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IRS to Examine Upper Echelon Taxpayers

(CPA Practice Advisor) - About half of the non-filers owe more than $50,000 in tax while close to 2,000 scofflaws are on the hook for more than $1 million. Besides the back taxes, wayward taxpayers will generally be hit with a 5% penalty for ...



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Tax Court Gives Split Decision in Gift vs. Loan Case 
(Accounting Web) - As shown by a new case, Bolles, TC Memo 2020-71, 6/1/20, the Tax Court will look to the particular circumstances to make a determination between a gift and a loan.


AICPA Tax Comment Letters Iinclude Pandemic-related Advocacy 
(JofA) - In June, the AICPA’s Tax Policy and Advocacy team advocated for tax policies to help future-proof the tax system and the accounting profession while assisting taxpayers navigate the COVID-19 pandemic.


How to Change Your Inbox Layout in Gmail 
(The Verge) - Sort your emails into tabs, or keep them all in one place


Fed’s Bostic Sees Signs That Economic Activity Is Leveling Off 
(Bloomberg) - “There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise,”


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