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The many ramifications of the Supreme Court’s Wayfair decision, combined with the vast expansion of the digital world, have made sales taxes and tax professionals more important than ever, according to Avalara co-founder and CEO Scott McFarlane. “2018 was the Year of the Tax Professional,” he told the more than 900 attendees at the tax […]
Like most, I have read the New York Times article that analyzes President Donald Trump’s past tax returns. The Times was able to obtain access to tax return information from someone who had “legal access” to the president’s IRS transcripts for the 1985-1994 tax years. These electronic IRS records provide a wealth of information – […]
The United Kingdom’s Financial Reporting Council has fined KPMG’s U.K. firm £5 million (discounted through a settlement to £4 million, or about $5.2 million) for its fiscal year 2009 audits of the Co-operative Bank. The FRC also severely reprimanded the firm for its audits and imposed sanctions against KPMG and one of its audit partners […]
The Internal Revenue Service has issued a notice setting the inflation-adjusted maximum value of a vehicle provided by an employer to an employee for personal use at a maximum of $50,400 for tax purposes. Andrew Harrer/Bloomberg Notice 2019-34 provides the inflation-adjusted maximum value of a vehicle — such as a car, van or truck — […]
Certain tax-exempt organizations must file 990-series returns by Wednesday, May 15, the deadline for organizations operating on a calendar year. By law, the Internal Revenue Service and most tax-exempt organizations are also required to publicly disclose most parts of 990 filings, but release of Social Security Numbers and other personally identifiable information about donors, clients […]
The Internal Revenue Service is launching an investigation of the Free File program amid complaints that tax software companies are making it difficult for qualified taxpayers to access free tax prep software, as Los Angeles and New York State also take action. Timothy Fadek/Bloomberg The move comes after a series of reports on the investigative […]
Making reform permanent; the high cost of raising royalty; messy IRS math; and other highlights from our favorite tax bloggers. A multitude of reasons Tax Vox (https://www.taxpolicycenter.org/taxvox): One favorite opening of the week: “I believe that every person in the tax policy game — from members of the tax-writing committees to research assistants at the […]
CW Associates, CPAs, based in Honolulu, Hawaii, has announced that their annual accounting scholarship at the Shidler College of Business at the University of Hawaii at Manoa has been upgraded to an endowment. CW Associates donated $50,000 to elevate its annual scholarship to an endowment. Launched in 2014, the original scholarship has been awarded to […]
New York and New Jersey have sued to find out why President Donald Trump’s administration scrapped an Internal Revenue Service rule requiring some tax-exempt organizations to disclose their donors. The change, announced in July 2018, eliminates from federal and state filings a category of information the states rely on to identify potential self-dealing transactions, criminal […]
A team representing the University of South Carolina won first place at the Deloitte Foundation’s 2019 National Audit Innovation Campus Challenge, held at Deloitte University in West Lake, Texas. The annual competition invites students and faculty members from across the country to test their audit skills in real-world scenarios. Student teams from 52 colleges and […]
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