High Quality Work…Great Customer Service.
Yacht happening; going, going, gone; grey and bootleg; and other highlights of recent tax cases. Lake Worth, Florida: Businessman Dusko Bruer has pleaded guilty to tax evasion and willful failure to file a FBAR. Bruer owned and operated a company that bought U.S.-made agricultural machinery and parts and sold them globally. Beginning in 2003, the […]
The Internal Revenue Service issued its annual inflation adjustment Wednesday for health savings accounts for 2021, at a time when many taxpayers are worried about their health in the midst of the novel coronavirus pandemic. In Revenue Procedure 2020-32, the IRS said for calendar year 2021, the annual limitation on deductions for an individual with […]
The Financial Accounting Standards Board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards, giving them some more time as organizations struggle to adjust to the novel coronavirus pandemic. FASB issued a proposal last month to defer the effective date of the revenue […]
“That’s not RD” is a common phrase we hear from engineers at companies engaged in product development and improvements. Engineers typically don’t view a large part of their day-to-day activities as worthy of the lofty moniker of research and development. It’s this exacting nature and detailed focus that makes an engineer good at his or […]
The Internal Revenue Service’s Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report. While those expenses were mostly backed up by sufficient documentation, the controls over them could be improved. The report, released Monday by the Treasury Inspector General for […]
Mute points; a twist on taking the AOTC; abolishing estate exclusions; and other highlights from our favorite tax bloggers. Hero hour Tax Foundation (https://taxfoundation.org/blog): The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, a draft released Tuesday by Democrats in the U.S. House of Representatives, is the first bid to provide additional economic relief […]
Management accountants and CFOs can play an important role in guiding companies through the strategic options available to cope with the COVID-19 pandemic. A recent Statement on Management Accounting report, “Strategic Analysis—Methods for Achieving Superior and Sustainable Performance,” discusses how management accountants and CFOs can lead strategic analysis and planning to improve the performance of […]
In March, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to help stabilize the U.S. economy in the wake of COVID-19. Included in the Act, and little noticed by the general public, are provisions that exempt companies from complying with two accounting standards issued by the Financial Accounting Standards Board. One provides […]
The Internal Revenue Service is bringing in 3,500 telephone operators to deal with the flood of calls about economic impact payments from taxpayers waiting for their money from the IRS. The $2 trillion CARES Act that Congress passed in March included provisions to give individual taxpayers $1,200 each, $2,400 for couples, plus an extra $500 […]
Powered by WordPress. AwesomeOne theme by Flythemes