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The Internal Revenue Service offered additional information in the form of questions and answers to help multinational companies meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings under the Tax Cuts and Jobs Act. The TCJA requires companies that have untaxed foreign earnings and profits to pay a […]
A Sports Direct International Plc store in London Chris Ratcliffe/Bloomberg Sports Direct International Plc shares headed toward a seven-year low after the U.K. sports-apparel retailer delayed publishing its results as auditors increase their scrutiny of its accounting. The U.K. retailer said Monday it needs more time to compile information as regulators review Grant Thornton’s audit […]
AuditFile, which makes cloud-based audit automation software, has updated its software with improved compliance controls for its Spring release. The update also features new automation and practice management capabilities, and extends workflow beyond audit, review and compilation engagements with a new tax trial balance module. Accountants are seeking more complete workflow capabilities to maximize efficiency, […]
The Internal Revenue Service has posted a draft version of a new tax return for senior citizens, as well as a new draft version of the Form 1040 for 2019 that taxpayers and practitioners will be filing next year. The draft version of the brand new Form 1040-SR, U.S. Tax Return for Seniors, was mandated […]
From gems to jail; benefiting no one; all engines stop; and other highlights of recent tax cases. New York: Tax preparer Emerson Gamory of Brooklyn has pleaded guilty to two counts of aiding in the preparation of false income tax returns for clients and one count of filing a false income tax return for himself. […]
Lawyers for Donald Trump are in court Friday morning arguing against a subpoena from congressional Democrats seeking financial information from the president’s longtime accountants, Mazars USA LLP. The Mazars case is one of three testing the power of Congress to compel production of a sitting president’s financial records in the name of oversight. A New […]
Lawyers for House Democrats are looking at a New York law that would give them a route to access President Donald Trump’s state tax returns. “The House counsel is reviewing all of that right now,” House Ways and Means Chairman Richard Neal said Thursday. “They still have some legitimate concerns about it. That comes from […]
Ryan Coccagna (pictured) was hired as a senior associate at Rotz Stonesifer, Chambersburg. Brown Schultz Sheridan Fritz, Camp Hill, announced 10 promotions; in the Camp Hill office: Megan Grim and Scott Henry to manager; Cami Grimm to supervisor; and Kyle Bushong to senior staff accountant; in the Hanover office: Ashley Hershey to manager; Marcia Howe […]
Garrett Rowland/Spectorgroup Marcum, New York, merged in Northbrook, Illinois-based Abrix Group, expanding Marcum’s presence in the Midwest and adding more doctors and dentists as clients. (Read the full story.) BKR International, New York, announced new leadership appointments: Manuel Rangel Jr., partner with CPC Rangel in Mexico City, was named worldwide chair; Raymi Mejia, partner at […]
A Democratic senator is pushing back against the Trump administration’s plans to cut taxes by indexing capital gains to inflation, a move that he says would only help the wealthy and be illegal. “We urge you to reject reported plans to use questionable authority to — yet again — lavish tax cuts upon our country’s […]
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