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The amount of total assets under management in donor-advised funds grew 9.7 percent to more than $85 billion last year, as an 80-year-old vehicle for philanthropy and charitable giving continues to grow in popularity. The 2017 Donor-Advised Fund Report, the 11th annual report from the National Philanthropic Trust, found that grants from DAFs to qualified […]
We’re in the midst of a series about the flawed and otherwise inadequate financial accounting paradigm that has mesmerized so many minds and left them unable to even perceive the myriad shortcomings in GAAP financial statements, much less attempt to fix them. Even though we believe that, in the aggregate, the financial statement user community […]
A quarter million for phony work; pools, snow and fraud; bogus figures all around; and other highlights of recent tax cases. Vincennes, Ind.: Preparer Deborah L. Richards, 56, was sentenced to four years in prison after pleading guilty to three counts of willfully aiding and assisting in the preparation of false returns. In 2015, Richards […]
Over the course of the several years that the accounting profession has been struggling with staffing issues, I’ve noticed something of a Freudian slip in the way people describe the situation: More and more, I hear people refer to the war on talent, as opposed to the war for talent. That’s a pretty telling prepositional […]
The Senate released the 515-page text of its sweeping tax legislation for the first time Monday evening—and Republican leaders plan to hold a floor vote on it within 10 days. That short span reflects an unusually fast process in both chambers, said William Galston, a senior fellow in governance studies at the Brookings Institution, a […]
Big Four firms in the United Kingdom should be subject to fines of 10 million pounds ($13.2 million) or more for seriously poor audit work, according to an independent review by the U.K.’s Financial Reporting Council. The audit regulator appointed a panel headed by a former judge to review the sanctions imposed on firms in […]
Massachusetts accounting firm AAFCPAs announced that it will once again participate in “Giving Tuesday” this year, starting November 28. The firm will be matching employee contributions to nonprofit organizations one to one, alongside a donation drive for Boston area children. The firm has also built Giving Tree wall displays this year, complete with leaves symbolizing […]
Decision and indecisions in firm leadership; new RD directives; the looming season; and other highlights from our favorite tax bloggers. Robocops Taxable Talk (http://www.taxabletalk.com/): Sometimes lawmakers take punitive and preventive actions that are beyond just legal and right. They’re also sweet. Take TIGTA’s recent actions against IRS phone scammers: robocalling them to clog their lines! […]
Alaska Senator Lisa Murkowski’s decision to agree to smash Obamacare’s individual mandate may remove one obstacle to passing the Senate Republican tax bill next week. “I believe that the federal government should not force anyone to buy something they do not wish to buy in order to avoid being taxed,” she wrote in an op-ed […]
Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week—spring-loaded hikes that would begin after 2024 if the economy doesn’t grow as fast as GOP lawmakers have promised. Some of the taxes in question aim squarely at companies like Apple Inc. and Alphabet Inc., which rely on […]
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