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All eyes will be on the large SEC registrants in January as they become the first financial institutions to adopt the current expected credit loss model, or CECL. Regulators, investors and other stakeholders will be watching and listening for updates on the impact of the accounting change. Even now, however, banks and credit unions with […]
HR Block’s virtual tax preparation service, Tax Pro Go, is now available for $99 exclusively at Walmart stores around the United States. Tax Pro Go allows customers to pay taxes without going into one of HR Block’s offices. However, taxpayers still get access to a live tax expert via the software. Tax Pro Go will […]
Fire away; from the Big Island to the big house; getting the lead out; and other highlights of recent tax cases. Winter Park, Florida: Tax preparer Leslie Muniz has been sentenced to three years in prison for aiding and abetting the filing of false federal income tax returns. Between 2012 and 2016, Muniz owned and […]
The management topics of partner value and compensation continue to attract considerable attention at firm summits and management conferences. The discussions have become more complex with the addition of nonequity and non-CPA owners. The balanced scorecard approach, connecting compensation to firm objectives, has made progress over the past several years as firms have moved more […]
The Internal Revenue Service issued the 2020 optional standard mileage rates Tuesday that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Starting on Jan. 1, 2020, the standard mileage rates for the use of a car (along with vans, pickups or […]
Moss Adams, a Seattle-based Top 20 Firm, issued a notice of a data security incident that it detected in October exposing the names and Social Security numbers of some of its clients. The data breach was reported to the California Attorney General’s office, which requires businesses and state agencies to notify any California resident if […]
The American Institute of CPAs’ Financial Reporting Executive Committee has proposed two working drafts of accounting issues for insurance entities to offer them guidance on implementing the Financial Accounting Standards Board’s new standards for long-duration insurance contracts and credit losses. FASB’s new insurance accounting standard amends the existing recognition, measurement, presentation and disclosure requirements for […]
The decision to give to charity is often made hurriedly at the end of the year for business taxpayers and investors as they combine their impulse to give with a desire to generate a tax benefit. However, it’s a decision that needs careful consideration, according to Tom Wheelwright, CPA, CEO of WealthAbility. “Small-business owners, entrepreneurs […]
Priority Software, which makes business management solutions, has entered the cannabis business with Priority Cannabis ERP, a seed-to-sale enterprise resource planning software to manage all aspects of the plant life cycle. “Priority’s go-to-market strategy continues to be to find the right partners from the cannabis and accounting industry,” said Eran Rozenfeld, managing director of Priority […]
Everybody seems to be talking about a wealth tax heading into next year’s presidential election. Clients are no different. Should the wealthy be taxed more? “The answer will depend on who’s asked the question,” said Twila Midwood, an Enrolled Agent at Advanced Tax Centre in Rockledge, Florida. “Our wealthy clients are appalled. I’d venture that […]
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