 - SPDR S&P 500 ETF Trust, iShares Core S&P 500 and Vanguard S&P 500 ETF - "represent a core holding in their overall portfolio." By contrast, when an investor wants to sell an ETF, she simply sells it to another investor like a stock. Tax and Retirement Exchange-traded funds are a popular, low-cost gateway to the market - a way to gain broad exposure and diversify your bets to cushion the drag of losers. [Extracted from the article]

When the IFRS Foundation trustees put out their Consultation Paper on Sustainability Reporting, the accounting scientific community responded in unusually high numbers. [ABSTRACT FROM AUTHOR]

When the IFRS Foundation trustees put out their Consultation Paper on Sustainability Reporting, the accounting scientific community responded in unusually high numbers. [ABSTRACT FROM AUTHOR]

National Taxpayer Advocate Erin Collins is urging the Internal Revenue Service to expand online services for taxpayers, tax professionals and businesses while reducing its reliance on paper to improve taxpayer service. [ABSTRACT FROM AUTHOR]

Notice 2024-36 announces the second round of credit allocations for a program to allocate the remaining $6 billion in credits. [ABSTRACT FROM AUTHOR]

An experiment tested different generative AI models against each other on multiple choice questions from CPA Exam test prep material, and found they have their own strengths and weaknesses. [ABSTRACT FROM AUTHOR]

Finance departments have a powerful opportunity to help organizations remedy one of their most pressing concerns — late payments. [ABSTRACT FROM AUTHOR]

The program allows users to scan the hundreds or even thousands of paper tax bills and assessments. [ABSTRACT FROM AUTHOR]