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At this point in history, the accounting community is no stranger to the idea of artificial intelligence performing our most basic tasks. Personal assistant bots like Siri and Alexa give us up-to-date information, answer questions, and control devices. Beyond that, though, AI and bots are developing rapidly for uses in everything from medicine to disaster […]
The Internal Revenue Service issued guidance Friday on how to deal with state and local tax refunds in the context of the $10,000 limit on state and local tax deductions under the Tax Cuts and Jobs Act. The question has perplexed some tax experts and their clients this season, which will be the first one […]
As if this season didn’t have enough problems, scammers are hard at work making life difficult for preparers and taxpayers alike – though making it easy in a way for the IRS to compile this year’s Dirty Dozen tax scams. These common scams may crop up anytime but many peak during filing season. The best […]
Democrats in Congress are asking Mazars USA, the accounting firm for the Trump Organization, for financial statements from the president’s businesses after reports emerged that he inflated or deflated amounts and used an unorthodox format for his financials dubbed a “Statement of Financial Conditions” when applying for bank loans and insurance. Rep. Elijah E. Cummings, […]
A pair of congressional representatives has introduced bipartisan legislation to discourage abuses of the conservation easement tax break. Andrew Harrer/Bloomberg Reps. Mike Thompson, D-Calif., who chairs the House Ways and Means Subcommittee on Select Revenue Measures and Rep. Mike Kelly, R-Pa., introduced the Charitable Conservation Easement Program Integrity Act of 2019 on Thursday. This bill […]
The Tax Court has ruled that a whistleblower may challenge an IRS award decision when the whistleblower provides new information in a later supplemental form even after the original claim for a whistleblower award has been denied. The case, Whistleblower 15488-17W v. IRS, (T.C. Memo 2019-23), hinged on whether the IRS Whistleblower Office made a […]
The International Integrated Reporting Council has posted a set of answers to frequently asked questions about integrated reporting and how it is transforming corporate reporting around the world. The IIRC has been encouraging companies and their accountants to go beyond financial reporting and also report on issues such as corporate governance, sustainability, strategy and other […]
Data breaches have become an all-consuming topic of late. Stories about data theft dominate political headlines, boardroom discussions, and family meetings around the dinner table. They, of course, have also been the subject of government investigations and private litigation. The current environment is not unlike other moments in our recent past that seemed to have […]
Four-time loser; the thieving IRS; addresses and debit cards; and other highlights of recent tax cases. Ludlow, Mass.: Joanne Murray, 54, and James Murray, 53, have pleaded guilty to mail fraud, ID theft and tax evasion. From approximately 2010 through 2015, the couple, along with others, defrauded the Federal Home Loan Mortgage Corp., commonly known […]
The Republican tax overhaul gave a New York Democratic senator a tax break. Senator Kirsten Gillibrand, as part of her 2020 presidential campaign, released 12 years of tax returns on Wednesday and demanded that her rivals follow suit. Gillibrand became the first 2020 contender to publish her 2018 tax return on Wednesday, showing how she […]
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