The heads of tax authorities in five countries, including the U.S. and the U.K., met this week to discuss their efforts to crack down on companies using electronic sales suppression software to evade sales and value-added taxes. The group of five joint chiefs, known as the J5, has been holding
Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use. A report released Thursday by the PCAOB provided preliminary observations from the PCAOB staff on the new requirements in a 2019 standard for the
The Financial Accounting Foundation Board of Trustees appointed nine new members to the Financial Accounting Standards Advisory Council: Thomas Barbieri, chief accountant, national office, PwC LLP; DeAnn Brunts, member/audit committee chair, B&G Foods, Benson Hill, Claire’s; Vasundhara Govil, managing director, Keefe, Bruyette & Woods; Shripad Joshi, senior director — accounting
Some kind of broke; summa cum crook; ticket punched; and other highlights of recent tax cases. San Angelo, Texas: Tax preparer Hugo Cesar Granados, whose fraudulent returns cost the IRS millions, has been sentenced to 14 years in prison. His adult son was also sentenced to 66 months in prison and
One of the significant changes affecting next year’s filing season is the provision in the American Rescue Plan Act lowering the minimum reporting threshold for payment card transactions (debit, credit, or stored-value cards). For calendar years prior to 2022 the form was required to be issued for payments that exceeded
Donald Trump’s company was found guilty of engaging in a tax fraud over more than a decade, in which executives including former chief financial officer Allen Weisselberg evaded taxes on company-paid perks including free apartments and luxury cars. It is the first time a Trump business has been convicted of
Intuit announced a host of new features and enhancements for its tax preparation and planning solutions ahead of the upcoming tax season. Users of Intuit Tax Advisor can now: Select tax-loss harvesting and cost segregation studies as strategies in Intuit Tax Advisor. Edit multiple fields in an activity (W2, K-1,
The decision by a Maryland circuit court striking down the state’s digital advertising tax, while a major victory for big tech, could have implications that spread beyond the state. The decision will slow down other states in their march toward taxing digital advertising, and has implications for the Biden administration’s
American Express launches a B2B payments ecosystem; a new service uses artificial intelligence to fill out tax returns; AvidXchange now offers cross-border payments; an E&Y tool aims at upskilling workers; and other news and updates from the accounting tech world.
The intense tax audits of former FBI leaders were the result of random selection, according to the Treasury Inspector General for Tax Administration — not malice on the part of the Trump administration. The tax returns of former FBI Director James Comey and Deputy Director Andrew McCabe were among those