Tag: tax news
RSM US Foundation gifts $250K to Iowa State University
Top 5 Firm RSM US announced this week that the RSM US Foundation is gifting Iowa State University with $250,000 to endow the “RSM Fellowship in Accounting” to the school’s Department of Accounting. RSM announced the donation at a September 28 visit to Iowa State’s College of Business. “As the university that educates more Iowans […]
A look inside Trump’s and the Big Six’s tax reform framework
The Trump Administration and select members of Congress have released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be worked out by the tax-writing committees (i.e., […]
Former Intuit exec Jim McGinnis joins Wolters Kluwer
Former Intuit executive Jim McGinnis has been snagged by Wolters Kluwer, which has hired him as its new executive president and general manager for the medium and large segment for its Tax Accounting North America business unit. McGinnis was at Intuit for seven years, originally as vice president of marketing for the Accountants Professional Division, […]
Ending the state, local tax deduction is up for negotiation, Cohn says
President Donald Trump is open to negotiating on the deduction individuals take for state and local taxes, his top economic adviser Gary Cohn said Friday. While the tax framework released Wednesday would eliminate that deduction, the provision isn’t a red line, according to Cohn, the director of the National Economic Council. The deduction is used […]
SEC provides relief and help for hurricane victims, including accountants
The Securities and Exchange Commission is providing regulatory relief and assistance to accountants, public companies, investment firms, municipal advisors and other affected by Hurricanes Harvey, Irma and Maria. The SEC acknowledged that the loss of property, power, transportation, and mail delivery due to the hurricanes poses challenges for some of the individuals and entities who […]
Trump plan seen increasing taxes on some middle-income people
By 2027, almost 30 percent of individuals with incomes between $50,000 and $150,000 would see their taxes rise under the elements of a Republican framework for tax legislation released this week, according to an analysis released Friday by the Urban-Brookings Tax Policy Center. The analysis came one day after White House economic adviser Gary Cohn […]
Implementing CECL for the long run
FASB’s new Current Expected Credit Loss (CECL) standard brings a significant change to credit loss accounting, and the road to compliance presents many challenges for financial institutions. Today’s implementation decisions will have major long-term impacts on the efficiency and effectiveness of the new loss allowance process. Join Laurent Birade of SAS as he explores the […]
AICPA announces 2017-18 Accountemps Scholarship winners
The AICPA announced on Thursday the recipients of the 2017-2018 Accountemps Scholarship Award, given to four college accounting students who show “potential to become leaders in the CPA profession,” according to the Institute. Each student, chosen from over 600 undergrad and graduate students across the country, will receive $10,000 towards the 2017-18 academic year. To […]
House passes disaster tax relief bill for hurricane victims
The House passed legislation Thursday that provides some tax relief to victims of the recent spate of hurricanes. The bill, introduced by House Ways and Means Committee Chairman Kevin Brady, R-Texas, would help victims of Hurricanes Harvey, Irma and Maria by creating a deduction for personal casualty losses for uncompensated losses in disaster areas. It […]
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