Main Street Practitioner Blog

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

  • IRS provides additional day to file and pay for taxpayers through Wednesday, April 18; IRS processing systems back online The IRS announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. ...

  • Today, Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and Ranking Member John Lewis (D-GA) released a discussion draft entitled “The Taxpayer First Act.” This bipartisan legislation will propose ways to redesign the Internal Revenue Service (IRS) for the first time since 1998. Chairman Jenkins ...

  • NSA leadership today sent a letter to IRS Acting Commissioner, David Kautter requesting an extension of the time by which a corporation must elect to be treated as an S corporation. The request is made due to the lack of clarity in Section 199A of the Tax Cuts and Jobs Act. The letter is copied below: ...

  • Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law The IRS released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and ...

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    Wyden Update

    NSA Executive Vice President John Ams discussed the prospects for tax preparer regulation with Sen Ron Wyden and two members of the Senate Finance Committee staff at an event over the weekend. EVP Ams reminded Sen. Wyden that NSA and the Accreditation Council for Accountancy and Taxation have been ...

  • NSA Executive Vice President John Ams discussed the prospects for tax preparer regulation with Sen Ron Wyden and two members of the Senate Finance Committee staff at an event over the weekend. EVP Ams reminded Sen. Wyden that NSA and the Accreditation Council for Accountancy and Taxation have been ...

  • 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 ...

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