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A group of five Republican members on the tax-writing House Ways and Means Committee wrote a letter Thursday to Internal Revenue Service Commissioner John Koskinen urging the IRS to stop rehiring former employees who had previous conduct or performance issues. The letter comes in response to a recent report from the Treasury Inspector General for […]
Repatriation wrinkles; PLR pricetags; state and local tax info; and other highlights from our favorite tax bloggers. Bad omissions Rubin on Tax (http://rubinontax.floridatax.com): A partnership paid $2.95 million to acquire a remainder interest in property and a year and a half later assigned the interest to a university and claimed a charitable deduction of $33,019,000. […]
The co-creators and producers of the hit cable TV series “The Walking Dead” and “Fear the Walking Dead” have filed suit against AMC over the network’s calculation of profits in a case that could change the definition of “Hollywood accounting.” The zombie series’ co-creator Robert Kirkman and producers Gale Anne Hurd, Glen Mazzara and David […]
The National Association of State Boards of Accountancy has produced a new infographic comparing the numbers for next Monday’s highly anticipated solar eclipse. In the chart, NASBA forecasts how many people in North America will be able to see the eclipse, how many previous total eclipses have traveled the exact same path, how far the […]
While solutions to help employees manage their travel-related expenses have evolved steadily over the past two decades, innovation in the space has really accelerated in the last five years. Never have organizations of all sizes had so many options to choose from. As Gartner points out in their 2017 Market Guide for Travel Expense Management […]
During his keynote at this year’s inaugural AICPA Engage conference, “Shark Tank”’s Kevin O’Leary recalled the shared traits of entrepreneurs who have successfully faced off with the show’s notoriously tough panel. One of those, he explained, was the entrepreneur’s ability to describe their business opportunity in 90 seconds or less. Over time, O’Leary has observed […]
Senior finance professionals want to lower the corporate tax rate, capital gains taxes, and taxes on foreign income, while instituting a carbon emissions tax, according to a survey by the Institute of Management Accountants. The IMA surveyed 94 senior finance professionals in May, asking how they feel about some of the proposed tax reforms being […]
The Internal Revenue Service has seen a surge in recent years of taxpayers underpaying their estimated taxes and paying the penalty for it. The number of taxpayers who were penalized increased nearly 40 percent from 7.2 million to 10 million filers between 2010 and 2015, according to IRS data analyzed by The Wall Street Journal, […]
In your role as a CPA, you’re a trusted resource for your clients and that means it’s important for you to keep abreast of all regulations that could potentially impact them. Amidst a never-ending to-do list, keeping up with regulations is a must—and in today’s regulatory environment, few things are more uncertain and impactful than […]
President Trump’s recent tweet about “internet taxes” reignited debate about sales tax liabilities for businesses that sell products online. Internet sellers have been grappling with the murky sales tax implications of online sales for well over a decade. Increasingly, though, they are also beginning to focus on the uncertainty surrounding state corporate income taxes. This […]
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