SCOTUS Rules FBAR Penalty Determined on Per-Report Basis

SCOTUS Rules FBAR Penalty Determined on Per-Report Basis

Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court ruled that the penalty for nonwillful failure to file an FBAR should be assessed on a per-report basis—capping fines at $10,000 per year, regardless of the number of accounts.…

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2022 Special State Payments Not Taxable

2022 Special State Payments Not Taxable

In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone filing their returns, the Internal Revenue Service has issued official guidance regarding the federal taxability of those payments.…

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Drake Tax® Wins 3 Categories in Survey of New York State CPAs

Drake Tax® Wins 3 Categories in Survey of New York State CPAs

Every year, the New York State Society of CPAs surveys its membership to learn what those who prepare tax returns think about the performance of their practice management and tax preparation tools. Unsurprisingly, the authors found that the pandemic continued to cast a shadow over filing season, specifically highlighting trouble resulting from the IRS backlog.…

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