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Insynq, a provider of cloud hosting for QuickBooks products, was hit with a ransomware attack on July 16, making it the second cloud hosting provider in the accounting space to have experienced a security event this year — in May, Cetrom experienced a similar attack. On July 19, Insynq informed its customers that the attack […]
Artificial intelligence has always been a great element in science fiction, involving machines a lot smarter than human beings. Imagine the Terminator filing tax returns while preparing a great dinner. Feel free to compliment the chef, but please don’t upset him — ever. AI is not really the same thing in the real world (at […]
Summer is a blissful time of year: longer days filled with sunshine, road trips to the beach, and more time with family. But it can also be a tough season to be an accountant, particularly an independent one. Summertime usually means things get a little slower — clients take vacations and put things on hold […]
Grass and guns; you owe bigtime; crazy schemes; and other highlights of recent tax cases. Lauderdale Lakes, Florida: A U.S court has entered an injunction against Guary Louima, Guy Telfort and Tax Houses and Accounting Services, barring them from preparing federal returns for others and owning or operating a prep business. The court also ordered […]
Congress enacted the Sarbanes-Oxley Act in July 2002 to protect investors from the fraudulent reporting that was at the core of high-profile financial scandals in the early 2000s involving companies such as Enron, Tyco International, and WorldCom. SOX mandated strict reforms of securities regulations and imposed tough penalties on lawbreakers. All publicly traded companies (and […]
Bloomberg News The Treasury Department has expanded the preventive care benefits that can be provided by high-deductible health plans to include a range of chronic conditions. Notice 2019-45 lists the new types of medical care that can be treated as preventive care for this purpose. Taxpayers covered by a high-deductible plan can usually deduct their […]
New York Governor Andrew Cuomo Bloomberg News New York, New Jersey and Connecticut are again suing President Donald Trump’s administration over a provision in the 2017 tax law that limited write-offs for state and local taxes. The lawsuit filed Wednesday asks a court to stop recent Internal Revenue Service regulations that invalidated state workarounds to […]
Last month Staples announced the launch of Staples Studio — a new concept in co-working spaces for small businesses, entrepreneurs, and commuters — which just opened in three Massachusetts Staples stores. Designed to foster an environment where businesses can focus on creating, collaborating, and connecting in shared workspaces and private or shared offices, the new […]
The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies as a small business. Photo: AICPA The comments come in response to the IRS’s request in Rev. Proc. 2018-40. The revenue procedure noted that the […]
The Securities and Exchange Commission teamed up with the North American Securities Administrators Association to explain the application of federal and state securities laws to opportunity zone investments in a new document. The Tax Cuts and Jobs Act set up the opportunity zone program as a way to provide tax incentives for long-term investing in […]
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