Poor IRS Phone Service Among Many Tax Season Hurdles
Tax preparers are bracing for another frustrating filing season as the IRS warns of unprecedented challenges driven by the pandemic and staffing shortages. The IRS is facing some major issues ahead of...
13 Jan 202213min
'Great Resignation' Hitting Accounting Industry Hard
A severe talent shortage caused by the "Great Resignation" will be the most important issue affecting accounting work in 2022, according to three senior accountants. Labor shortages, along with a loss...
6 Jan 202212min
What's In Store for IRS 2022 Enforcement Agenda
Tax pros are keeping a close eye on Capitol Hill negotiations, with the Internal Revenue Service's 2022 enforcement agenda dependent on how much money Congress gives it to do the job. The Biden admini...
30 Dec 202111min
Diversifying Tax Proving Much Harder Than Expected
Corporate tax departments and accounting firms haven't had much success in diversifying their workforce in recent years, a recent Bloomberg Tax survey shows. The survey data show that while corporate ...
24 Dec 202120min
Crypto Exchanges Enlisted by IRS as Ally in Tax Fight
Cryptocurrencies had a big year in 2021, with the asset class drawing in over $2.2 trillion of value. However, these gains have drawn scrutiny from tax authorities. The U.S. in particular has made eff...
16 Dec 202113min
Gun and Ammo Taxes on Shaky Constitutional Footing
Cities and counties have been using so-called "sin taxes" to disincentivize socially harmful behavior for many years. But can this principle be applied to gun violence? A few localities think it can a...
9 Dec 202118min
Crypto's Wild Swings Are Accountants' Nightmares
We're now at the stage where companies, not just individuals, are investing in cryptocurrencies. But that means that accountants have to find a way to quantify crypto's famously volatile price swings ...
2 Dec 202118min
Unraveling a SPAC Is Harder Than It Seems
SPACs—Special Purpose Acquisition Companies or "blank check companies"—became a hot commodity in recent years. The speculative nature and promise of large gains has turned the practice into a major bo...
26 Nov 202110min
