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The Internal Revenue Service said Friday it intends to start “masking” sensitive information on business tax transcripts, beginning Dec. 13, to safeguard taxpayers against the threat of identity theft. Friday’s announcement gives taxpayers and tax professionals 30 days to make any necessary adjustments. The IRS began telling tax professionals about the upcoming change during its […]
The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will probably need it because it has some complexities similar to those that businesses have been facing in applying the Financial Accounting Standards Board’s leases standard. For fiscal years […]
New York’s attorney general continues to gather information about President Donald Trump’s business, obtaining financial records this month from the family of the Trump Organization’s CFO that could provide further insights into the company’s operations and tax strategies. The office of Attorney General Letitia James is reviewing tax records associated with a son and ex-daughter-in-law […]
California voters rejected a measure that would have made the most significant change to the state’s signature tax-limitation law, a setback to proponents hoping to raise more money for local governments and schools. Proposition 15 was failing 52 percent to 48 percent, according to the Associated Press with 90 percent of the precincts reporting. It […]
The Public Company Accounting Oversight Board has released a new resource for audit committees to help them better understand the board’s new requirements around auditing accounting estimates and using the work of specialists. The new resource includes the basics of the new requirements, key takeaways for audit committees, and questions they can consider asking auditors. […]
The American Institute of Certified Professional Accountants has announced a partnership with the Institute of Chartered Accountants of Jamaica, agreeing to train more future-forward management accountants in the island nation. The first-of-its-kind partnership will offer Jamaican students the opportunity to earn the Chartered Global Management Accountant (CGMA) designation. Professionals will also benefit from memberships to […]
The percentage of workers asking for compensation for work-from-home expenses with their employers hasn’t gone up significantly since the outbreak of the COVID-19 pandemic, according to a new survey, and women don’t feel they are being reimbursed fairly for their expenses as much as men. The survey, by AppZen, a provider of expense-auditing software, found […]
The Public Company Accounting Oversight Board has been making changes to its strategic plans and agenda in response to the COVID-19 pandemic as it sees auditors doing more work remotely and facing issues with auditing financial statements issued during the pandemic. “We have a five-year strategic plan. We’re in the middle of it, and our […]
Biden’s plan; virtual currency question moves up; the magnificent seven audits; and other highlights from our favorite tax bloggers. Changes upon changes Tax Vox (https://www.taxpolicycenter.org/taxvox): Conventional wisdom says Joe Biden’s ambitious tax agenda will die in the Senate, assuming the chamber remains under GOP control following two Jan. 5 run-offs in Georgia. But don’t be […]
If there was ever a year to hit the reset button, it’s 2020. A painfully long tax season, keeping up with Paycheck Protection Program changes, tracking forgiveness, keeping clients calm and moving forward — and all during a global pandemic. It’s been a lot, to say the least. While 2020 will go down as one […]
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