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ADP has expanded its Next Gen Payroll platform to Canada and Mexico. The software is already live with its first client in Mexico, ADP reports. The cloud-based Next Gen Payroll offers company policy management, global compliance capabilities and continuous calculation.
TurboTax now includes a software integration with Credit Karma Money, Credit Karma’s U.S. checking account solution. Taxpayers who file through TurboTax can now opt to open a Credit Karma Money Spend account and have their tax refund sent there directly. Intuit, which makes TurboTax, acquired Credit Karma in December. This is the first software integration […]
Whether you consider cryptocurrency an investment, a commodity, an alternative banking system or a form of legalized gambling, the rapid adoption and stunning recent volatility of cryptocurrencies has led to frenetic trading by investors. As a result of COVID-19 disruption, economic uncertainty and the entry of PayPal into the crypto-consumer market (allowing more than 300 […]
The Financial Accounting Standards Board approved a tweak to the goodwill rules for private businesses and not-for-profits, giving them more flexibility on when to do impairment assessments of triggering events. FASB voted to approve the goodwill triggering event alternative during a virtual board meeting last week, giving privately held companies and nonprofit organizations the ability […]
Two members of Congress teamed up Friday to introduce a bipartisan bill that would offer tax credits for income from tips to beauty salon owners and workers. Rep. Suzan DelBene, D-Washington, and Darin LaHood, R-Illinois, together introduced the Small Business Tax Fairness and Compliance Simplification Act, which would offer tax relief to beauty professionals and […]
Leaders of the tax-writing House Ways and Means Committee are sounding the alarm over the slow start to tax season, reflected in the initial week of data from the IRS. In the first week of tax season, the Internal Revenue Service reported processing only one-third of the number of tax returns processed by this time […]
Taxpayers can expect a smooth filing season despite monumental challenges in getting pandemic relief to millions of people, according to the nation’s top tax official. IRS Commissioner Charles Rettig told a virtual event held Jan. 17 by the New York City Bar Association that the annual season “is going seamless.” With two rounds of stimulus […]
The Internal Revenue Service provided guidance Thursday on how employees and employers can carry over unused money from flexible spending accounts and dependent care assistance programs during the COVID-19 pandemic. Notice 2021-15 details the relief offered under the stimulus package passed by Congress in December, which included provisions allowing greater flexibility for employee benefit plans […]
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15. Lawmakers on the tax-writing committee in Congress wrote a letter to IRS Commissioner Charles Rettig on Thursday to make the request, pointing to what happened […]
Holders of donor-advised funds increased their disbursements last year in response to urgent demands for greater charitable contributions to cope with the COVID-19 pandemic. The number of DAF grants in eight charitable subsectors increased in the first half of 2020 compared to the same period in 2019, according to a report from the National Philanthropic […]
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