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Bloomberg News The Treasury Department has expanded the preventive care benefits that can be provided by high-deductible health plans to include a range of chronic conditions. Notice 2019-45 lists the new types of medical care that can be treated as preventive care for this purpose. Taxpayers covered by a high-deductible plan can usually deduct their […]
New York Governor Andrew Cuomo Bloomberg News New York, New Jersey and Connecticut are again suing President Donald Trump’s administration over a provision in the 2017 tax law that limited write-offs for state and local taxes. The lawsuit filed Wednesday asks a court to stop recent Internal Revenue Service regulations that invalidated state workarounds to […]
Last month Staples announced the launch of Staples Studio — a new concept in co-working spaces for small businesses, entrepreneurs, and commuters — which just opened in three Massachusetts Staples stores. Designed to foster an environment where businesses can focus on creating, collaborating, and connecting in shared workspaces and private or shared offices, the new […]
The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies as a small business. Photo: AICPA The comments come in response to the IRS’s request in Rev. Proc. 2018-40. The revenue procedure noted that the […]
The Securities and Exchange Commission teamed up with the North American Securities Administrators Association to explain the application of federal and state securities laws to opportunity zone investments in a new document. The Tax Cuts and Jobs Act set up the opportunity zone program as a way to provide tax incentives for long-term investing in […]
The Internal Revenue Service offered additional information in the form of questions and answers to help multinational companies meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings under the Tax Cuts and Jobs Act. The TCJA requires companies that have untaxed foreign earnings and profits to pay a […]
A Sports Direct International Plc store in London Chris Ratcliffe/Bloomberg Sports Direct International Plc shares headed toward a seven-year low after the U.K. sports-apparel retailer delayed publishing its results as auditors increase their scrutiny of its accounting. The U.K. retailer said Monday it needs more time to compile information as regulators review Grant Thornton’s audit […]
AuditFile, which makes cloud-based audit automation software, has updated its software with improved compliance controls for its Spring release. The update also features new automation and practice management capabilities, and extends workflow beyond audit, review and compilation engagements with a new tax trial balance module. Accountants are seeking more complete workflow capabilities to maximize efficiency, […]
The Internal Revenue Service has posted a draft version of a new tax return for senior citizens, as well as a new draft version of the Form 1040 for 2019 that taxpayers and practitioners will be filing next year. The draft version of the brand new Form 1040-SR, U.S. Tax Return for Seniors, was mandated […]
From gems to jail; benefiting no one; all engines stop; and other highlights of recent tax cases. New York: Tax preparer Emerson Gamory of Brooklyn has pleaded guilty to two counts of aiding in the preparation of false income tax returns for clients and one count of filing a false income tax return for himself. […]
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