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In what amounted to an end run around Congress, President Trump signed a series of executive memorandums and an executive order on Aug. 8, 2020, to address issues left unresolved by the congressional failure to agree on additional bipartisan stimulus legislation. “It’s actually a memorandum rather than an executive order,” observed Mark Luscombe, CPA, principal […]
More than 1 million Individual Tax Identification Numbers will expire at the end of this year, the IRS warns. The service is completing the ongoing expiration of ITINs assigned prior to 2013. Under the PATH Act, ITINs that have not been used on a federal return at least once in the last three consecutive years […]
FICPA welcomes next class to emerging leaders program; Anders adds St. Louis firm; and more CPA news.
Remember the advent of the internet in the mid-1990s? The goal was to evolve from manual (typically paper-based) information exchange to an interactive digital experience. But right out of the gate, that’s not what happened. What we got were stylized image maps that offered limited interaction, if any. It was the equivalent of taking print […]
PricewaterhouseCoopers LLP expects the majority of its 22,000 U.K. staff to spend some of their time working remotely, even after the coronavirus crisis passes. PwC, one of the so-called Big Four accounting firms, is predicting a more even split between office and home working in the medium-to-long term, spokesperson Richard Pain said. Usage of its […]
There’s little chance of agreement on a new federal coronavirus relief plan without a compromise on the roughly $1 trillion in aid to beleaguered state and local governments that Democrats demand and the White House opposes. Democrats have offered to cut their original stimulus proposal totaling $3.5 trillion by roughly one third, but insist on […]
In January, right before the COVID-19 pandemic hit America full force, FloQast raised approximately $40 million for product development and growth. The company has been sitting on the cash since then, planning and re-planning for a near-term future that was changing rapidly. Now, the company is hiring and has just added features to its automated […]
Grant Thornton names its annual Purple Paladin recipient; the Blumshapiro Foundation donates $24K to New England food banks; and the Georgia Society of CPAs holds its 7th annual Food Fight.
Mark Frissora, the former chairman and chief executive officer of Hertz Global Holdings Inc., will return nearly $2 million in incentive-based compensation to settle a U.S. regulator’s claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013. Frissora pressured subordinates to “find money,” mainly by […]
Section 382 of the Internal Revenue Code generally requires a corporation to limit the amount of its income in future years that can be offset by historic losses (i.e., net operating loss carryforwards and certain built-in losses), after a corporation has undergone an ownership change. This article provides an overview of the Section 382 limitation […]
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