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Invest until it hurts; learning the tab at sentencing; foreclosure fraud; and other highlights of recent tax cases. Winnemucca, Nev.: Preparer Thomas Michael Bidegary, 67, a former IRS employee who co-owned Winnemucca Tax and Bookkeeping Service, has been sentenced to a total of five years in prison and three years of supervised release for his […]
Bloomberg News The Treasury Department and the IRS have issued guidance that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first-year depreciation deduction. Affected vehicles must also be subject to the depreciation limitations for passenger automobiles. Under the Tax Cuts and Jobs Act, the additional […]
Deloitte’s member firm in Japan, Deloitte Touche Tohmatsu LLC, is paying a $2 million settlement to the U.S. Securities and Exchange Commission to resolve charges that it issued audit reports for a client at the same time dozens of its employees had bank accounts at a subsidiary of the client. The SEC found the accounts […]
Tax refunds have emerged as the latest flashpoint in Congress as lawmakers ask the IRS to give taxpayers some relief from the threat of tax penalties if they didn’t withhold enough money from their paychecks last year. Reports began emerging after tax season opened in late January from early filers that many of them either […]
Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, urged President Trump on Tuesday to accept the funding compromise on border security that a group of congressional Democrats and Republicans have proposed, or else risk delaying tax refunds. Wyden pointed out that under the temporary three-week deal that ended the 35-day partial […]
Three winners have been named by a startup accelerator sponsored by the Association of International Certified Professional Accountants and CPA.com. Winner Gappify is a San Francisco company that uses bot technology – “dubbed Alan” – to automate time-consuming, repetitive tasks for corporate accounting teams in areas such as accounts receivable, accounts payable and general ledger. […]
Reform and the classroom; RALs this season; love and brackets; and other highlights from our favorite tax bloggers. Great unknowns TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Confusing as reform has sometimes been to practitioners, imagine having to teach it. A reflection on the sudden scramble of teaching tax law “in a semester when all textbooks and statutory supplements […]
OneStream Software, a provider of corporate performance management software for financial executives, has secured an investment from the private equity firm KKR. The deal puts OneStream’s valuation at over $1 billion. The amount of the investment was not disclosed, but it’s reportedly over $500 million, according to The Wall Street Journal, giving New York-based KKR […]
Adam Oleson has enjoyed a tax refund every year for the past couple of decades. He normally counts on it to make an extra house payment, reduce student-loan debts or pay down the credit cards. But this year, no such luck. Not only won’t Oleson get a refund, he said he owes the Internal Revenue […]
The International Auditing and Assurance Standards Board has issued a trio of proposed standards to improve the quality of audits, reviews and related assurance service engagements at firms. The proposed standards offer more of a risk-based approach to implementing quality management systems at firms to establish a foundation for consistent engagement quality. The new approach […]
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