Main Street Practitioner Blog

Tax and Accounting News for Practitioners from Main Street to Wall Street

  • Inappropriate referrals to the IRS e-help Desk are causing longer hold times Each filing season, the e-help Desk receives phone calls from taxpayers because their tax preparer referred them for assistance resolving rejected returns, tax law and tax account matters. This increases the taxpayer’s burden ...

  • NSA Executive Vice President Discusses IRS Budget and Tax Reform Changes on Federal News Radio NSA Executive Vice President John Ams will discuss the Administration’s proposed IRS budget in a segment on Federal News Radio. The interview, which was taped yesterday, will be broadcast next week. ...

  • Tim Sundstrom, a member of the NSA Federal Taxation Committee and John Ams , NSA Executive VP, met with IRS officials including Acting Commissioner Dave Kautter to urge them to issue guidance on issues raised in the tax reform bill as soon as possible, particularly with respect to the much-discussed ...

  • Early this morning, the President signed into law the Bipartisan Budget Act of 2018, which primarily served as a vehicle to extend funding for government operations through March 23, but which also includes more than 50 tax provisions, including extensions of expired tax incentives and various other ...

  • Seeing the emergence of a new filing season scam, the IRS and NSA urge tax professionals to step up security and beware of phishing emails that can secretly download malicious software that can help cybercriminals steal client data. Only a few days into the filing season, the IRS has already identified ...

  • The Internal Revenue Service (IRS) today issued  Notice 2018-14 , which provides additional guidance to employers on withholding changes in response to the enactment of the  "Tax Cuts and Jobs Act" (P.L. 115-97) . As described by the IRS, Notice 2018-14: extends the effective ...

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    NSA URGES INCREASE IN IRS BUDGET

    Proposed IRS budget appropriation under consideration will not adequately serve the needs of individual and small business taxpayers.   ALEXANDRIA, VA, January 25, 2018 — The National Society of Accountants (NSA) expresses its continuing disappointment with the Internal Revenue Service (IRS) budget ...

  • President Trump will soon nominate Charles P. Rettig to become the next Commissioner of the Internal Revenue Service (IRS), according to a reliable media report .  If nominated and confirmed by the Senate, Rettig's initial term would run through November 12, 2022. He would relieve David Kautter ...

  • Today the FASB issued Proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income .  The Financial Accounting Standards Board ( FASB ) today issued a proposed Accounting Standards ...

  • Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February The IRS today released Notice 1036 , which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of ...

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