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The American Institute of CPAs has joined over 560 business and trade organizations in urging Congress to pass legislation to allow companies that have received forgiveness on their Paycheck Protection Program loans to be able to deduct expenses from their taxes. The AICPA is objecting to recent guidance from the Internal Revenue Service and the […]
New York, New Jersey, Connecticut and Maryland faced skeptical questioning from a panel of federal judges considering whether to revive a lawsuit that challenges a U.S. cap on individual deductions for state and local taxes. At the behest of the Trump administration, a tax overhaul passed by Congress in 2017 set the maximum deduction for […]
As part of this year’s Top 100 Most Influential People survey, Accounting Today asked, “What do you hope your legacy will be?” The full responses of all the candidates are below. I would like to be remembered as a leader who put the customer at the center of everything and worked hard to solve their […]
Busted; ‘an undercover agent or anything;’ dastardly deeds; and other highlights of recent tax cases. Milwaukee: Health care exec Latoya N. Joseph has been sentenced to eight months in prison and six months of home confinement for tax evasion. Joseph was owner and operator of Jannah Home Health Care, which provided personal care primarily to […]
As we prepare to close out this most tumultuous of years, I can’t help but reflect on the immense changes we’ve witnessed the profession make in a very short time. Remote work has gone from the exception to the rule, which has, in turn, forced a rethink of virtually every process and procedure in our […]
Audit firms have taken a number of steps to meet the challenges of the COVID-19 pandemic, according to a new report from the Public Company Accounting Oversight Board providing insights into recent PCAOB inspections. The spotlight publication, “Staff Observations and Reminders During the COVID-19 Pandemic,” highlights select staff observations from recent inspections of reviews of […]
The House of Representatives approved legislation that could ultimately lead to Chinese companies — including behemoths like Alibaba Group Holding Ltd. and Baidu Inc. — getting kicked off American stock exchanges if U.S. regulators aren’t allowed to review their financial audits. The legislation won bipartisan support in the House after easily clearing the Senate back […]
Scams of the season; the size of the IRC; how to market next year; and other highlights from our favorite tax bloggers. Warm and fuzzy Tax Vox (https://www.taxpolicycenter.org/taxvox): Supreme Court verbal arguments begin in CIC Services v. IRS, a little-known case that threatens to gut the ability of the IRS to limit abusive tax shelters, […]
When CEO Sasan Goodarzi took the helm at Intuit in 2019, he declared a new strategy around making QuickBooks an artificial intelligence-driven, expert platform. He couldn’t have been ready for a global pandemic the very next year — no one could — but the company has ridden the wave of technology acceleration spurred by COVID-19 […]
Lawmakers are still divided along partisan lines about how — or whether — to proceed with another round of economic stimulus before the year’s end, but one issue has the backing of most Senators: tax cuts for beer, wine and liquor. A bipartisan group of 57 senators sent a letter to Senate leadership Tuesday asking […]
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