Senate Republicans unveiled a budget blueprint designed to fast-track a renewal of President Donald Trump’s tax cuts and an increase to the nation’s borrowing limit, ahead of a planned vote on the resolution later this week. The Senate plan will allow for a $4 trillion extension of Trump’s tax cuts
Teaching fraud; easement settlement offers; new blog on the block; and other highlights from our favorite tax bloggers. Many hats Taxbuzz (https://www.taxbuzz.com/blog): There’s sure an “I” in this “teamwork:” What to know about potential IRS and ICE collaboration. Tax Vox (https://www.taxpolicycenter.org/taxvox): How IRS data would likely be unhelpful validating SNAP
The International Ethics Standards Board for Accountants is mulling changes in its auditor independence standards for audits of collective investment schemes involving connected parties and pension funds. The IESBA released a consultation paper Monday asking for feedback on whether revisions to the International Code of Ethics for Professional Accountants (including
The Internal Revenue Service’s Criminal Investigation unit has embarked on a new initiative for engaging with financial institutions as it makes greater use of banking data to uncover tax and financial fraud. IRS-CI released FY24 Bank Secrecy Act metrics Friday, demonstrating how it uses BSA data to investigate financial crimes.
As the expiration of key Tax Cuts and Jobs Act provisions looms, tax professionals are preparing for what could be another period of upheaval. In 2017, when the TCJA was first enacted, tax departments struggled to keep pace with new regulations and guidance. According to our recent Bloomberg Tax survey
Bridgewater Associates founder Ray Dalio warned House Republicans of the dangers of rising U.S. deficits and urged them to cut the budget deficit to just 3% of gross domestic product or risk debt service costs squeezing government spending. Dalio’s message of austerity comes as House and Senate Republicans battle over
The Public Company Accounting Oversight Board[ has created three videos from its staff on its quality control standard explaining the monitoring and remediation process. The Securities and Exchange Commission approved the PCAOB’s QC standard last September. QC 1000, “A Firm’s System of Quality Control”, will require all registered public accounting
State-based job creation tax credit programs typically provide a tax credit against the state’s income tax liability. That credit may be passed through to the shareholder level in many cases, though it will be reviewed on a case-by-case basis. In other states, credits are sold or brokered if a company
Tax season is a busy time for financial advisors, but it also brings overlooked opportunities for client coaching on year-round tax savings and for future growth via CPA referral agreements. With the right outreach and shared professional dedication to clients, certified public accountants and enrolled agents who prepare returns could
The ability to invest in the future has never been more important in our profession. The emergence of artificial intelligence, the need to rebuild our talent pipeline and create value for future generations is top of mind across the industry. In fact, in the Accounting Today Top 100 Firms of