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Intuit Inc., the software company behind TurboTax, won U.S. antitrust approval for its $7.1 billion takeover of personal finance website Credit Karma Inc. The Justice Department said Wednesday it was clearing the deal after Credit Karma agreed to sell its tax business to Square Inc. for $50 million to resolve government concerns over competition in […]
By this time of year, most CPA firms have a good handle on what their clients’ 2020 tax picture will look like. And with 2020 being what it is, the year-end meetings occurring this year have the opportunity to shed light on many issues well beyond the issue of tax planning. The reality of what […]
The Internal Revenue Service and the Treasury Department issued final regulations related to Section 1031 like-kind exchanges. The new regs address the definition of real property, as well as the receipt of personal property that is incidental to real property received in a like-kind exchange. “Real property” now includes land and, generally speaking, anything permanently […]
Changes for the year; partnerships’ reporting; building your brand; and other highlights from our favorite tax bloggers. Blunt truths Taxable Talk (http://www.taxabletalk.com/): Sometimes the IRS processing time “ain’t pretty” — though to be fair this tale does start with a return sent certified mail taking nearly a month to get from Las Vegas to Ogden, […]
The American Institute of CPAs is asking CPAs to contact their representatives in Congress and push them to back legislation allowing businesses who receive Paycheck Protection Program loans to be able to deduct their business expenses, even if their loans are forgiven. Back in August, the AICPA joined with more than 170 other organizations in […]
President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another U.S. downturn. In Yellen, Biden is likely to find […]
The IRS Office of the Chief Procurement Officer has partnered with Data and Analytic Solutions of Fairfax, Virginia, and with academic researchers to use data analysis to improve IRS procurement operations. The team will consist of procurement practitioners as well as university professors and students with procurement and experience in machine learning, a form of […]
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven. In a joint statement Thursday, Senate Finance Chairman Chuck Grassley and Democrat Ron Wyden said the Treasury is depriving some small […]
Wirecard AG’s former chief executive officer appeared in public for the first time since his July detention in connection with the collapse of the electronic payment company, but lawmakers hoping for insights from the disgraced manager were left disappointed. After winding his way through a throng of waiting journalists into the hearing chamber in Berlin, […]
Have you ever brought what you felt was an incredible presentation to your client, only to be met with glassy eyes and half-hearted nods? Or perhaps you gave them a full arsenal of information in a financial report, but they kept returning with more and more questions? It can be frustrating to put so much […]
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