The shadow knows; body of evidence; make a Note of it; and other highlights of recent tax cases. Newark, New Jersey: Thomas Nicholas Salzano, a.k.a. Nicholas Salzano, of Secaucus, New Jersey, the shadow CEO of National Realty Investment Advisors, has been sentenced to 12 years in prison for orchestrating a
CONNECTICUT The Board of Trustees of the Financial Accounting Foundation, Norwalk, announced the appointment of six new members to the Financial Accounting Standards Advisory Council: Stacy Harrington, vice president, corporate accounting, Microsoft Corporation; Joseph Holmes, vice president, chief accounting officer, Thermo Fisher Scientific; Susanne Skaggs, chief accounting officer, Bechtel Group;
The optional standard mileage rate for automobiles driven for business will increase 3 cents in 2025, the Internal Revenue Service said Thursday, but the mileage rates for vehicles used for other purposes will stay unchanged from this year. Optional standard mileage rates are employed to compute the deductible costs of
DSB Rock Island merges with fellow Minnesota firm Meuwissen, Flygare, Kadrlik and Associates; Smith + Howard adds Richmond-based consultancy Fahrenheit Advisors; Reynolds, Bone & Griesbeck adds fellow Memphis firm Scott and Pohlman; and GBQ expands its credit union practice with Lillie & Co.
Crypto’s future; sobering CTC; inside and outside; and other highlights from our favorite tax bloggers. On the horizon Withum (https://www.withum.com/resources/): President-elect Trump has proposed several projects to boost the crypto sector, including dispensing capital gains tax for Bitcoin transactions and building a centralized Bitcoin holding account (a strategy reminiscent of
Chicago Mayor Brandon Johnson is reversing his plan to raise property taxes by offering to use some bond refinancing savings and defer a loan repayment to close the budget deficit. After delaying Friday’s vote on his 2025 spending plan, Johnson is trying to garner enough support to pass a budget
The Internal Revenue Service and the Treasury Department released the final rules for an Investment Tax Credit for clean energy project developers. The ITC under Section 48 of the Tax Code provides a tax credit for investments in qualifying clean energy property, typically 30% of the cost of the project.
KANSAS The Kansas Society of CPAs elected Amanda Walker, an attorney and member at Bever Dye LC Attorneys at Law in Wichita, as chair of the board for 2024-25. Additionally, elected as 2024-25 executive committee officers are: vice chair Meagan Wellbrock, Adams Brown; secretary-treasurer Darren Anderson, Swindoll, Janzen, Hawk and
A group of Republican lawmakers have sent a letter to President-elect Trump asking him to end the IRS Direct File service, ideally via a day one executive order. The IRS piloted the program—developed as part of the Inflation Reduction Act of 2022—this past tax season and made it available in
As we approach the end of 2024, year-end tax planning is at the forefront of every accountant’s agenda. With changing tax regulations and incentives, staying informed about the latest updates is crucial for optimizing client outcomes. Source Advisors explains some of the most impactful areas accountants should focus on this