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The Tax Court struck down four more abusive syndicated conservation easement transactions last week, prompting the IRS to call on any taxpayer involved in such transactions who receives a settlement offer from the Service to accept it soon. These time-limited settlement offers, announced last month, are only being made to certain taxpayers with pending docketed […]
France held firm on its plans to resume collection of a national digital tax that hits technology giants including Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc., saying it wouldn’t be swayed by threats of U.S. sanctions. The U.S. plans to announce further details in the long-running battle with France over taxes on technology giants […]
No one predicted this. No one saw 2020 shaping up the way it has. We didn’t choose this year, but for some reason, it chose us. Hopefully, you’ve moved through all the stages of grief and have accepted that life “is what it is.” We can reminisce about the “good old days,” but life has […]
IRS criminal investigation chief announces retirement; the Connecticut Society of CPAs and FEI install new boards of directors; and more CPA news.
The Senate unanimously passed bipartisan legislation Wednesday to help nonprofits, state and local governments, and federally recognized tribes remain financially viable during the COVID-19 pandemic by ensuring they receive federal help for unemployment payments upfront, instead of being reimbursed later. The House later passed the bill in a pro forma session Thursday and it’s headed […]
Top 20 Firm Dixon Hughes Goodman, based in Charlotte, North Carolina, has announced a live-streamed panel discussion, to be held on July `14, 2020, in which firm leaders will engage in conversations centered around racial injustice and what businesses in America can do to help. “As part of our unwavering commitment to equality and inclusion, […]
The American Institute of CPAs’ Auditing Standards Board released an updated standard for auditing accounting estimates and disclosures to deal with the increased volatility of the economy this year in the midst of the novel coronavirus pandemic. Statement on Auditing Standards No. 143, Auditing Accounting Estimates and Related Disclosures, supersedes the earlier SAS No. 122 […]
The controls over the pseudonym program used by Internal Revenue Service employees to protect their identities could be improved, according to a recent report. The report, released last month by the Treasury Inspector General for Tax Administration, pointed out that the pseudonym program dates back to 1992, allowing IRS employees to use a fictitious name […]
Donald Trump will get a chance next week to try new arguments against Manhattan District Attorney Cyrus Vance’s subpoena of his tax returns and other financial records after the U.S. Supreme Court rejected the president’s claim of immunity in the matter. The high court on Thursday said presidents do not have broad protections against state […]
The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations. The final regulations offer guidance on both the computation of the deductions available and […]
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