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Since the 2017 reform of the Tax Code — formally known as the Tax Cuts and Jobs Act (TCJA) — was signed into law, accountants and tax professionals have been working overtime to keep up with the bill’s roughly 500 tax law changes. At the top of the list is one particularly vexing provision: the […]
Rudy Giuliani said he was forced to borrow $100,000 from President Donald Trump’s lawyer Marc Mukasey to pay his taxes after his wife tied up a joint bank account in their bitter divorce case. Giuliani, who has been working as a lawyer for Trump free of charge, discussed the loan outside New York state court […]
It won’t make a sound. No tremor will be felt. But by the end of this year, as much as $3 trillion in lease liabilities will have landed on the balance sheets of our nation’s public companies. The trigger? Accounting Standards Codification (ASC) Topic 842, the Financial Accounting Standards Board’s new standard on accounting for […]
The Internal Revenue Service has issued a revenue procedure giving some partnerships extra time to file a Form 1065 and the accompanying Schedule K-1 as long as they haven’t opted out of the IRS’s new centralized partnership audit regime. Andrew Harrer/Bloomberg Revenue Procedure 2019-32 grants eligible partnerships an extension of time to file a superseding […]
Carr, Riggs Ingram has increased its presence in Mississippi by adding Wm. F. Horne Company. The firm, based in Enterprise, Alabama, is adding an office in Laurel with the deal along with the one it already has in Jackson, Mississippi. Financial terms were not disclosed. CRI ranked 20th on Accounting Today’s 2019 list of the […]
The Internal Revenue Service issued a ruling allowing taxpayers to use a tax-advantaged flexible spending account to pay for the medical portion of an ancestry test from the genetic testing service 23andMe. The ruling letter was issued in May to the taxpayer, but was announced this week by 23andMe and reported on by The Wall […]
Chicago-based Top 100 Firm Grant Thornton now offers Ephesoft Smart Capture solutions for managing unstructured data. This helps companies improve back-end processes, such as invoicing, accounts payable and contract management, and simplify complex tasks, such as taxes and revenue recognition. Ephesoft makes document management and process automation software that is customizable for both cloud-based and […]
The tried and true process of putting pen to paper has persisted with accounts payable solutions throughout much of the previous century. As digital transformation has swept through the majority of industries, accounts payable has largely remained the same — even across remote locations where the need is great. For businesses with teams working across […]
Art of Accounting: Female staff are smarter, redux My previous column, “Female staff are smarter than male staff,” drew a lot of comments and emails indicating considerable interest in this topic. Hence, this additional column.
President Donald Trump sued to block the Democrat-led U.S. House Ways and Means Committee from obtaining his tax records from New York state, in the latest attempt to keep his personal financial information out of public view. In the lawsuit, filed Tuesday in Washington federal court, Trump is attempting to fend off committee chairman Richard […]
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