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Fotolia The House Ways Means Committee and Congress held a hearing on Tuesday to discuss temporary tax provisions and the urgency of both currently expired provisions and those set to expire. According to the Joint Committee, there are 80 provisions set to expire between now and 2027, and around 29 provisions which have expired in […]
In a tax season when many have complained about diminished or disappearing refunds, the Internal Revenue Season announced Wednesday that unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 1040 for 2015. The IRS estimates the midpoint for the potential refunds for […]
Rep. Lloyd Doggett, D-Texas, a member of the House Ways and Means Committee, and Senator Sheldon Whitehouse, D-R.I., a member of the Senate Finance Committee, introduced a pair of bills aimed at stopping corporations from using offshore tax havens and outsourcing jobs to other countries. The first bill, the No Tax Breaks for Outsourcing Act, […]
The United Kingdom is set to leave the European Union, the world’s largest trading bloc of 28 states, on March 29. Brexit will have a major impact on U.S. international trade, as the U.K. is home to over 50 percent of U.S. company headquarters in Europe, and Brexit will mean a major disruption for trade, […]
The season so far; true networking; Sanders and taxes; and other highlights from our favorite tax bloggers. March Madness Liberty Tax (http://www.libertytax.com/tax-lounge): Remind the appropriate clients that beating the college basketball brackets every spring might leave them with more than bragging rights — namely, a tax bill for the winnings. Houston Tax Attorney (http://www.irstaxtrouble.com/blog/): If […]
Intuit has released the latest updates for its QuickBooks Online Advanced product, including an upgrade to the points system for Proadvisors. The updates come at a time when Intuit is under the microscope for testing a new bookkeeper-for-hire program that some believe would put contracted bookkeepers in direct competition with QuickBooks Proadvisors. Rich Preece, global […]
Canopy, a fast-growing practice management and tax software company, laid off over 40 percent of its staff over the weekend. Before the layoffs, Canopy had been expanding rapidly, and many employees were caught off guard by the sudden layoffs. Canopy has been planning to release a professional tax preparation system, which it began beta testing […]
Tannen Maury/Bloomberg News A New York jury has convicted David Middendorf, KPMG’s former national managing partner for audit quality and professional practice, and Jeffrey Wada, a former inspections leader at the Public Company Accounting Oversight Board, on wire fraud and conspiracy charges after they shared confidential materials ahead of a planned inspection of the Big […]
We often run into partners in CPA firms who are surprised to find out that the recommended value for their owner’s interest is less than their notions of what the practice would be worth in a sale. Sometimes their expectations for external value metrics are way out of line as well. However, most of the […]
The average tax refund check is nearly identical to last year’s average refund, increasing less than 1 percent to $3,068 in 2019, according to the most recent IRS data detailing how taxpayers are feeling the practical effects of the Republican tax overhaul, The total value of those checks was about $142.4 billion for the week […]
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