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The new budget; the SALT myth; NATP; and other highlights from our favorite tax bloggers. Overly hopeful Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): The annual presidential wish list (a.k.a. the administration’s FY budget) is public. Bottom line, and it’s a big one, is the FY 2021 proposals top out at $4.8 trillion. Much of it won’t […]
AI startups suck in capital, time to get off Windows 7, and eight other technology developments that will impact your clients and your firm.
Host families in Massachusetts are scrambling after a recent ruling from the U.S. Court of Appeals for the First Circuit. The court ruled that the Massachusetts Domestic Workers’ Bill of Rights and other state labor laws apply to au pairs. Families that host au pairs under the federally regulated au pair cultural exchange program will […]
The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable. A new report from the Government Accountability […]
A group of ten IRS stakeholder organizations, led by the American Institute of CPAs, has recommended the creation of a Practitioner Services Division as one of a number of suggestions on implementing the Taxpayer First Act. AICPA president and CEO Barry Melancon considers the collaborative efforts of the organizations involved to be a key indicator […]
One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset. In general, a C corporation does not realize a tax benefit by owning an IC-DISC […]
The Top 100 Firm continues as a pioneer in distributed ledger solutions; Damien Greathead moves to practice ignition; Xero launches a global ad campaign, and more stories from technology.
Two major issues dominated the conversation around state and local tax in 2019, according to Jamie Yesnowitz and the team at Grant Thornton’s SALT National Tax Office: the 2017 Tax Cuts and Jobs Act and the Supreme Court decision in South Dakota v. Wayfair Inc. in June 2018. They’ll both continue to have a major […]
When was the last time you visited the office of your chief information officer? Did it look like a post-apocalyptic RadioShack — shelves and surfaces strewn with coils of computer cable, thumb drives, keyboards, monitors and random mice scampering about? If so, your firm may be living in the tech past and ignoring a significant […]
The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements. The issues covered by GASB Statement No. 92, Omnibus 2020, include modifying the effective date of Statement No. 87, […]
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