Tax Practice News
IRS Introduces Draft Form 7217: Implications for Partnership Distributions
The Internal Revenue Service (IRS) has unveiled draft Form 7217, "Partner's Report of Property Distributed by a Partnership," set for implementation in the 2024 tax year. Read more
Oct 10, 2024
Tax Considerations for AI Research and Development
As artificial intelligence (AI) and machine learning (ML) continue to revolutionize industries, tax preparers face new challenges in navigating the complex landscape of research and development (R&D) tax credits for their clients. Read more
Oct 8, 2024
Surviving the Second Tax Season
The IRS reports a 30% increase in tax extensions over the past five years, with 19 million taxpayers filing for automatic extensions this year. This trend is reshaping our profession (and driving us all nuts). Read more
Oct 3, 2024
IRS Expands AI-Powered Chatbot Capabilities
The Internal Revenue Service (IRS) is leveraging artificial intelligence (AI) chatbots to enhance taxpayer assistance, with potential implications for tax practitioners and their clients. Read more
Oct 1, 2024
Changes Coming to Individual Estimated Tax Payments
The current system of quarterly individual estimated tax payments poses significant challenges for taxpayers, particularly those in the gig economy. Recently, the California Lawyers Association Taxation Section proposed changes to the IRS to help. Read more
Sep 26, 2024
