— As part of ongoing transformation efforts, the Internal Revenue Service announced today continued progress on a variety of taxpayer service and technology projects using Inflation Reduction Act (IRA) funding that expand online tools and digital services.
From
— With several locations already sold out, the Internal Revenue Service today encouraged tax professionals to register soon for a spot at the upcoming IRS Nationwide Tax Forum in Baltimore, Aug. 13-15, or Dallas, Aug. 20-22.
— The Internal Revenue Service today issued Notice 2024-60 to provide initial guidance on the credit for the sequestration of carbon oxide. This credit was amended significantly by the Inflation Reduction Act of 2022 (IRA).
— In the third part of a special series, the Internal Revenue Service and the Security Summit partners today urged tax professionals to learn the signs of data theft so they can respond quickly to protect their business and their clients.
— The Internal Revenue Service today encouraged taxpayers who requested an extension of time to file their taxes to consider using IRS Free File and other resources on IRS.gov to help them file over the summer rather than waiting for the October deadline. There’s no need to wait if taxpayers are ready to file.
IRS provides relief to Hurricane Beryl victims in Texas; various deadlines postponed to Feb. 3, 2025
— The Internal Revenue Service announced today tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024.
— The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules.
From
IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.
An AICPA leader analyzes recent news related to employee retention credit claims and beneficial ownership information reporting requirements. She also explains why member sentiment about IRS performance during tax filing season is not in alignment with IRS data. Read the Q&A or listen to the podcast episode.
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.
A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
From
Small operations such as Anoma and Baltic say their unusual designs and lower-end prices have fueled significant growth.By Robin Swithinbank
President Biden has not given his vice president an expansive economic portfolio. But she has engaged on issues of small-business lending, help for parents and more.By Jim Tankersley, Jeanna Smialek and Ana Swanson
Latinos in Montgomery, Ala., said they had been sounding the alarm for months, describing the killings at a grocery store as the culmination of unchecked violence.By Christina Morales
A massive outage related to a security update by CrowdStrike, a cybersecurity company, crippled airlines and other businesses on Friday.By David McCabe and Kate Conger
After a yearlong inquiry, the Federal Trade Commission warned brands not to gag their small business operators or charge them extra fees.By Lydia DePillis
For many Black women, summertime calls for braids. Pricing for knotless braids, which are faster to braid, feel lighter and have gotten more popular, depends on the length and size of each braid and color blend, and whether hair used in the boho style is human or synthetic.By Lola Fadulu and Naima Green
Bookstores once shunted romance novels to a shelf in the back. But with romance writers dominating the best-seller lists, a network of dedicated bookstores has sprung up around the country.By Alexandra Alter
From
Cross-cultural business was once reserved for large corporations, but in today’s global economy, many small and medium-sized businesses face a critical challenge: learning how to navigate new cross-cultural interactions.
Often, what intimidates the majority of employees can be the very thing that propels you toward your next big break.
Here are some of the most valuable approaches I've found to help you confidently expand your business into new markets.
Having proven, high-performance habits is critical to ensure you and your teams are ready to handle the current deluge of challenges and disruption.
Connectivity, through rapidly advancing communications and people-focused networks, is the linchpin of successful supply chain management.
The legal profession is a demanding field, causing an overall decline in the health of those in the industry. Thankfully, there are plenty of ways to combat stress.
Post-exit entrepreneurs including Timothy Armoo give their advice for selling your business. These ChatGPT prompts turn their advice into business sale success for you.
From
Are the promises made by AI boosters mostly hype, or are we actually underappreciating the transformative potential of AI?
The Pantone company built a business by standardizing the way designers and companies communicate about color. But one artist is challenging their color monopoly.
The bundle allows new and existing subscribers to save up to 38% compared to the cost of subscribing to each service individually. It's the latest in a flurry of video streaming deals.
Southwest President and CEO Bob Jordan says research shows passengers “overwhelmingly prefer” an assigned-seat system. He also pledged to improve the airline's financial performance.
Grocery prices are stabilizing, but many Americans still feel a financial sting at the grocery checkout aisle.
Last weekend we were all thrown for a loop when President Joe Biden dropped out of the presidential race and endorsed Kamala Harris for the nomination. Just like everyone else, we are trying to quickly wrap our heads around what it means now that Harris is almost certainly going to be the Democratic nominee for president.
Chipotle's CEO tells investors that the chain had not shrunk its portions despite accusations on Tiktok and Reddit. Brian Niccol has tried to bat down those complaints for weeks.