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Treasury Secretary Steven Mnuchin rejected House Ways and Means Chairman Richard Neal’s subpoena for six years of President Donald Trump’s personal and business tax returns. Now, Neal will likely turn to the courts, embarking on a lengthy battle that could help define Congress’ powers to oversee the executive branch. In a letter denying Neal’s subpoena, […]
Hidden fees; Maxed out; inhuman services; and other highlights of recent tax cases. Newberry, Fla.: Businessman Mac Johnson, 51, has been sentenced to a year and a day in prison after pleading guilty in February 2018 to tax fraud, wire fraud, structuring financial transactions to evade reporting requirements and harboring undocumented aliens. Johnson, a roofing, […]
Big Four firm KPMG announced that a student team representing the University of Toronto has won its second annual Ideation Challenge. The international competition gathers teams of STEM (science, technology, engineering and math) students to help solve real-world business issues with AI-driven ideas and solutions. Out of more than 600 initial applicants, nine teams from […]
A CPA from New York has been sentenced to 14 months in prison for filing a tax return in his own name that contained materially false information. Image: Bloomberg News Christopher Miu, 58, pleaded guilty in January before U.S. District Judge William J. Martini to one count of subscribing to a tax return that he […]
The American Institute of CPAs has sent the Internal Revenue Service a set of recommendations on changing some of the parking rules for tax breaks for transportation fringe benefits, which the Tax Cuts and Jobs Act mostly eliminated. The 2017 tax overhaul amended section 274(a)(4) of the tax code so no deduction would be allowed […]
As the U.S. economy ballooned following World War II, so did the professional-managerial class. At the helm of a revived economy, these managers prioritized business growth, unchecked. Except in matters of dividends and stock prices, investors and board directors tended to steer clear of governance matters. But with an emphasis on growth comes risk. Following […]
As graduation season approaches for college students across the country, student loan forgiveness is on a lot of young job seekers’ minds. When asked to list the top three benefits that would help them achieve their financial goals, respondents listed health insurance and paid time off first and second, respectively, with student loan forgiveness listed […]
A pair of senators introduced bipartisan legislation Tuesday to expand retirement planning and retirement savings by offering more tax incentives to individuals and small businesses. Sen. Rob Portman, R-Ohio, and Ben Cardin, D-Md., introduced the Retirement Security Savings Act, a set of reforms for strengthening retirement security by allowing people who have saved too little […]
President Donald Trump’s lawyer pressed a federal judge in Washington to nix efforts by a Democrat-led congressional committee to obtain tax records from the president’s longtime accounting firm, calling the document request invalid. “They’ve made clear this is not about legislation,” William Consovoy told U.S. District Judge Amit Mehta Tuesday. Even legislative reasons offered by […]
The CCH outage; dark influencers; prep and the military life; and other highlights from our favorite tax bloggers. Return madness Taxable Talk (http://www.taxabletalk.com/): Good question for our times: Can a tax preparer leak a candidate’s returns? Mauled Again (http://mauledagain.blogspot.com/): A writer to this blog “purports to claim he has no interest in Trump’s tax returns,” […]
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