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President Donald Trump singled out several top officials who accompanied him for a speech on overhauling the tax code on Wednesday, but didn’t mention his chief economic adviser, Gary Cohn, who has led the administration’s efforts. Cohn was among a small cadre of aides who traveled with Trump to Missouri, including senior adviser Ivanka Trump, […]
The Financial Accounting Standards Board released its long-awaited hedge accounting standard this week, but companies may want to be careful about adopting it early, or else they could miss out on some one-time benefits. The accounting standards update for hedging, which FASB issued Monday, takes effect for public companies in 2019 and private companies in […]
The Internal Revenue Service is planning a series of actions in the coming months to improve e-Services usability and security on the online apps. The goal, according to the IRS, is a better product for tax professionals that will better protect them and their clients. “All e-Services users will be affected by these actions,” the […]
As there’s still a strong demand for young professionals in today’s accounting landscape, students have a lot to look forward to after graduating. However, they’re not without some early career jitters. An Enactus poll of approximately 600 accounting students found that their two biggest early career fears were that they would choose the wrong job […]
BillingPlatform has garnered an $18 million investment to drive growth of its high-volume billing solution. The company has also just named a new CEO, and both developments signal the beginning of a new growth stage for the company, putting its billing software in the sights of more potential customers U.S-wide. The company, which partners its […]
The Internal Revenue Service hasn’t provided the training to enough employees on how to deal with requests from divorced and separated spouses about efforts to collect delinquent taxes owed on their joint tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Taxpayer Bill of […]
Hurricane Harvey victims in parts of Texas have until Jan. 31 to file certain individual and business tax returns and make certain tax payments, the IRS said Monday. The expanded relief is offered to any area designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently, 18 Texas counties are eligible, but […]
The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin transactions. The IRS has been pushing for ways to tax bitcoin transactions. In 2014, it issued basic guidance in Notice 2014-21 stating that virtual currencies such as bitcoin should be treated as property rather […]
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Most Republicans support killing the estate tax as part of a tax overhaul, but doing so could have dire consequences for something else conservatives cherish—charitable giving. President Donald Trump along with top GOP lawmakers have proposed ending what they call the death tax—a 40 percent levy that’s applied to estates worth more than $5.49 million […]
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