Main Street Practitioner Blog

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

  • During National Tax Security Awareness Week, be sure to take note of this information provided by the IRS. Be sure to share it with your clients, too. IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft ...

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    Tax Transcript Email Scam

    The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.   The scam is especially problematic for businesses whose employees ...

  • Today, the IRS Internal Review Service Advisory Council (IRSAC) released their 2018 final report to the Commissioner of Internal Revenue. This annual report contains evaluations of current practices and procedures of the present tax administration, and emerging issues, including recommendations for ...

  • After tax reform, many corporations will pay blended tax rate Last year’s tax reform legislation replaced the graduated corporate tax structure with a flat 21 percent corporate tax rate. This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017. A corporation ...

  • Just Released: IRS issues final regulations, expanding paid preparer due diligence requirement to head of household filers The Treasury Department and the Internal Revenue Service today issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual ...

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    IRSAC expands

    IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019 The Internal Revenue Service announced today that the Internal Revenue Service Advisory Committee’s role will expand in 2019 to have a wider portfolio and incorporate two other advisory ...

  • The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83 . Highlights of Changes for 2019 The contribution ...

  • The Internal Revenue Service today issued proposed regulations reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs).  The Tax Cuts and Jobs Act (TCJA), passed ...

  • Each year, hurricanes and other natural disasters leave widespread damage in their wake. In addition to property losses, disasters can have an effect on victims’ taxes. The IRS wants taxpayers to know that when a disaster strikes, the agency is here to help. Here are some resources taxpayers can find ...

  • Accountants and tax preparers need to be aware that the 2019 PTIN renewal period has begun. The Internal Revenue Service today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2019. All current PTINs will ...

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