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The U.S. House of Representatives approved legislation that relaxes the rules for retirement savers and corrects an unintended side-effect of the 2017 tax law that hit children of military members who died in combat with higher-than-expected tax bills. The bill, which passed Thursday with a vote of 417-3, delays until 72 the age at which […]
Flag on the play; range of misdeeds; economic development; and other highlights of recent tax cases. Fair Oaks, Calif.: Tax lawyer Hiram M. Martin, 71, who represented retired professional football player Antrel Rolle, has been sentenced to three years in prison today for fraudulently obtaining refunds for Rolle, stealing the refunds and then covering up […]
The House passed legislation Thursday to help workers at small businesses save for retirement, while also fixing a glitch in the Tax Cuts and Jobs Act that imposed the kiddie tax on Gold Star families and children of deceased service members. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was a […]
Auditors and people; whistleblowers’ comfort; Wayfair developments; and other highlights from our favorite tax bloggers. Carrots and sticks Wolters Kluwer (http://news.cchgroup.com/): How to add value to your audits: You listen to your clients and you understand their businesses. Step back for a moment and see how far ahead that puts you. TaxMama (http://taxmama.com): Our favorite […]
Democratic presidential candidate Bernie Sanders introduced legislation that would impose a tax on trades of all stocks, bonds and derivatives in the U.S., a move he says would help curb Wall Street speculation and help finance his campaign promise to provide tuition-free college and cut student debt. Sanders has been promoting a financial transactions tax […]
A federal judge in New York rejected President Donald Trump’s request to keep his banks from producing financial records to lawmakers, handing House Democrats a second convincing courtroom win this week in their efforts to delve into the president’s finances. U.S. District Judge Edgardo Ramos, ruling from the bench on Wednesday, denied Trump’s request for […]
Section 7609(f) of the tax code allows the Internal Revenue Service to use a “John Doe” summons when the target is unknown. It has been used successfully by the IRS against banks and other financial institutions to find offshore accounts. Now, a district court in the Western District of Texas has allowed its use against […]
The American Institute of CPAs dispatched hundreds of CPAs to lobby their state and local lawmakers on Capitol Hill this week in conjunction with the AICPA’s Spring Meeting of Council in Washington, D.C. At the top of the list of priorities for the AICPA is modernizing the Internal Revenue Service’s approach to taxpayer services and […]
Treasury Secretary Steven Mnuchin headed for another clash with Representative Maxine Waters as Democrats ratchet up pressure over his refusal to turn over President Donald Trump’s tax returns. Mnuchin testified before the House Financial Services Committee on Wednesday. An April session with the panel ended in acrimony after Mnuchin and Waters, the California Democrat who […]
Eide Bailly is adding another Top 100 Firm, Vavrinek, Trine, Day Company, expanding Eide Bailly to California, effective July 22, 2019. The deal will give Eide Bailly 11 California offices and an expanded Phoenix office. Eide Bailly, based in Fargo, N.D., ranked 21st on Accounting Today’s 2019 list of the Top 100 Firms, while Vavrinek, […]
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