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Critics of President Donald Trump’s tax law centerpiece — slashing the corporate rate — argued the savings wouldn’t spur big companies to expand dramatically. One year later, some key metrics show they were right. For companies in the Standard Poor’s 500 Index, the profits they’ve made from sales this year through September — after accounting […]
Courtesy of Crowe Top 10 Firm Crowe LLP agreed to pay the Securities and Exchange Commission a penalty of $1.5 million to settle charges surrounding its audit of a now-bankrupt staffing company. The audit client, Corporate Resource Services Inc., went bankrupt in 2015 after it was revealed that it had not paid approximately $100 million […]
To increase information security, the IRS will stop its tax transcript faxing service as of Feb. 4. The IRS said that it worked with the tax prep community to agree that the move will meet practitioners’ needs in e-filing individual returns while further safeguarding taxpayer data. Cybercriminals who steal transcripts use them to file fraudulent […]
As the window for correcting paycheck withholding errors starts to close, a new survey shows why more than half of respondents failed to update their withholding: They don’t know how. Only 46 percent of respondents to the HR Block survey said they felt prepared to update their W-4 on their own, and many showed confusion […]
Fotolia The House of Representatives passed a bill that would extend tax breaks for biodiesel and correct errors in the GOP tax overhaul, but the legislation is unlikely to be considered in the Senate before year end. The Republican-controlled Senate has shown little interest in taking up the House’s package before members leave for the […]
The Financial Accounting Standards Board has issued a proposed Accounting Standards Update to address certain issues in the new leasing standard. Specifically, the proposed ASU aims to align the guidance for the fair value of the underlying asset by lessors that are not manufacturers or dealers under Topic 842, “Leases,” with existing guidance. This would […]
The U.K. Competition and Markets Authority has just published the results of its investigation into how company accounts are audited. Its proposals are an exercise in realpolitik that should succeed in improving the quality of scrutiny while acknowledging the conflict of interest posed by auditors being paid for more lucrative consultancy work. The issue is […]
The amount of offshore cash corporations are bringing back to the U.S. dropped sharply for a second straight quarter, falling short of the trillions of dollars President Donald Trump had promised would result from his tax overhaul. Companies repatriated $92.7 billion in the July-September period, the lowest amount this year and down almost 50 percent […]
The Financial Accounting Standards Board announced on Tuesday that the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are now available, pending final acceptance by the Securities and Exchange Commission. The 2019 GAAP Financial Reporting Taxonomy includes updates on new accounting standards and other improvements, while the 2019 SEC Reporting Taxonomy provides […]
The Tax Cuts and Jobs Act brought about many changes for the 2019 tax return filing season. There are so many changes that there was concern about possible delays to the start of the filing season as the Internal Revenue Service works to update software, forms, instructions, and publications with restricted resources. The IRS has […]
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