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There simply isn’t enough room to cover all the influential people in accounting; with that in mind, here’s a selection of people we expect to hear more from. We’ll start with Charles Rettig, who’s been nominated to serve as commissioner of the Internal Revenue Service by President Trump but, as of press time, hadn’t been […]
House Ways and Means Committee chairman Kevin Brady, R-Texas, plans to introduce legislation next week to make permanent the individual and small business tax breaks from the Tax Cuts and Jobs Act. In commenting Friday on the monthly jobs report from the U.S. Bureau of Labor Statistics, which showed a gain of 201,000 jobs in […]
Former pro basketball player Kevin Garnett has filed suit against his former accountant for $77 million after he was defrauded by a wealth manager who worked with the CPA. Garnett sued Michael Wertheim, a partner at Welenken CPAs, a six-person accounting firm in Louisville, Kentucky, accusing the firm of allowing wealth manager Charles Banks IV […]
All around the world, CPA firms are considering a growth strategy around launching an international practice. Whether you have launched an international service niche, or would like to, here’s advice on what works so you can avoid some common pitfalls you may be overlooking. “The world is shrinking, and business is being conducted across international […]
The Internal Revenue Service is planning to update its user agreement for taxpayers and tax professionals accessing its e-Services applications online in an effort to improve security. In an email to tax professionals Friday, the IRS said that starting October 14, e-Services users, after entering their accounts, will see a pop-up asking them to accept […]
Business executives who are also CPAs are increasingly concerned about trade conflicts and rising interest rates, according to a new survey by the American Institute of CPAs. The quarterly AICPA Economic Outlook Survey polls CEOs, controllers and other CPAs who hold executive and senior management accounting roles within U.S. companies. For the second consecutive quarter […]
$3,000 per phony return; scam by the slice; siphoning the UAW; and other highlights of recent tax cases. Concord, N.H.: William Bischoff, 76, of York, Maine, has been sentenced to four years in prison for operating a multi-million-dollar investment fraud scheme and failing to file federal income tax returns. According to court documents and statements […]
The accounting profession is changing. As the tax filing industry becomes more and more commoditized, CPAs need to pursue a more advisory-based practice model that ensures they are enhancing their clients’ financial lives throughout the year, instead of just during the busy tax season crunch. And, as the dust from last year’s federal tax overhaul […]
Mary Boone, the owner of a prestigious Manhattan art gallery, pleaded guilty Wednesday to federal tax charges. Boone, 66, admitted to filing income tax returns falsely claiming approximately $1.6 million in personal expenses as tax deductible business expenses in 2011, when she held a 90 percent partnership interest in the gallery. According to prosecutors she […]
James Sikich, founder of Top 100 Firm Sikich Co., died last Tuesday, Aug. 28. According to reports, Sikich died from injuries sustained while helping with flood relief efforts near his home in Central Wisconsin. He had retired at the end of 2017 after 35 years at his namesake firm. Founded as Sikich, Gardner Co., the […]
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