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The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence. Millions of people are still missing some or all of the $1,200 and […]
KPMG’s U.K. chairman has resigned days after sparking widespread anger for telling employees to stop moaning about the pandemic. Bill Michael, KPMG’s U.K. chair and senior partner since 2017, will leave the firm at the end of the month, admitting that his position had become “untenable.” He had been placed under investigation after telling KPMG’s […]
We’re now over a month into 2021, but in many ways, it feels like an extension of 2020. The pandemic has yet to subside in any meaningful way, and that means a certain level of uncertainty remains across industries, including accounting. Controllers are taking center stage in keeping their companies afloat, and other effects continue […]
Expensify offers $100K in matching funds to ten grassroots movements; Avalara launches its “Standing with Black-Owned Businesses” promotion; and Anders CPAs and Advisors releases its 2020 Community Impact Report.
MNP, one of the largest accounting firms in Canada, struck a deal Friday with Deloitte to acquire a significant portion of Deloitte’s business in Canada by March 1. As part of the deal, approximately 70 Deloitte partners and senior leaders, nearly 900 team members and close to 25 offices will join MNP, formerly known as […]
Hopes among millions of upper-income and middle-class taxpayers for a repeal of the Trump administration’s limits on their federal deductions will likely be on hold for now, as an effort to include the measure in the COVID-19 aid package is poised to fail. The House Ways and Means Committee is slated to clear the tax […]
The Internal Revenue Service is girding for the official start of tax season Friday as taxpayers and preparers deal with tax breaks related to COVID-19 and questions about stimulus payments. The IRS recently updated its annual Publication 17 guide to preparing individual tax returns with the latest information on all the tax changes in 2020, […]
Off the top; bad Solutions; and we quote; and other highlights of recent tax cases. Final opportunities New Windsor, New York: Preparer Eversley Barrett, owner of the prep business Eversley Tax, has been sentenced to six months in prison after pleading guilty to charges of preparing false and fraudulent individual income tax returns for his […]
Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt. A single audit is an organization-wide audit of the financial statements and federal awards of a non-federal entity that spends $750,000 or more in federal […]
With blacked out or blank television screens, front pages and web portals, Poland’s private media companies protested against plans to implement a new advertising tax they say is a disguised government attempt to muffle criticism. During the protest on Wednesday, the U.S. embassy in Warsaw tweeted that a “free media is the cornerstone of democracy.” […]
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