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Facebook Inc. has moved to wind down several Irish holding companies that had allowed it to shift billions of dollars in profit to the country, where it was lightly taxed, the Times of London reported, citing company documents. The Irish companies were used to hold its intellectual property for international sales, and Facebook companies around […]
Devil’s in the details; the court date; smackdown; and other highlights of recent tax cases. District Heights, Maryland: Tax preparer Renita Jenifer has been sentenced to two years in prison for aiding and assisting in the preparation of a false return. Jenifer, who pleaded guilty earlier this year, operated a prep business in the District […]
The Securities and Exchange Commission announced that President Trump has named Elad Roisman acting chair of the agency. Roisman has been a commissioner at the SEC since 2018; he had earlier stints as a counsel ot SEC Commissioner Dan Gallagher, as chief counsel to the Senate Committee on Banking, Housing and Urban Affairs, as chief […]
Lawmakers across the political spectrum urged President Donald Trump to sign the $900 billion coronavirus stimulus bill passed with bipartisan support last week, as millions of Americans face a loss in benefits. Trump risks being remembered for creating “chaos and misery” at the end of his term if he takes no action on two crucial […]
President Donald Trump signed a bill containing $900 billion in pandemic relief, the White House said, triggering the flow of aid to individuals and businesses and averting the risk of a partial government shutdown on Tuesday. In addition to aid to stem the economic effects of the pandemic, the legislation Congress passed Monday also includes […]
The Financial Accounting Foundation names new members to a major advisory board, Connecticut firms turn out for a big annual food drive, and other news from across the profession.
House Republicans blocked Democrats’ attempt to meet President Donald Trump’s demand to pay most Americans $2,000 to help weather the coronavirus pandemic. Republicans objected to the bill House Majority Leader Steny Hoyer sought to pass by unanimous consent Thursday to replace the $600 payments in the latest pandemic relief legislation with the $2,000 payments. “House […]
As we wrap up an unpredictable year, let’s explore the Financial Standards Accounting Board’s recent roundtable discussions, new guidance on lease implementation for public and nonpublic organizations, and what we can expect for non-public implementation next year. Public companies understand the new lease standard now that they have completed their implementations. For the most part, […]
An important trustee responsibility is filing tax returns, and with that responsibility comes a duty to minimize income taxes. With a few days remaining in 2020, a trustee can still employ tax-saving strategies. Fiduciary tax brackets are compressed. For 2020, trusts pay tax at the maximum income tax rate when taxable income exceeds $12,950. In […]
Many economic incentives are complex but can provide significant value with some creative strategizing. State and local governments offer tax incentives to businesses to create new jobs, often requiring that the recipients prove they have hired “net new” employees over an established time period. In the current economic environment, it could be advantageous for you […]
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