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Democratic presidential nominee Joe Biden is proposing a 10 percent tax penalty on companies that move operations overseas and a 10 percent tax credit for companies that create jobs in the U.S. in a policy rollout Wednesday. Biden, who is launching a renewed focus on economic issues with a speech in Michigan on Wednesday, also […]
The Trust Fund Recovery Penalty is often described as one of the largest penalties in the Tax Code. It applies to employers that fail to withhold federal income, Social Security or railroad retirement, and Medicare taxes from their employees’ wages or salaries. These withheld taxes belong to the employees, and are held in trust by […]
Senate leaders will be trying to hold their parties together for a vote Thursday to advance a slimmed-down stimulus bill that Democrats have already rejected, with both sides jockeying for advantage in public perceptions two months before the election. A far bigger task looms for Republican Majority Leader Mitch McConnell, who crafted a White House-backed […]
The American Institute of CPAs has announced the recipients of the 2020 George Willie Ethnically Diverse Student Scholarship and Internship Program. The annual program provides scholarships and internships to five ethnic minority accounting students who are pursuing the CPA license. The AICPA’s scholarship provides up to $20,000 to each student to assist with their final […]
The Public Company Accounting Oversight Board updated its research and standard-setting agendas Tuesday, adding auditor independence to the standard-setting agenda and adding a project on audit evidence to its research agenda. Changes contemplated in the auditor independence standard would make targeted amendments to existing PCAOB independence rules to conform them to changes the Securities and […]
With “work from anywhere” becoming more of a necessity right now, performing accounting tasks online has changed from being an option to the best choice for many. And now that you and your clients have gone down this road en masse, that’s not likely to change much, at least in the near future. That’s true […]
My practice continuation tool kit has a sample purchase agreement with explanations of each step of the process. I feel it creates a fair arrangement should a solo owner suddenly die or become disabled. In all, I’ve distributed over 15,000 of these sample agreements for free. You can get your kit by emailing me at […]
Leniency in cancer case; rehab rip-off; repayment unlikely; and other highlights of recent tax cases. White Plains, New York: Preparer Michael G. Magnaldi, 55, has reportedly been granted a lenient sentence in an “uncommon” case after pleading guilty to tax fraud. Magnaldi, formerly of Pelham, New York, has Stage 4 prostate cancer and might have […]
Data analytics and forecasting have quickly come to the forefront during the COVID-19 pandemic, as businesses struggle to predict what the future will bring. There is no such thing as a crystal ball, but today’s analytics and forecasting tools come closer than ever, and have the potential to solidify the importance of the accountant as […]
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