One provision in the Inflation Reduction Act aimed at improving IRS customer service has been met with criticism. The legislation allocates $79.6 billion to the agency over the next ten years. That’s more than six times the current annual IRS […]
The Inflation Reduction Act of 2022 is a proposed bill in the 117th United States Congress. Its main objectives include curbing inflation, reducing the deficit, investing in domestic energy production, Medicare’s ability to negotiate drug prices, and promoting clean energy […]
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shelter, to obtain automatic consent to change to simplified methods of accounting, i.e., cash […]
Real estate agents are independent contractors. But, what about their staff and team members? One of the first tests the IRS uses to determine independent contractor status is whether the job is part- or full-time. Full-time will automatically be assumed […]