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The Internal Revenue Service could be pursuing further action to reduce tax refund losses associated with business identity theft, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that identity theft affects not only individual taxpayers, but businesses as well, especially when criminals appropriate a business’s Employer Identification […]
Intuit’s CEO, Brad Smith, is preparing to step down from the role by the end of 2018. On January 1, Sasan Goodarzi, currently executive vice president and general manager of Intuit’s Small Business and Self-Employed Group, will take over the office, as well as join the board. Sasan Goodarzi Concurrently, chief technology officer of 10 […]
The Internal Revenue Service put the tri-state area on notice: The charitable workarounds New York, New Jersey and Connecticut approved following the new federal cap on deductions for state and local taxes aren’t acceptable to the federal government. Taxpayers who itemize will only be eligible for a federal deduction that’s a small fraction of their […]
When Aretha Franklin died last week after a long battle with pancreatic cancer, the 76-year-old Queen of Soul reportedly left behind no will or estate plan, potentially exposing her heirs to estate taxes. Franklin’s four surviving sons have filed a document listing themselves as interested parties for her estate, according to CNN, and her niece […]
A broad coalition of hundreds of industry associations and companies sent a letter Wednesday to Treasury Secretary Steven Mnuchin urging him to resolve errors in last year’s tax code overhaul related to depreciation rules and net operating loss carrybacks. The nearly 300 business groups include the National Retail Federation, the National Restaurant Association, the National […]
The Illinois CPA Society and the city of Chicago are marking the 75th anniversary of when the first African-American woman became a CPA in the U.S. Mary T. Washington Wylie (1906 – 2005) became a CPA in 1943. To honor the 75th anniversary of her becoming a CPA, Chicago has officially declared Sunday, September 30 […]
Hackers aren’t just targeting large companies and major retailers, according to “white-hat hacker” David Kennedy. Anyone with valuable information, including even the smallest accounting firm, is worth their time. “We just had an accounting firm lose $15 million through a wire fraud scheme — someone sent an email claiming to be a CEO, saying, ‘I’m […]
The Internal Revenue Service has been sending a series of messages in recent weeks to taxpayers and tax professionals urging them to check the online withholding calculator to make sure they have the proper amount withheld from their paychecks so they can avoid a nasty surprise next tax season. Last December’s passage of the Tax […]
A federal jury convicted Paul Manafort, President Donald Trump’s former campaign chairman, at his fraud trial, handing a crucial victory to Special Counsel Robert Mueller. Manafort was found guilty on five counts of tax fraud, one count of failing to file a financial document with the government, and two counts of bank fraud. The jury […]
President Donald Trump’s former attorney admitted that he violated campaign finance laws ahead of the 2016 election — at the direction of his then-boss, presidential candidate Donald Trump. Michael D. Cohen made that explosive admission during a hastily convened appearance in a federal courthouse in Manhattan on Tuesday, where he pleaded guilty to eight counts […]
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