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A federal court in Minneapolis has found Wells Fargo liable for a 20 percent negligence penalty for participating in a tax shelter sold by Barclays Bank that generated $350 million in foreign tax credits. The long‐running tax litigation arose from a complex transaction that Wells Fargo engaged in with Barclays called STARS, short for Structured […]
Every year after tax season, groups representing accountants and tax professionals take their members’ concerns to Washington, D.C., whether in person or by letter, to educate Beltway insiders on current issues, problems and opportunities in the field. In recent weeks, the American Institute of CPAs, the National Conference of CPA Practitioners, the National Association of […]
In compiling Accounting Today’s Top 100 Firms list, I spend an awful lot of time tinkering with a mammoth Excel file full of data from 300 or so accounting firms. (That’s “mammoth” by editorial standards; to most accountants, it would probably look perfectly manageable.) This year, while I was busy moving rows around and adding […]
The American Institute of CPAs’ Auditing Standards Board has released a new interpretation for practitioners performing attestations using more than one set of standards. AICPA building in Durham, N.C. Photo: AICPA Attestation Interpretation No. 4 to AT-C section 105, Concepts Common to All Attestation Engagements (AICPA, Professional Standards), says a practitioner can perform and report […]
The Treasury Inspector General for Tax Administration has concerns about the Internal Revenue Service’s recently revived private debt collection program in light of the ongoing problem of scammers pretending to be IRS employees calling taxpayers to demand bogus tax debts be paid immediately. TIGTA Inspector General J. Russell George testified Tuesday during a congressional oversight […]
It’s that time of the year again — Accounting Today is putting together its VAR 100 ranking the top value-added resellers of accounting and accounting-related software by revenue. We are now accepting submissions for our 2016 ranking, so please contact technology editor Ranica Arrowsmith at ranica.arrowsmith@sourcemedia.com for full details and submission requirements. All submissions are due […]
(Bloomberg) House Ways and Means Chairman Kevin Brady said he’s open to reviewing parts of the House Republican tax blueprint as Congress looks for a path forward on trying to make U.S. businesses more competitive globally—even as Treasury Secretary Steven Mnuchin offered his most direct criticism of the plan yet. “We know there are legitimate […]
Attorneys and leeches; poker, pro sports and debt; effects of IRS tardiness; other highlights from our favorite tax bloggers. Tax Policy (http://taxfoundation.org/blog): U.S. Supreme Court justices recently declined to hear several challenges to a retroactive tax law passed by Michigan. As noted, the high court is asked to hear more than 8,000 cases a year […]
(Bloomberg) The U.S. Supreme Court refused to question a Michigan tax change that companies including IBM Corp. and Procter Gamble Co. say will hit them retroactively with a $1 billion bill. The companies argued that the change violates the U.S. Constitution and the Multistate Tax Compact, a 50-year-old agreement among states for dividing the taxes […]
There are two types of accountants—those who do their work with blinders and those with wide-open eyes. Both can do competent jobs for their clients, but the ones with the wide-open eyes grow and can do far better work for their clients. I like to think I am in the wide-open category. I thought about […]
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