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The Internal Revenue Service issued a ruling allowing taxpayers to use a tax-advantaged flexible spending account to pay for the medical portion of an ancestry test from the genetic testing service 23andMe. The ruling letter was issued in May to the taxpayer, but was announced this week by 23andMe and reported on by The Wall […]
Chicago-based Top 100 Firm Grant Thornton now offers Ephesoft Smart Capture solutions for managing unstructured data. This helps companies improve back-end processes, such as invoicing, accounts payable and contract management, and simplify complex tasks, such as taxes and revenue recognition. Ephesoft makes document management and process automation software that is customizable for both cloud-based and […]
The tried and true process of putting pen to paper has persisted with accounts payable solutions throughout much of the previous century. As digital transformation has swept through the majority of industries, accounts payable has largely remained the same — even across remote locations where the need is great. For businesses with teams working across […]
Art of Accounting: Female staff are smarter, redux My previous column, “Female staff are smarter than male staff,” drew a lot of comments and emails indicating considerable interest in this topic. Hence, this additional column.
President Donald Trump sued to block the Democrat-led U.S. House Ways and Means Committee from obtaining his tax records from New York state, in the latest attempt to keep his personal financial information out of public view. In the lawsuit, filed Tuesday in Washington federal court, Trump is attempting to fend off committee chairman Richard […]
The Internal Revenue Service issued some clarifications on an agreement with the French government not to challenge foreign tax credits for certain kinds of tax payments in France. The IRS originally issued a statement on the matter in late June and expanded on it last Friday. It applies to the French Contribution Sociale Generalisee (CSG) […]
The Global Reporting Initiative, a sustainability reporting standard-setter, has begun a project to see how the United Nations’ Sustainable Development Goals can influence business reporting and the adoption of new partnerships and business models. The GRI has teamed up with global power company Enel to explore how the private sector can actively contribute to the […]
The Internal Revenue Service posted three revenue procedures Monday of special interest to the insurance industry. Rev. Proc. 2019-29 deals with the premium tax credit that can be claimed by taxpayers under the Affordable Care Act to help pay for health insurance coverage, It provides indexing adjustments required by statute for certain provisions under section […]
The House voted Thursday to approve legislation to gradually raise the minimum wage to $15 per hour by 2025 from its current level of $7.25. The move comes as more states and cities across the U.S. have enacted their own minimum wage increases this year. The bill passed by a vote of 231-199, spearheaded by […]
Baker Newman Noyes, Boston, promoted, in the audit practice: Meredith Fuller (pictured) to senior manager; Maria Alemian and Sean Madden to manager; and in the tax practice: Doni Stoyanova to manager. Barry Sussman was hired as a consulting director in the litigation and valuation practice at Blumshapiro, Boston.
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