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Donald Trump received $21 million in “highly unusual” payments from a Nevada hotel in 2016 as his presidential campaign was struggling for cash, the New York Times reported. Tax records recently obtained by the newspaper show a series of transactions that flowed to the president from a hotel he owns in Las Vegas with casino […]
Working remotely during the pandemic may become routine, as both companies and workers come to appreciate the convenience and savings available. Companies in major cities are making plans to downsize their workspace, while many employees find they prefer the convenience of working from home. Some of the risks involved, such as surprise nexus issues, are […]
Sen. Chris Van Hollen, D-Maryland, and 16 other Senate Democrats introduced legislation Friday to make President Trump’s payroll tax deferral optional for federal employees and military service members. Trump signed a memorandum August to defer the 6.2 percent employee’s share of Social Security taxes from Sept. 1, 2020 until Dec. 31, 2020, but the taxes […]
Rep. Kevin Brady, R-Texas, the top Republican on the tax-writing House Ways and Means Committee, and House Republican Leader Kevin McCarthy, D-California, introduced legislation Friday to extend a number of tax breaks in the Tax Cuts and Jobs Act of 2017, and add some more corporate tax breaks. While many of the provisions of the […]
The Public Company Accounting Oversight Board released a preview Thursday from its staff about its findings from inspections of audit firms last year ahead of the issuance of its 2019 inspection reports. The document offers an update on how the PCAOB has been overhauling its inspection process since a change in its slate of board […]
The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form. Until further notice, the IRS said Thursday it’s permitting taxpayers and tax professionals to fax a copy of Form 8886, […]
The ups and downs in the economy during the novel coronavirus pandemic are causing audit committees at public companies to focus on the disclosures in their financial statements and SEC filings about the current and potential impacts of COVID-19, according to a new report from KPMG. The report, Challenges presented by COVID-19, found that companies […]
A pair of academic studies casts doubt on the value of mandatory rotation of auditing firms and lead engagement partners. The Public Company Accounting Oversight Board has come out firmly against proposals for mandatory audit firm rotation in the U.S., especially after the House of Representatives approved a bill in 2013 that would actually ban […]
The Institute of Internal Auditors has introduced a new framework for the professional development of internal auditors. The IIA’s Internal Audit Competency Framework offers career advancement advice and support for audit practitioners at all levels, from those just starting to develop their professional acumen, to more experienced internal auditors who want to further improve their […]
The California Society of CPAs and the Colorado Society of CPAs have announced the 2020 National Cannabis Business Symposium, to be held online Oct. 26 and 27. The conference will feature speakers discussing topics related to federal and state tax, legislative, pandemic and business issues involving legal cannabis during the two-day event. CalCPA, COCPA and […]
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