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The final regulations issued by the Internal Revenue Service on the business expense deduction for meals and entertainment reflect changes made by the Tax Cuts and Jobs Act of 2017. Generally, reform eliminated the deduction for expenses related to activities that are generally considered entertainment, amusement or recreation. These regs address the disallowance of the […]
GotTime.com; $1,600 a return; whole lotta hooch; and other highlights of recent tax cases. Jacksonville, North Carolina: Preparer Gene Hersholt Williamson II has pleaded guilty to aiding and assisting in the preparation of false returns. Williamson, who operated a local prep business between 2012 and 2018, fraudulently inflated low-income clients’ refunds by reporting fictitious Schedule […]
The unemployment rate declined by 0.5 percentage points to 7.9 percent in September, the U.S. Bureau of Labor Statistics reported Friday, as employers added 661,000 jobs, including 2,200 in accounting and bookkeeping. The labor market improvements reflected the continued economic recovery despite the novel coronavirus pandemic and efforts to contain it. However, stocks fell sharply […]
Crowe releases survey on 2020 business challenges; Katz, Sapper Miller names first non-CPA CEO; and more CPA news.
Building a firm in isolation limits growth potential. No business — accounting and tax practices included — can succeed and grow without establishing relationships. Aligning with other practices and business professionals has become more critical than ever before. Some of the benefits of developing mutually beneficial strategic partnerships include: Boost trust and credibility as prospects […]
The American Institute of CPAs’ Auditing Standards Board issued an attestation standard for when auditors perform examination engagements with clients. The AICPA’s Standards for Attestation Engagements (SSAE) No. 21 adds a new section to the AICPA Professional Standards, designated as AT-C section 206, Direct Examination Engagements. SSAE No. 21 allows practitioners to offer an opinion, […]
The Internal Revenue Service published final regulations for Achieving a Better Life Experience, or ABLE, accounts for disabled Americans. ABLE accounts aim to help people with disabilities and their families save and pay for disability-related expenses. While the contributions aren’t deductible, distributions such as earnings are tax-free to the designated beneficiary if they’re used to […]
The Public Company Accounting Oversight Board has imposed a $250,000 penalty on Marcum LLP and its Marcum Bernstein Pinchuk unit over audits of Chinese companies and prohibited the firm from auditing clients in China for three years. The order, which the PCAOB posted last week, said the firm violated PCAOB rules and auditing standards for […]
The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic. Trump’s tax law eliminated the deduction for so-called entertainment expenses — golf outings, cruises and concert […]
It’s no secret that, for years, health care costs have been on the rise, reflecting a massive burden for employers and employees alike. According to the Kaiser Family Foundation, the average premium for employer-sponsored family coverage has increased approximately 54 percent since 2009. In 2019, the average annual premium for employer-sponsored health insurance was $7,188 […]
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