Category: NYT Accounting News

Approximately 1.4 million taxpayers have received notices that their tax refunds are being delayed because the IRS wants direct deposit information.

The Internal Revenue Service’s efforts to leverage artificial intelligence are running into obstacles thanks to the severe cuts in staffing and budgets.

CPAs dealing with the new 1099-DA rules this year are challenged by the fact that they only report gross proceeds this year, leaving them and their clients to calculate cost basis themselves.

The Internal Revenue Service vastly overstated the projected costs of operating the free tax prep program before terminating it, according to a new report.

The Internal Revenue Service issued a revenue procedure on how businesses can take advantage of new tax breaks offered by the OBBBA and withdraw elections made under the old rules.

A Texas judge struck down a rule requiring professionals engaged in real estate closings and settlements to report information about nonfinanced transfers.

The goal of regulation should not be unnecessary burdens or barriers to entry. The goal should be confidence that taxpayers are receiving reliable guidance.

Paul Griggs, CEO of PwC, said they plan to adjust billing model to factor in AI, potentially without even a human professional in the loop, and added that if any humans have a problem with it they have no place in this firm.

AI can now do most of the boring work, which raises the question of what the humans will be doing. According to vendors featured during the IMA’s Technology Showcase, the answer is reviewing the work the AI does.

More than 1.2 million taxpayers only have until April 15 to claim a total of approximately $1.2 billion in refunds for tax year 2022.