Tech meets tax — from IRS digital tools to crypto, AI, and the tech trends reshaping how taxes get filed and enforced.
At the start of tax season, I reported that the IRS was using new photo-identification technology for verification. Specifically, taxpayers who wanted to access online services were advised to create a new ID.me account. IRS referred to ID.me, a self-described “secure digital identity network,” as a “trusted technology provider in helping to keep your personal…
While partnerships have given Kelly many headaches, many tax professionals are drawn to them because of their notorious detail and nuance. It may not be surprising that new tax technology innovations often enter the world of partnerships before other areas of tax practice. As business and partnership complexity grows, so does the challenge of tax…
When it comes to tax and technology, our understanding of the implementation often ends at “My clients upload their data to the cloud.” But there’s so much more to technology in finance than just “the cloud.” There are many ways people in the tax profession can benefit from embracing today’s revolutionary accounting technology. Tax professionals…
Transfer pricing may be one of the most talked-about and least understood tax topics right now. The underlying concept is simple: it’s the method for pricing transactions between related parties. But what qualifies as “related parties” and how those transactions are valued have become increasingly complicated in a more global, digital world. Companies facing international…
Many tax accounting firms stayed busy in 2020 despite the pandemic’s challenges, but not all saw record-breaking growth. By staying on top of new technology and offering online tax services with the best tax software, preparers spend more time with clients, and taxpayers have a more streamlined, stress-free filing season. A virtual tax preparation service…
As states need to fill budget holes, politicians are looking for new revenue sources. Maryland recently became the first in the United States to pass a digital advertising tax, taxing the revenue made from digital advertisements on online services like Facebook and Google. Other states are watching closely, with a few introducing similar tax bills….
I’ve been asked a lot recently about Section 230, a phrase that’s been tossed around a lot with respect to stimulus checks. Section 230 isn’t a tax provision (in fact, there isn’t even a section 230 in the Tax Code). It’s actually a telecommunications law. And I’m not a tech or intellectual property lawyer: my…
Internal Revenue Service – Criminal Investigations (IRS-CI) has announced charges against three individuals for their alleged roles in the Twitter hack that occurred on July 15, 2020. As part of the attack, verified accounts of high-profile individuals, including those belonging to former Vice President Joe Biden, Amazon CEO Jeff Bezos, Tesla CEO Elon Musk, Bill Gates, Mike…
Gamers (and their parents) can finally breathe a sigh of relief: Fortnite virtual currency is not taxable. If you’ve seen headlines suggesting that it is taxable – and then contrary headlines saying that it is not – here’s what happened. In October of 2019, the following language was spotted on the Internal Revenue Service (IRS) website (archived…
The tax filing season opens on January 27, 2020. If you’re looking for ways to keep on top of things, check out IRS2Go, the official mobile app of the Internal Revenue Service (IRS). With IRS2Go, you can check your refund status, make a payment, and find free tax preparation assistance. Some of the features on…