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President Trump boasted about his tax knowledge during an impromptu interview with The New York Times in which he claimed to know taxes “better than the greatest CPA.” The interview, conducted Thursday at his Mar-a-Lago estate in West Palm Beach, Florida with Times reporter Michael Schmidt, occurred without any his aides present. Much of the […]
The Treasury Inspector General for Tax Administration cautioned taxpayers to stay on “high alert” next tax season so they don’t fall prey to criminals who pretend to be employees of the Internal Revenue Service and the Treasury Department. TIGTA Inspector General J. Russell George noted pointed to progress in investigating and prosecuting IRS impersonators, who […]
Southern California accounting firm White, Zuckerman, Warsavsky, Luna Hunt has filed documents in court against Mel Gibson’s former girlfriend, Oksana Grigorieva, seeking payment on an unpaid bill of $108,887 for forensic accounting services after the firm helped her win an increase in child support payments from the actor-director. The firm filed documents this month in […]
The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction. Revenue Ruling 2018-03 clarifies that a package of films such as a television channel that has been disposed of by a taxpayer in the normal […]
The Internal Revenue Service said it is working on developing withholding guidance to implement the tax reform bill signed into law on December 22. “We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February,” said the IRS. “The IRS emphasizes this […]
The estate of Michael Jackson looks to have escaped a possibly hefty penalty for allegedly undervaluing the late singer’s assets. A U.S. Tax Court judge denied the Internal Revenue Service’s bid to provide additional evidence in a case that was tried in Los Angeles in February. Because the agency didn’t show that it complied with […]
Now that the Holidays are over and all the gift wrapping has been recycled, it’s time to figure out what to do with all those gift cards from Amazon, Visa and American Express you probably received. Perhaps I can make a few suggestions from some of the review items I’ve recently received to look at. […]
Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad. About two-thirds of the hit comes from the repatriation tax, while writing down U.S. deferred tax assets also contributed, the company said in a filing on Friday. The […]
We regretted getting the news that Walter Schuetze passed away in October. On one hand, he excelled through his service to our profession as a charter member of the Financial Accounting Standards Board and the Securities and Exchange Commission’s chief accountant. On the other, his genuine integrity and gentleman’s demeanor made him a friend and […]
With 2017 almost behind us, it seems useful to look at the significant developments in the tax area as we start to focus on 2018. In 2017, Congress was focused on health care repeal-and-replace and tax reform for most of the year. The Trump administration, frustrated somewhat by a lack of congressional action, focused on […]
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