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The Internal Revenue Service is reopening the registration period for parents to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act. The $2.2 trillion stimulus package that Congress passed in March to help blunt the economic impact of the novel coronavirus pandemic included $1,200 […]
The American Institute of CPAs recognized four accounting professors for their notable teaching and research during the annual American Accounting Association meeting. This year’s honorees include: Tonya Flesher, professor of accountancy and Arthur Andersen Lecturer Emerita at the University of Mississippi, is the recipient of the 2020 AICPA Distinguished Achievement in Accounting Education Award. Mary […]
Reaching across the Isle; room disservice; game of tag; and other highlights of recent tax cases. New Orleans: Preparer Trish Christopher, of Metairie, Louisiana, has been sentenced to three years of probation for aiding and assisting in the preparation of false federal returns. Christopher admitted that as owner and operator of C.C. Tax Service she […]
Daily fantasy sports companies like FanDuel Inc. and DraftKings must pay federal excise tax on their entry fees, the U.S. Internal Revenue Service has decided, according to an internal memo that could cause a major shakeup in the industry. An IRS Chief Counsel Memorandum said those companies must pay tax on every wager — the […]
The White House isn’t considering an executive order to carry out President Donald Trump’s call for a cut in the capital gains tax because Congress probably would have to change the rate, administration officials said. “Structural changes to tax rates,” said Larry Kudlow (pictured), Trump’s top economic adviser, “likely require congressional legislation.” Asked by reporters […]
Payroll-processing companies are eagerly anticipating guidelines from the Internal Revenue Service and the Treasury Department on how to handle the payroll tax deferral that President Trump included in his executive orders over the weekend in an effort to spur the economy during the novel coronavirus pandemic. Payroll services need the rules, which are expected to […]
The longest tax season ever has wrapped up, stay- and vacations will be winding down, and business development should move into a high position on your radar if it hasn’t already. As we take business development virtual, questions on how to handle this transition are natural. Possibly reassuring is the fact that, from my perspective, […]
While the concept of virtual firms and remote teams has been around for a number of years, many accounting firms have struggled to make the change in their business model for a number of reasons. Over the last few months, a number of accounting firms have had to make the transition to working virtually and […]
Reopening the IRS; wording a referendum; the season that won’t end; and other highlights from our favorite tax bloggers. Still going viral Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): Some federal workers say they’ve already decided to retire if forced to go back to the office while the coronavirus pandemic is still raging. The trend could hit agencies with […]
Making sure you’re secure working from home, spying on employees, and eight other recent developments in technology and how they’ll impact your clients and your firm.
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