DAILY BRIEFING

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August 19, 2021

Prepared for Voornaam

Wyden proposes tax credits to combat homelessness

By Michael Cohn       3 min read

The Senate Finance Committee chair introduced legislation with tax credits aimed at ending homelessness and providing affordable housing. View story →

Truckers must file highway use tax form this month

By Jeff Stimpson       1 min read

The IRS is reminding drivers and fleet owners about the Aug. 31 deadline for Form 2290. View story →

RELATED

Practitioners call for fixes to the ERC →

Padgett Business Services and NCCPAP have spotted areas where the Employee Retention Credit may be hurting small businesses.

Continue to snooze, continue to lose if you’re not building an advisory practice

By Dom Esposito       4 min read

The greatest growth and margin opportunities for midsized CPA firms continue to be with the advisory and consulting services. View story →

Fintechs much more likely to OK suspicious PPP loans: Study

By Katherine Chiglinsky       3 min read

Fintechs were almost five times more likely than traditional lenders to be involved with suspicious loans issued through the program, according to a new study. View story →

Working from home? The New York State taxman doesn’t care

By Alexis Leondis       4 min read

More than 100,000 people who used to work or live in the state have received notices asking why they paid less to the state than they have in years past.  View story →

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New York’s local sales-tax collections up 21%

By Skylar Woodhouse       1 min read

The Empire State collected $1.6 billion in revenue in July, up $276 million from a year earlier, signaling a strong rebound. View story →

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NRA must be dissolved after failing to clean up financial misconduct, NY AG says

By Neil Weinberg and David Voreacos       3 min read

The gun-rights group hasn’t cleaned up rampant financial and managerial misconduct, New York Attorney General Letitia James said in a court filing.  View story →

Practitioners call for fixes to the ERC

By Roger Russell       4 min read

Padgett Business Services and NCCPAP have spotted areas where the Employee Retention Credit may be hurting small businesses. View story →

In the blogs: A fistful of options

By Jeff Stimpson       3 min read

Crayons and improving workflow; Deloitte goes to law school; certified importance; and other highlights from our favorite tax bloggers. View story →

AICPA asks IRS for safe harbor tax relief for inventory liquidations

By Michael Cohn       2 min read

The American Institute of CPAs has written a letter to the Internal Revenue Service requesting more flexibility for businesses that needed to get rid of extra inventory during the COVID-19 pandemic. View story →

IRS warns tax pros about signs of ID theft

By Michael Cohn       3 min read

The service is alerting practitioners about some of the warning signals of taxpayer identity theft. Read story →

Value pricing: More money in less time

By Jody Padar       4 min read

How do you get comfortable with upping your fees and getting rid of the billable hour? By specializing and charging for the value provided. Read story →

Limiting like-kind exchanges and what that means for the real estate market

By Lynn Mucenski Keck       4 min read

The Biden administration’s tax proposals could have a negative impact on real estate investing. Read story →

Not Peter Thiel? Here’s how you can build a mega Roth IRA

By Lynnley Browning       5 min read

Advisors share a tax trick that allows professionals to build seven-figure retirement plans. Read story →

IRS offers flexibility on Work Opportunity Tax Credit

By Michael Cohn       2 min read

The Internal Revenue Service is giving employers more leeway in claiming the Work Opportunity Tax Credit to hire people in underprivileged areas who face significant obstacles to employment for jobs in summer youth and community programs. Read story →

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