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A broad coalition of hundreds of industry associations and companies sent a letter Wednesday to Treasury Secretary Steven Mnuchin urging him to resolve errors in last year’s tax code overhaul related to depreciation rules and net operating loss carrybacks. The nearly 300 business groups include the National Retail Federation, the National Restaurant Association, the National […]
The Illinois CPA Society and the city of Chicago are marking the 75th anniversary of when the first African-American woman became a CPA in the U.S. Mary T. Washington Wylie (1906 – 2005) became a CPA in 1943. To honor the 75th anniversary of her becoming a CPA, Chicago has officially declared Sunday, September 30 […]
Hackers aren’t just targeting large companies and major retailers, according to “white-hat hacker” David Kennedy. Anyone with valuable information, including even the smallest accounting firm, is worth their time. “We just had an accounting firm lose $15 million through a wire fraud scheme — someone sent an email claiming to be a CEO, saying, ‘I’m […]
The Internal Revenue Service has been sending a series of messages in recent weeks to taxpayers and tax professionals urging them to check the online withholding calculator to make sure they have the proper amount withheld from their paychecks so they can avoid a nasty surprise next tax season. Last December’s passage of the Tax […]
A federal jury convicted Paul Manafort, President Donald Trump’s former campaign chairman, at his fraud trial, handing a crucial victory to Special Counsel Robert Mueller. Manafort was found guilty on five counts of tax fraud, one count of failing to file a financial document with the government, and two counts of bank fraud. The jury […]
President Donald Trump’s former attorney admitted that he violated campaign finance laws ahead of the 2016 election — at the direction of his then-boss, presidential candidate Donald Trump. Michael D. Cohen made that explosive admission during a hastily convened appearance in a federal courthouse in Manhattan on Tuesday, where he pleaded guilty to eight counts […]
A colleague mentioned that his partners never want to leave the office for lunch, preferring to eat at their desks. He is the senior partner and has always eaten out — usually with a client or referral source and sometimes with a friend or his wife. He read my 30th anniversary blog post, where I […]
The Financial Accounting Standards Board released a proposed accounting standards update Monday to amend the transition requirements and scope of the credit losses standard that it issued in 2016. One of the changes involves a timing problem for when the current expected credit losses, or CECL, standard takes effect. Private banks and credit unions would […]
The Public Company Accounting Oversight Board released a report Monday on its inspections last year of auditors of brokers and dealers, indicating a continuing high number of audit deficiencies overall, albeit with fewer independence violations than in previous years. The PCAOB inspected 75 audit firms and reviewed portions of 116 audits last year, along with […]
Some states are changing the tax laws for unincorporated businesses such as partnerships to enable pass-through entities to circumvent the $10,000 limit on state and local tax deductions in the Tax Cuts and Jobs Act. Connecticut has already adopted such legislation and New York State recently proposed it as well. The state laws promise to […]
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