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The Internal Revenue Service has revised the streamlined application form for groups that are applying for tax-exempt status. The IRS is revising both Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, along with its instructions, to help small charities apply for 501(c)(3) tax-exempt status. The changes include […]
The Treasury Department has updated the contingency plans for the Internal Revenue Service in advance of the federal government shutdown this weekend. The updated document describes how the IRS will handle the filing season, which is supposed to begin on Monday, January 29. The IRS is already under pressure to implement the provisions of the […]
The Treasury Department has updated the contingency plans for the Internal Revenue Service in case the federal government shuts down this weekend. The updated document describes how the IRS will handle the filing season, which is supposed to begin on Monday, January 29. The IRS is already under pressure to implement the provisions of the […]
The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act. Late last month, after passage of the new tax law, the Treasury […]
Mike “The Situation” Sorrentino, a member of the cast of MTV’s reality series “Jersey Shore,” and his brother Marc Sorrentino, have pleaded guilty to federal tax charges. Michael Sorrentino, 36, pleaded guilty to tax evasion, while Marc Sorrentino, 38, pled guilty to aiding in the preparation of a false and fraudulent tax return. They entered […]
Baker Tilly donates $10K, volunteer time to 2017 ‘Wishes’ honorees Baker Tilly Virchow Krause announced on Tuesday a list of nonprofit organizations highlighted by the firm’s “Baker Tilly Wishes” campaign. This year’s recipients include the Hackensack University Medical Center Foundation, the Wounded Warrior Project and the Rape Crisis Center. “Our people genuinely care about their […]
New York Governor Andrew Cuomo announced plans Thursday to target a tax break for investment fund managers in his state. The proposal would treat hedge fund managers’ compensation as ordinary income—instead of capital gains—for state tax purposes. It would also impose a 17 percent “Fairness Fix” on every hedge fund manager working in New York […]
Why do businesses still make so many payments by paper check, even as technology has made checks nearly obsolete in the consumer world? One of the reasons is that the only measure of success for the payments process at most companies is making sure all the bills get paid on time, whatever the cost. It’s […]
Internal controls, the new lease accounting standard and cybersecurity are just some of the issues keeping financial executives up at night, according to a new survey by KPMG. The Big Four firm surveyed more than 500 finance execs at the end of November at KPMG’s 27th Annual Accounting and Financial Reporting Symposium. When asked what […]
Economic confidence in the U.S. rebounded strongly in the fourth quarter of last year, according to a new survey by the Association of Chartered Certified Accountants and the Institute of Management Accountants. The quarterly Global Economic Conditions Survey by the ACCA and the IMA found 31 percent of the CFOs and finance professionals surveyed in […]
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