On the cheap: Tax pros share low-cost marketing ideas
How will clients rate your client service this tax season? During this stressful, deadline-driven season it’s especially important to remember to focus on client service.
Tax Fraud Blotter: Just reward
Smoke screen; low miles but big sentence; undivine Providence; and other highlights of recent tax cases. Durham, N.C.: Businessman Preston Ray Swift, 55, was sentenced to a 28-month minimum, 52-month maximum prison term on felony tax charges filed by the North Carolina Department of Revenue. Durham pled guilty to eight counts of embezzlement of state […]
Mergers put Plante Moran, Prager Metis far in the lead for Q4 SEC clients
Two major mergers gave Top 100 Firms Plante Moran and Prager Metis commanding leads in terms of new Securities and Exchange Commission audit clients in the fourth quarter of 2018. Top 15 Firm Plante Moran’s October merger with Denver-based Top 100 Firm EKSH accounted for 30 of its 33 net and new engagements in Q4 […]
During these uncertain times, consider cost segregation (and soon)
So far this year, we’ve seen the transition of power in Congress, an extended government shutdown and still no technical correction to the Tax Cuts and Jobs Act. This leaves many taxpayers wondering how to move forward with their 2018 returns. While the TCJA was passed with much fanfare, it created a large drafting error […]
Grant Thornton creates audit quality council
Grant Thornton has set up a three-member Audit Quality Advisory Council, only a week after Ernst Young made a similar move. The new council is tasked with advising Grant Thornton’s partnership board on improving the firm’s audits. The trio includes two independent members, Chris Mandaleris and Ann Yerger, in addition to Grant Thornton partnership board […]
IRS to delay closure of tax transcript fax service
The Internal Revenue Service has agreed to postpone the closure of its tax transcript fax service after a bipartisan request from the leaders of the Senate Finance Committee. “IRS will extend its transcript faxing service beyond the planned Feb. 4 end date and is reviewing options for a new timeframe,” said a statement Wednesday from […]
Shutdown hurt small business outlook
The 35-day partial government shutdown had a negative impact on the outlook for small business owners, although there was a slight uptick in hiring and wages last month, according to payroll giant Paychex. Paychex found the shutdown negatively impacted business outlook for 19 percent of the 300 small business owners surveyed. But despite the length […]
GOP senators reintroduce bill to permanently repeal estate tax
A trio of Republican senators has reintroduced legislation to permanently repeal the estate tax. The estate tax was originally on the chopping block during negotiations over the Tax Cuts and Jobs Act, but instead the TCJA doubled the exemption amount for estates subject to the tax from $5 million to $10 million, indexed for inflation. […]
In the blogs: GILTI as charged
Open for business; new challenges for small biz; football-related tax tips; and other highlights from our favorite tax bloggers. Sing a song of cheer again Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Yes, the IRS should be fully staffed as we officially start the 2019 season. “Holdover shutdown issues, however, still could cause delays, which many taxpayers […]
Private tax agencies collected just 2% on tax debts
The private collection agencies that contract with the Internal Revenue Service to collect long-overdue tax debts were able to garner only about 2 percent of the taxes owed on the more than 700,000 taxpayer accounts assigned to them since 2017, according to a new government report. Andrew Harrer/Bloomberg The report, from the Treasury Inspector General […]
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