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Certain taxpayers may need to take action to self-certify as a Qualified Opportunity Fund or face possible scrutiny from the Internal Revenue Service. Taxpayers who attached or indicated they attached a Form 8996 to their return may receive Letter 6250, “Self-certifying as Qualified Opportunity Fund,” from the IRS. This letter lets them know that if […]
The IRS has issued guidance on certain provisions of the SECURE Act that affect safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to a traditional 401(k) plan but is structured in a way that certain compliance testing can be avoided. Among other things, a […]
General Electric Co. was fined $200 million for allegedly misleading investors about the finances of its gas-power unit and a run-off insurance business, settling a long-standing U.S. accounting probe that has weighed on the company. GE failed to explain to shareholders that a sizable portion of its power earnings in 2016 and 2017 stemmed from […]
For tax professionals and taxpayers alike, the past year was characterized by various legislation addressing the coronavirus pandemic, as well as by reacting to the continuing implementation of the Tax Cuts and Jobs Act. Moreover, legislation passed at the end of last year affected expiring tax provisions, retirement provisions,and disaster relief. Many of the tax […]
Extending the season; rebuilding revenues; taxes on the citizens’ test; and other highlights from our favorite tax bloggers. Nudge nudge Taxable Talk (http://www.taxabletalk.com/): Will the IRS extend the 2021 season by extending the filing deadlines for various 2020 returns? Taxing Subjects (https://www.drakesoftware.com/blog): A look at the recent “friendly nudge” from the IRS to remind employers […]
Atlanta-based Top 100 Firm Aprio LLP has combined with New York City-based Tarlow Co. CPAs, effective Jan. 1, 2021. Terms of the deal were not disclosed, but 32 Tarlow team members, including five partners, will join Aprio, which ranked No. 50 on Accounting Today’s 2020 Top 100 Firms list with $110.18 million in revenue. Tarlow […]
ImagineTime integrates with Mango Billing, Beanworks adds expense reimbursement, and bot maker Gupshup releases Gupshup IP, a business messaging platform.
Edmund L. Jenkins, who served as chairman of the Financial Accounting Standards Board from 1997 to 2002 in the midst of a major financial crisis, died on Dec. 2, at the age of 85. During his long career at Arthur Andersen LLP, Jenkins also served on the Emerging Issues Task Force in the late 1980s, […]
Accounting’s most influential hope to be remembered for that very influence, within the profession and without. As part of this year’s Top 100 Most Influential People survey, Accounting Today asked,“What do you hope your legacy will be?” Many members of Accounting Today’s Top 100 People mentioned the businesses they have built or companies they lead […]
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