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The Financial Accounting Standards Board approved an accounting standards update Wednesday to help companies make the transition from the London Interbank Offered Rate, or LIBOR, to newer reference rates like the Secured Overnight Financing Rate, or SOFR. Regulators have been pressing banks and other financial institutions to make the transition from LIBOR to SOFR after […]
Sen. Bernie Sanders, I-Vt., teamed up with Rep. Rashida Tlaib, D-Mich., and Barbara Lee, D-Calif., to introduce legislation Wednesday in the Senate and the House to raise the federal corporate income tax rate on companies that pay their CEO more than 50 times as much as their average employee. The Tax Excessive CEO Pay Act […]
The Internal Revenue Service is planning an extensive cyber awareness campaign beginning immediately after Thanksgiving, according to Stephen Mankowski, national tax chair of the National Conference of CPA Practitioners: “The campaign will emphasize to practitioners and taxpayers the potential dangers they face during the holiday shopping season and the filing season ahead.” “National Tax Security […]
The number of donor-advised fund accounts has tripled in the past four years and grown approximately 150 percent since the passage of the Tax Cuts and Jobs Act at the end of 2017, according to a new report. The annual report, from the National Philanthropic Trust, the largest national independent donor-advised fund sponsor in the […]
Warren and realism; how partners slide; protecting clients’ cards; and other highlights from our favorite tax bloggers. Resistance is feudal Tax Vox (https://www.taxpolicycenter.org/taxvox): Presidential hopeful Elizabeth Warren has proposed a number of new taxes on high-income households. Add them up and many of the very wealthiest could pay a marginal effective tax rate on their […]
Imagine a practice that has to run with its power cut. With the smell of smoke filling the lobby. With clients whose homes have burned down. Right now, that’s a lot of California. “Unfortunately, I have first-hand knowledge of this situation,” said Robert Seltzer, a CPA in Los Angeles. “My family was under voluntary evacuation […]
An attack on multi-factor authentication, the cost of not investing, and eight other things that happened in technology this past month and how they’ll impact your clients and your firm.
The Public Company Accounting Oversight Board could be making more changes ahead as the audit firm regulator deals with a tumultuous series of transformations in the past two years with an all new set of board members, an overhaul of much of its staff, and the recent replacement of one of its board members with […]
Canopy founder and CEO Kurt Avarell stepped down Thursday as the tax software company laid off 73 employees, after cutbacks earlier this year. Chief revenue officer Jordan Ray will become interim CEO. In March, Canopy laid off approximately 100 employees, or around a third of its full-time workforce, according to a spokesperson. Prior to the […]
Salon scam; Mr. Guilty; secret identity; and other highlights of recent tax cases. Brentwood, New York: Business owner Jose Cerritos has pleaded guilty to corruptly endeavoring to obstruct and impede internal revenue laws. Cerritos owned and operated La Centro Americana Corp., a wholesale food distribution business that sold imported food products for resale in the […]
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