Tax

Tax (884)

Security Top ETAAC Issue

ID Fraud thumb printCongress needs to remove legislative barriers that prevent financial services companies from sharing information about tax identity fraud, the Electronic Administration Advisory Committee recommended this week. The Internal Revenue Service should also have authority for security standards and enforce in the areas of business tax and payroll, it said.

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IRS Issues Ag Coop Guidance

The Internal Revenue Service has issued guidance for deductions for domestic production activities for agricultural or horticultural cooperatives and customers. The guidance includes deductions for qualified business income and for calculating W-2 wages under section 199A(g).

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Canopy Pitches Eco-system for Tax Prep

Canopy is pitching its software eco-system as providing an advantage in using its newly introduced tax preparation software. Known for its tax resolution software, Canopy introduced the preparation software during the past tax season.

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Price Cuts Dent Block’s Fiscal 2019

H&R Block said that targeted price cuts dampened results for the year ended April 30. Block did not disclose which market segments were the target for the pricing action, but said it will not expand the program.

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Liberty Tax Seeking New CEO

Liberty Tax is seeking a new CEO  following the resignation of Nicole Ossenfort, who has held the job since February 2018. Ossenfort is returning to operate Liberty franchises in South Dakota.  The company also announced results that revenue and tax returns prepared for fiscal 2019 plunged.

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IRS Shows New W-4 Design

The Internal Revenue Service has issued a draft of Form W-4  to be used in 2020. The revised form, which discards the concept of withholding allowances, is expected to be released in mid-to-late July to give employers and payroll processors the ability to update systems before the final version form is released in November.

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Goodarzi: Intuit Did Not Hide Free File

Intuit did not hide the its Free File offering from the public, CEO Sasan Goodarzi said in the company’s recent earnings webcast. Goodarzi said the company remains committed to the Free File Alliance program.

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Mississippi CPA Gets Five Years

Nicholson Carl

A Mississippi CPA, whose crimes included under-reporting income from the sale of his own firm, has been sentenced to five years in prison. Carl Nicholson was convicted February 8 of conspiracy to defraud the United States, along with six counts of aiding in the preparation of false tax returns and four counts of filing false tax returns.

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Intuit Tests Full Tax Prep Service

Goodarzi sasanIntuit has tested a version of TurboTax Live via which it will provide complete tax preparation services to customers. CEO Sasan Goodarzi acknowledged the test this week during the webcast for earnings for the third quarter ended April 30. 

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Tax Filings: Up, Down and then Even

Tax montage army

In the last month, the number of returns filed with the Internal Tax Service has a) been less than the number filed in 2018; b) exceeded 2018 returns; c) been virtually unchanged. The answer is all of the above as the statistics have bounced around and in the totals for this year through May 10 ended up virtually unchanged  from a year ago in the latest IRS weekly report.

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