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Sentence stayed; stealing on multiple levels; the loot you took; and other highlights of recent tax cases. Milaca, Minnesota: Preparer Cindy Halgren has been sentenced to up to 23 months in prison for preparing and filing fraudulent returns and failing to pay individual income tax. In March, Halgren pleaded guilty to 15 tax-related felonies consisting […]
Donald Trump scored a tactical victory from the Supreme Court that will likely keep his personal financial records out of public view through the November election, but he framed Thursday’s two rulings as a loss imposed by his enemies. The president was rebuffed in his broader effort to establish that a president can’t be forced […]
The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects, including thought leadership, professional research and insights, along with learning and development in areas of mutual interest and value for their members and communities. The two organizations said Wednesday they will work […]
The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close, but the American Institute of CPAs is asking for further tax relief, as an […]
Under normal circumstances, accountants anecdotally experience very high levels of stress, especially during key times of year depending on their focus: tax season, month-end close, or the end of a fiscal year. But 2020 is testing the profession’s resiliency like nothing has before, and accountants are losing sleep, skipping vacations, and working longer hours to […]
Property tax disparity; finding clients with social media; remembering Kleinbard; and other highlights from our favorite tax bloggers. Striking the right discord TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): State by state, neighborhood by neighborhood, black families pay 13 percent more in property taxes each year than a white family would in the same situation, a massive new data […]
Vertex has filed for an IPO, riding the wave of success the Supreme Court Wayfair decision has brought tax automation providers. The company is following in the footsteps of competitor Avalara, which went public in 2018 just days before the decision in South Dakota v. Wayfair came down. Avalara’s bet was correct — the landmark […]
Tax software provider Sovos has acquired Accordance, U.K.-based value added tax managed services company. Financial terms of the deal were not disclosed. Accordance has been a Sovos partner since 2018, and has since then implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients. The global coronavirus pandemic has created an atmosphere […]
Disclosures by public companies of nonfinancial information, such as environmental, social and governance (ESG) issues, aren’t always “clear or useful,” according to a report released Monday by the Government Accountability Office. The GAO report noted that ESG information could be an indicator of its long-term financial performance, and investors have been asking companies to disclose […]
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act from this year. Both pieces of legislation amended the rules for NOLs, […]
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