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Lost Horizon; crimes of Misdemeanor; Strachans plea; and other highlights of recent tax cases. Shoreview, Minnesota: Preparer Olufemi Augustine Badejo has been found guilty of four felony counts of filing a false income tax return, four felony counts of knowingly preparing returns that were fraudulent or false, and one felony count of filing a false […]
Accountants are often highly trusted advisors for small and midsized businesses. They turn to you in times of uncertainty and when their businesses face new challenges. This has never been more present than in today’s business climate; and when it comes to cash flow, the solutions have never been more critical. We know the importance […]
BKD promotes 65; EY appoints two office managing partners; and more CPA news.
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven with a simpler loan forgiveness application and interim final rule. The new application form and rule were unveiled Thursday night, along with instructions for completing the form. The […]
Donald Trump received $21 million in “highly unusual” payments from a Nevada hotel in 2016 as his presidential campaign was struggling for cash, the New York Times reported. Tax records recently obtained by the newspaper show a series of transactions that flowed to the president from a hotel he owns in Las Vegas with casino […]
Working remotely during the pandemic may become routine, as both companies and workers come to appreciate the convenience and savings available. Companies in major cities are making plans to downsize their workspace, while many employees find they prefer the convenience of working from home. Some of the risks involved, such as surprise nexus issues, are […]
Sen. Chris Van Hollen, D-Maryland, and 16 other Senate Democrats introduced legislation Friday to make President Trump’s payroll tax deferral optional for federal employees and military service members. Trump signed a memorandum August to defer the 6.2 percent employee’s share of Social Security taxes from Sept. 1, 2020 until Dec. 31, 2020, but the taxes […]
Rep. Kevin Brady, R-Texas, the top Republican on the tax-writing House Ways and Means Committee, and House Republican Leader Kevin McCarthy, D-California, introduced legislation Friday to extend a number of tax breaks in the Tax Cuts and Jobs Act of 2017, and add some more corporate tax breaks. While many of the provisions of the […]
The Public Company Accounting Oversight Board released a preview Thursday from its staff about its findings from inspections of audit firms last year ahead of the issuance of its 2019 inspection reports. The document offers an update on how the PCAOB has been overhauling its inspection process since a change in its slate of board […]
The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form. Until further notice, the IRS said Thursday it’s permitting taxpayers and tax professionals to fax a copy of Form 8886, […]
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