Tax

Tax (888)

Advocate Recommends EITC Changes

Congress should clarify the role of the Internal Revenue Service in administering the Earned Income Tax Credit, Tax Advocate Nina Olson, said in report relesed to Congress this month. Other changes should include new definitions and processes, along with establishing minimum standards for tax preparers, the results said.

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TaxWise Mobile Launched

Wolters Kluwer Tax & Accounting has launched TaxWise Mobile, a mobile interface, which integrates with TaxWise Online. The system is designed to support full remote tax preparation, the company said recently.

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Liberty Tax Sets New Direction

Liberty Tax has embarked on a dramatically new direction in which the company acquires franchised or complimentary businesses. That includes its  purchase this month of Buddy’s Newco, which operates most of Buddy’s Home Furnishings business, for about $25 million.

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CrossLink Promotes Executives

CrossLink Professional Tax Solutions has promoted two executives to the company’s officer team. It has also promoted two others to vice president positions and hired a former employee into another VP slot.

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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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