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Making partners bill; more distribution guidance; NATP winners; and other highlights from our favorite tax bloggers. Surprising numbers TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): While conventional wisdom (whatever that is anymore) holds that we should lower taxes on corporations because of international competition, two recent changes militate in favor of higher corporate taxes, which would close the deficit, […]
The Internal Revenue Service released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017, which was amended by the CARES Act earlier this year. The 2017 tax overhaul limited the business deduction as a way of helping pay for […]
More than half the companies that completed their first audits under the new lease accounting standard needed to make an extra effort, according to a new survey, but the additional work provided more transparency and helped the companies deal with the unexpected crisis of the novel coronavirus, which led to many lease modifications and rent […]
President Donald Trump renewed his fight to prevent a New York grand jury from reviewing his tax filings, after the U.S. Supreme Court ruled he doesn’t have absolute immunity from state criminal investigations. Lawyers for Trump filed a new complaint on Monday raising objections to a subpoena sent by Manhattan District Attorney Cyrus Vance Jr. […]
Senate Republicans presented their $1 trillion plan to bolster the pandemic-ravaged U.S. economy in a series of bills that would trim extra unemployment benefits, send $1,200 payments to most Americans, and shield businesses, schools and other organizations from lawsuits stemming from coronavirus infections. The $1 trillion package was pulled together after days of negotiations between […]
The 160 million Americans who got stimulus checks earlier this year would get another payment as soon as next month under a plan being negotiated by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell. “Our proposal is the exact same provision as last time,” Mnuchin told reporters Thursday as he and congressional Republicans […]
Senate Majority Leader Mitch McConnell waited until a key component of U.S. coronavirus aid was about to expire before drafting the Republican version of the next major relief bill, a decision that is increasingly looking like a significant miscalculation. Soaring numbers of virus cases, rising jobless claims and President Donald Trump’s slumping poll numbers have […]
AccountingGo has released its free accounting software platform in several major U.S. cities. AccountingGo works by providing a free directory of young accounting and advisory firms, with the idea that they provide more personal, affordable services. The company focuses on firms less than three years old and provides search filter options such as location, specialty […]
Tax software provider Sovos has acquired Keane’s unclaimed property consulting services and reporting technology. This is the fourth buy for Sovos this year, making 2020 its most acquisitive year. As states turn to services like the Keane Unclaimed Property system to recoup losses during the COVID-19 pandemic, Sovos continues to position itself for the post-pandemic […]
If you have clients who own more than one business, how they structure those companies can affect them from the legal and tax perspectives. As an accounting professional, you will likely be the person they’ll talk with to understand the tax implications. It also will be helpful for them to speak with an attorney for […]
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