The International Federation of Accountants reiterated its call this week for an international sustainability standards board under the purview of the International Financial Reporting Standards Foundation. The IFRS Foundation oversees the International Accounting Standards Board and the proposed international sustainability standards board would operate alongside the IASB. In September, five sustainability standard-setters — the Carbon […]

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The IRS, together with its Security Summit partners, promises that online tax preparation products will offer multi-factor authentication in 2021, with the goal of improving security to protect both taxpayers and tax professionals. Multi-factor authentication is a security measure that requires more than one security check to access information — for instance, a password plus […]

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The twin dynamics of expiring COVID-19 relief and a transition to a new presidential administration are making the end of this year a turbo-charged version of the usual rush by businesses and households alike to lock in tax reductions. With President-elect Joe Biden aiming to raise a number of levies, now is the time to […]

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Top boss no more; wrong slide of the law; the run’s over; and other highlights of recent tax cases. Houston: Hitesh Madhubhai Patel, a.k.a. Hitesh Hinglaj, 44, of Ahmedabad, India, has been sentenced to 20 years in prison for his role in operating and funding India-based call centers that defrauded U.S. victims out of millions. […]

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Certain taxpayers may need to take action to self-certify as a Qualified Opportunity Fund or face possible scrutiny from the Internal Revenue Service. Taxpayers who attached or indicated they attached a Form 8996 to their return may receive Letter 6250, “Self-certifying as Qualified Opportunity Fund,” from the IRS. This letter lets them know that if […]

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The IRS has issued guidance on certain provisions of the SECURE Act that affect safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to a traditional 401(k) plan but is structured in a way that certain compliance testing can be avoided. Among other things, a […]

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General Electric Co. was fined $200 million for allegedly misleading investors about the finances of its gas-power unit and a run-off insurance business, settling a long-standing U.S. accounting probe that has weighed on the company. GE failed to explain to shareholders that a sizable portion of its power earnings in 2016 and 2017 stemmed from […]

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For tax professionals and taxpayers alike, the past year was characterized by various legislation addressing the coronavirus pandemic, as well as by reacting to the continuing implementation of the Tax Cuts and Jobs Act. Moreover, legislation passed at the end of last year affected expiring tax provisions, retirement provisions,and disaster relief. Many of the tax […]

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Extending the season; rebuilding revenues; taxes on the citizens’ test; and other highlights from our favorite tax bloggers. Nudge nudge Taxable Talk (http://www.taxabletalk.com/): Will the IRS extend the 2021 season by extending the filing deadlines for various 2020 returns? Taxing Subjects (https://www.drakesoftware.com/blog): A look at the recent “friendly nudge” from the IRS to remind employers […]

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Atlanta-based Top 100 Firm Aprio LLP has combined with New York City-based Tarlow Co. CPAs, effective Jan. 1, 2021. Terms of the deal were not disclosed, but 32 Tarlow team members, including five partners, will join Aprio, which ranked No. 50 on Accounting Today’s 2020 Top 100 Firms list with $110.18 million in revenue. Tarlow […]

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