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The Internal Revenue Service didn’t properly implement some provisions of the PATH Act aimed at reducing improper payments for refundable tax credits, instead allowing an estimated $152 million in credits, according to a new report. The report, from the Treasury Inspector General for Tax Administration, pointed to provisions in the PATH Act that tried to […]
Berdon LLP, a Top 100 Firm based in New York, has added Koch Group and Company, an accounting and tax advisory firm also based in New York, effective July 1. As part of the deal, Stuart Koch, CPA, will be bringing his team of four partners and 20 professionals to Berdon’s midtown Manhattan office. Firm-wide, […]
At long last, the Treasury has mandated that a multinational enterprise must specifically comply with its transfer pricing reporting regime. This transfer pricing reporting process itself is a curious anomaly. While both taxpayers and tax administrations have realized transfer pricing’s prime importance, the Treasury has never developed these transfer pricing reporting rules—until now. All too […]
A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits. The lawmakers, led by Rep. Mark Pocan, D-Wis., and Lloyd Doggett, D-Texas, called on […]
Retailers are hoping to entice back-to-school shoppers this summer, thanks to sales tax holidays in states around the country, in an effort to fend off online merchants that are causing many brick-and-mortar stores to go out of business. The tax embargoes remain popular with consumers, even though some states such as Massachusetts have dropped their […]
By now almost all of us have had this happen—a client calls to say they’ve received a 5747c letter from the IRS. They are being told to appear in person at a main IRS office (not necessarily one of the smaller community offices) along with two years of “everything they have” to verify their identity. […]
The Internal Revenue Service and its tax industry partners warned tax professionals Tuesday that takeovers of tax professionals’ accounts by cybercriminals are on the rise. The warning is part of a new public awareness campaign by the IRS, state tax authorities and tax industry leaders called “Don’t Take the Bait,” warning tax professionals about email […]
Accountants looking for another reason to justify technology investments in their firms should consider this: The firm’s next business clients are likely to require accounting services that are all or mostly digital. Moreover, younger business owners, in particular, expect accounting services that are in the cloud and accessible on mobile devices. Those are among the […]
(Bloomberg) Senate Majority Leader Mitch McConnell’s new proposal to simply repeal Obamacare appears to be dead less than 24 hours after he dropped his replacement plan for lack of support among fellow Republicans. GOP Senators Susan Collins, Shelley Moore Capito and Lisa Murkowski said Tuesday they’ll oppose a repeal of the Affordable Care Act. McConnell […]
Deloitte has introduced a new tool that helps companies analyze how they might fare under various tax reform alternatives under consideration in Washington. Deloitte’s Tax Reform Navigator uses actual and projected financial data to demonstrate how potential tax reform proposals may affect a company. The web-based tool compares company data side by side and measures […]
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