The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency to reflect the fact that some countries now accept Bitcoin as legal tender. The IRS issued Notice 2023-34 on Monday, basically updating Notice 2014-21 because it stated that digital currencies were not legal tender;
Matt – stock.adobe.com If you or a client of yours is planning on selling a company, here are 24 documents you’re going to have to show to any prospective buyer. Are you prepared? I’m betting you’ve got most of this information stored somewhere, but in various places. This is pretty
Republican leaders in the House proposed legislation this week to strip the Internal Revenue Service of much of the $80 billion in extra funding it won in last year’s Inflation Reduction Act as a gambit to reopen negotiations with the Biden administration over increasing the debt limit, while calling for
Oklahoma enacted changes in the number of hours needed for CPA candidates to sit for the CPA exam, reducing them from 150 credit hours to 120, but still requiring 150 hours to actually get a CPA license. Oklahoma Governor Kevin Stitt signed Senate Bill 171 into law on Wednesday as
To move QuickBooks to another computer is a great deal, especially when you have loads of crucial data on your storage. You may have to move from one computer to another for any reason. However, encountering issues while transferring, like the screen turning grey, can cause panic and fear among
The American Institute of CPAs is asking the Internal Revenue Service to offer more guidance on how to help taxpayers compute their losses on digital assets such as cryptocurrency. In a letter last week to the IRS’s new commissioner Daniel Werfel and principal deputy chief counsel William Paul, the AICPA
The Senate Budget Committee opened an investigation after Credit Suisse fired a lawyer it had hired to oversee an independent inquiry hunting for accounts linked to Nazis who went to Argentina.
The Internal Revenue Service is still studying the feasibility of offering its own free online tax preparation system, and its new leader is not ready to say yet what it will recommend, but he promised it would be released next month. IRS commissioner Daniel Werfel testified Wednesday before the Senate
Victims of storms in Indiana now have until July 31 to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency after tornadoes, severe storms and straight-line winds that started on March 31 and April 1.
As the economy stays on shaky ground, middle-market organizations are increasingly opening up the company purse and making smart investments in technologies to become more efficient and more productive. Facing profound economic pressures, such as rising interest rates, continuing inflation and uncertainty in the banking industry, these organizations understand that
