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The Internal Revenue Service is temporarily suspending a pair of revenue rulings dating back to 1957 on the tax requirement for corporate spinoffs until it finishes a new study analyzing the 62-year-old requirements. The IRS issued Revenue Ruling 2019-09 Thursday, which suspends the two 1957 revenue rulings until a study is completed on the active […]
The Treasury Department and the Internal Revenue Service said Friday they are lowering the withholding underpayment threshold to 80 percent to give more taxpayers relief from tax penalties if they didn’t withhold enough taxes from their paychecks last year in the wake of the Tax Cuts and Jobs Act. The change applies to taxpayers whose […]
Artwork Archive adds expense tracking to suite of art management tools Cloud-based inventory system Artwork Archive now includes expense tracking in its suite of art management tools. Once an expense is recorded in the system, the details can be exported into the artist’s accounting software of choice. The tool also lets the artist tie specific […]
Do you suffer from glossophobia? You may be unfamiliar with the term, but if you’re one of the 25 percent of Americans who have a fear of public speaking, you can safely answer “yes” to that question. Most of us experience some degree of nervousness when faced with speaking in public. Whether that means you […]
Finance professionals play an essential role in companies and firms of all sizes. Our work is critical to ensure the public interest, regulatory compliance, financial reporting and more. This role is only increasing in scope, which is why many of my colleagues are concerned about what they can’t see and what they don’t have complete […]
CFOs are planning to implement advanced technologies, including artificial intelligence, drones, robots and blockchain, at a rapid rate, according to a new survey by Grant Thornton. For the study, GT and CFO Research polled 378 senior finance executives about the ways technology is transforming nearly every division in their organization, especially the finance function. One […]
Two firms barred; very differently abled; pain in the neck; and other highlights of recent tax cases. New Orleans: A federal court has entered a permanent injunction against Adrienne Robinson Thomas, d.b.a. AT Tax Services, barring her from preparing federal returns for others. The government’s complaint alleged that Thomas prepared fraudulent returns for clients and […]
In a case that has all the hallmarks of a forensic accounting investigation, federal authorities announced charges last week against dozens of prominent people, including CEOs, Hollywood actresses, athletic coaches and college exam administrators, in a nationwide conspiracy to cheat on college entrance exams to help admit students to elite universities as purported athletic recruits. […]
The meteoric rise of cryptocurrencies brings many legal and regulatory repercussions that are still unfolding. As a CPA, manually filing cryptocurrency taxes for your clients can be a convoluted and arduous experience. The sheer scale of cryptocurrency exchanges, both foreign and domestic, as well as different avenues for investing and using them (i.e., mining or […]
The Internal Revenue Service has been increasing its efforts to crack down in recent weeks on tax-related identity theft, working with the Justice Department and federal prosecutors around the country to make 11 arrests and indict 15 individuals, as well as see five other individuals or businesses sentenced for participating in refund fraud or identity […]
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