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President Trump just signed and enacted a two-year budget bill that extends government funding through March 23 and also retroactively extends numerous tax breaks that had previously expired. The majority of the tax extenders included in the bill are renewed for one year through the end of 2017. Among these tax breaks are various provisions […]
The Internal Revenue Service is giving homeowners whose homes were damaged by deteriorating concrete foundations more time on a safe harbor it issued last year. Last November, the IRS issued a revenue procedure providing a safe harbor that allows individual taxpayers to deduct the amounts paid to repair damage to their personal residences caused by […]
Why do so many smaller CPA firms eventually merge up? While there are many reasons, one reason for sure is that many smaller firms can’t capitalize on the opportunities that may be in front of them because their leadership and corporate governance aren’t properly aligned. To illustrate the problem, many CEOs and managing partners at […]
Online accounting software provider Xero now allows users to accept ACH payments through its integration with Stripe. To enable ACH in Xero, users go into their payment services settings and login to their Stripe account to connect Stripe ACH bank transfers as a payment gateway. They can then connect this to an invoice theme, which […]
A new academic study scrutinizes how bias may play a role when an auditor used to work in the same accounting firm as the CFO of the company being audited. The study looked at the “familiarity threat” to auditor independence when a CFO or other top executive of a company being audited used to be […]
Eighteen months, guaranteed; former CPA, current inmate; trust them not; and other highlights of recent tax cases. East St. Louis, Ill.: Preparer Evelyn Johnson, 56, has been sentenced to 18 months in prison following her conviction for 29 counts of aiding and assisting in the preparation of false federal returns. Johnson operated the E.J. Johnson […]
The Internal Revenue Service is expected to refund disabled veterans an estimated $78 million that was wrongly withheld from their disability severance pay. More than 133,000 may qualify for the tax refunds, according to the National Veterans Legal Services Program. In 2016, President Obama signed into law the Combat-Injured Veterans Tax Fairness Act, which directed […]
While few may consider accountants to be on the cutting-edge of technology, that thinking is about to change. No longer will accountants and bookkeepers be categorized as bifocal, corduroy-wearing bean counters, but in the coming years the industry as a whole will play a significant role in driving the adoption of one world-changing technology. That […]
A training software provider has gone public with a copyright infringement lawsuit against Top 100 Firm Dixon Hughes Goodman and the Institute of Internal Auditors after a DHG employee published excerpts from some of its training materials on the firm’s website and it was later used by an IIA chapter as well. Compliance Education Institute […]
President Donald Trump plans to nominate California tax attorney Charles “Chuck” Rettig to head the Internal Revenue Service as it implements the nation’s tax code revamp, according to a person familiar with the deliberations. In addition to carrying out the Republican tax overhaul, Rettig would also have an even more sensitive job—overseeing an audit of […]
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