Main Street Practitioner Blog

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

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    E-Services Scam Alert

    The IRS is sending the following QuickAlert today to users of e-Services: The IRS today warned all e-Services users to beware a new phishing scam that tries to trick tax professionals into “signing” a new e-Services user agreement. The phishing scam seeks to steal passwords and data. All tax professionals ...

  • The National Society of Accountants (“NSA”) is pleased to submit comments on the Exposure Draft of Proposed Section 14(q) of the Uniform Accountancy Act, or UAA. As you may know, NSA is a voluntary association of Certified Public Accountants, Enrolled Agents, licensed public accountants, and other financial ...

  • The House Ways and Means Committee this afternoon released a bill that would provide tax relief to those impacted by the recent hurricanes.  It is expected the bill will receive consideration in the House and Senate in the very near future. Enactment of the “ Disaster Tax Relief and Airport and Airway ...

  • Brian L. Thompson, CPA, of Bailey & Thompson Tax & Accounting in Little Rock, AR was elected President of the National Society of Accountants (NSA) at its recent 72nd Annual Convention in Reno, NV. He will serve in the position for one year. Thompson has more than 20 years of experience as an ...

  • The IRS today released Announcement 2017-13  which provides relief to victims of Hurricane Irma, which caused damage to Florida and several other areas.  It permits easier access to victims’ funds held in workplace retirement plans and in IRAs, for the period beginning September 4, 2017, and ending ...

  • The Financial Accounting Standards Board on August 3 issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. FASB requested comments on the proposed ASU by November 1, ...

  • The IRS has issued regulations updating the due dates and time extensions for filing certain tax returns and information returns to reflect recent laws. The changes are set out in final and temporary regulations (T.D. 9821) issued July 18 and will bring those dates into agreement with requirements ...

  • A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency's oversight of conservation easements, tax-exempt organizations, and estate taxes. The bill protects "the rights and privacy of taxpayers" and "ensures that ...

  • The IRS is now accepting renewal applications for the ITINs set to expire at the end of 2017. The agency urges taxpayers affected by changes to the ITIN program to submit their renewal applications as soon as possible to avoid the rush. In the second year of the renewal program, the IRS has made ...

  • The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive preparer data. The email’s origin is unknown but likely issued by cybercriminals who could ...