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Employment in the private sector grew by 117,000 jobs last month, according to ADP, despite cuts at big companies, manufacturers and builders, as the economy continued its slow recovery. The ADP National Employment Report, released Wednesday, indicated that 32,000 jobs were added in February at small businesses, including 21,000 at businesses with between one and […]
Every filing season carries with it the very real risk of exposure to professional liability claims against preparers. For years, insurance pros have advised that tax practice generates the most frequent malpractice claims against CPAs (though not necessarily the largest suits in terms of recoveries). And the 2021 filing season may be the most extreme […]
Practice management software developer Karbon has announced a new strategic investment that will help it support the strong growth it saw over 2020. The $10 million in new funding comes from Five Elms Capital, which focuses on business-to-business software companies. With its core audience of accounting firms forced to move online thanks to the coronavirus […]
A U.S. donor to Canada’s WE Charity said he has asked the Internal Revenue Service to open a fraud investigation into the organization after testifying that it took down a plaque on a Kenya school built to honor his dead son and replaced it with that of another donor. Reed Cowan said in a YouTube […]
The U.S. has dropped a key demand in negotiations over digital taxation of technology companies such as Alphabet Inc.’s Google and Facebook Inc., lifting a barrier that had raised transatlantic trade tensions and prevented an international deal. Treasury Secretary Janet Yellen told her counterparts at a virtual meeting of Group of 20 finance officials that […]
Senate Democrats are jettisoning a proposal to use the Tax Code to penalize corporations that don’t raise the minimum wage for their lowest-paid workers in an effort to keep President Joe Biden’s broader stimulus plan on track for quick passage, according to two people familiar with the matter. Democrats were left seeking alternatives after the […]
Senator Elizabeth Warren, joined by Representatives Pramila Jayapal and Brendan Boyle, proposed a new wealth tax on households with a net worth of more than $50 million. The lawmakers said Monday the new tax, dubbed the Ultra-Millionaire Tax Act, would create a “fairer” economy with a 2 percent annual tax on households and trusts valued […]
New York prosecutors have received eight years of Donald Trump’s individual and corporate tax returns from the former president’s accounting firm, according to a spokesman for Manhattan District Attorney Cyrus Vance Jr. The voluminous records, which cover the years from 2011 to 2018, were turned over to Vance’s office by Mazars USA on Monday, soon […]
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