March 21, 2022
Salvatore Russo- Author's Bio
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IRS Backs Off of Facial Recognition Verification
IRS Backs Off of Facial Recognition Verification The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use facial recognition and authentication to access services on the agency’s website. In a February 7 statement released by the IRS, the agency said “it will transition away from […]
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- Salvatore Russo
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Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated
Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated The IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised. Form 14457 allows taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS. These updates and additions […]
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- Salvatore Russo
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Further Details Provided on Relief in Preparing Schedules K-2 and K-3
Further Details Provided on Relief in Preparing Schedules K-2 and K-3 The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the […]
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- Salvatore Russo
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Treasury Secretary Yellen Promotes Corporate Minimum Tax
Treasury Secretary Yellen Promotes Corporate Minimum Tax A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the […]
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- Salvatore Russo
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AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID
AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic. “During the pandemic, taxpayers […]
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