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Bloomberg News The Internal Revenue Service is considering relaxing the rules for companies to qualify for tax-free spinoffs — a shift that could benefit drugmakers and tech firms with promising early-stage products. The agency said Tuesday it’s looking into whether units should still be required to generate revenue before a spinoff from a larger company […]
Etlworks, founded in 2016, is now ready to release its core product: an out-of-the-box, cloud data integration tool called Etlworks Integrator. Available now, Etlworks Integrator is built to support a range of configurable data integration scenarios. The system connects all data from a firm’s cloud-based and on-premise software and is able to implement extra features […]
Comedian and actress Tiffany Haddish took to Instagram recently to complain that the Internal Revenue Service has lost its personal touch. In a video posted late last week, the “Night School” star asked the IRS (and the California State Franchise Tax Board) why, even though she pays her taxes “on time every year all the […]
Andrew Harrer/Bloomberg A firmware bug that caused a storage array to fail was the root cause of the outage that downed many critical Internal Revenue Service systems for almost half of Tax Day 2018, according to a new report. While noting that the IRS’s “substantial efforts” allowed it to resume processing tax returns after 11 […]
Expense management software provider Certify has acquired Captio, a provider of the same services in Europe, for an undisclosed sum. The buy is Certify’s first outside North America. The company bought the TE company Abacus this year, and was itself bought and merged in with Nexonia, ExpenseWatch and Tallie last year, an effort by K1 […]
Top 100 firm Eide Bailly announced the winners of its 2018 Nonprofit Resourcefullness Awards this week, highlighting nonprofits with “creative and sustainable revenue ideas” in Arizona, Colorado, Minnesota, North Dakota and Utah. The firm awarded $75,000 in all. Grand prize winners receive $10,000, with runners-up receiving $2,500. “We continue to be amazed by the innovation […]
Hedge fund and private equity managers in Connecticut may have more to like about the state’s novel workaround for a new cap on state and local tax deductions. Not only do those who live and work in the state get a break on their property taxes, they can also shave the tax bill for their […]
A survey commissioned by the Republican National Committee has led the party to a glum conclusion regarding President Donald Trump’s signature legislative achievement: Voters overwhelmingly believe his tax overhaul helps the wealthy instead of average Americans. By a 2-to-1 margin — 61 percent to 30 percent — respondents said the law benefits “large corporations and […]
In its 2017 Hype Cycle for Emerging Technologies, Gartner estimates it will take five to 10 years before there’s mainstream adoption of blockchain. However, major players in the financial services industry are already seeing benefits from the technology, using blockchain as a game-changing “trust protocol” for financial transactions and keep pace with regulatory processes. In […]
Bloomberg Tax has introduced a leased assets application to help organizations comply with the Financial Accounting Standards Board’s new leasing standard. Bloomberg Tax Leased Assets categorizes and tracks operating and finance leases across different years, calculates the right-of-use asset and lease liability amounts, automates workflow, and integrates with enterprise resource planning systems. FASB’s lease accounting […]
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