News Procedure & Administration By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS issued proposed regulations (REG-117138-17) that would lower the user fee it charges for new and renewal preparer tax identification numbers (PTINs). The new fee would be $21 plus a $14.95 fee paid directly to a third […]

The IRS announced Wednesday the launch of its “Get My Payment” website, which permits taxpayers to check on the date they can expect to receive their economic impact payment and update their direct deposit information (IR-2020-72). It is similar to the “Where’s My Refund?” website that allows taxpayers to check the status of their refund […]

A house for sale in Sarasota, Florida Scott Mlyn | CNBC Despite wider-than-usual daily swings last week, mortgage rates dropped to the lowest level ever in the Mortgage Bankers Association’s weekly survey, causing yet another rush to refinance. Total mortgage application volume rose 7.3% last week from the previous week, according to the MBA’s seasonally […]

Jamie Dimon, chief executive officer of JPMorgan Chase & Co. Giulia Marchi | Bloomberg | Getty Images JPMorgan Chase posted record trading revenue amid the surge in volatility in the first quarter.  The bank posted quarterly per share earnings of 78 cents, a figure that missed analyst’s $1.84 per share estimate as the bank added $6.8 […]

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year, the IRS said in guidance issued late Friday (Rev. Proc. 2020-22). Those businesses can also make late interest expense elections for those years. The guidance also […]

U.S. government debt prices were slightly lower Monday morning as investors monitored the coronavirus and an agreement between OPEC and its allies for record oil production cuts. At around 1:55 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was up slightly at 0.7331%, while the yield on the 30-year […]

Those of you who have more than a couple of employees and run your own payroll will probably be finding the current situation a bit of a minefield.  Not only are we starting a new tax year this month with its changes in National Insurance contributions, changes to student loan thresholds, a change to they […]

NoDerog | iStock | Getty Images Americans are starting to receive their cash payments via direct deposits, part of the $2 trillion bill passed by Congress to stimulate the economy after the decline caused by the pandemic. “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious […]

The coronavirus has now infected over 500,000 people in the U.S. on Friday night, constituting almost one-third of all cases across the globe, according to data from Johns Hopkins University.  As of 9:25 p.m. Eastern Time, the U.S. has recorded 500,399 cases of the coronavirus disease, or Covid-19, of which 174,481 were in New York, […]

Increased health risks related to COVID-19, social distancing mandates, and the financial aspects of the CARES Act and other legislation has rapidly and dramatically changed the way CPA financial planners are practicing and serving their clients. There are practical considerations you can address and steps you can take in your practice to make sure you […]