One of the biggest issues being discussed by the IRS, Congress and the AICPA is the millions of businesses that are being targeted by tax credit companies looking to help them claim the employee retention tax credit. While it’s true that many companies qualify, there is significant concern about abuse
Run but can’t hide; lack of support; Romanian holiday; and other highlights of recent tax cases. Rome, Georgia: Computer support employee Melvin Orellana has been sentenced in Nevada to 18 months in prison for participating in an ID-theft conspiracy. Orellana worked for a company that provided software to tax prep
Looking to draft guidance reflective of the needs of taxpayers entitled to claim Inflation Reduction Act energy credits, the Internal Revenue Service has issued six notices asking for comments. Input is wanted on different aspects of extensions and enhancements of energy tax benefits. By notice, comments are requested on: Notice
The 15% minimum tax on billion-dollar corporations in the Inflation Reduction Act that President Biden signed into law in August shouldn’t be confused with the 15% global minimum tax on multinational companies that the Treasury Secretary Janet Yellen has been encouraging countries to approve, but it’s no surprise there is
Bill.com, a payment solutions company, announced new features and enhancements in its product offerings. The first is three-way matching for cloud-based accounting platform NetSuite. Purchase order and item receipt details are automatically synced directly from NetSuite to Bill.com and can be viewed alongside invoices in a single Bill.com workspace. The
The Internal Revenue Service issued its annual notice providing the 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. Notice 2022-44, released Monday by the IRS, provides the special per diem rates effective Oct.
Grant Thornton reported Thursday that its U.S. firm’s revenue for the fiscal year ending July 31, 2022, rose nearly 17% to reach a record of $2.3 billion. The accounting and auditing practice accounted for 33% of the total revenue, while tax made up 25% and advisory services contributed 42%. “Our
States once flush with revenue from surging sales tax collections are starting to see inflation-related declines, signaling state revenues may continue to drop. The number of states that saw year-over-year declines increased to 25 in June from 16 in May, according to the Urban Institute. That declining performance, which is
Small businesses are more concerned about inflation than ever before, with 90% sharing that they fear the impact of inflation on their business, according to a new report. The quarterly MetLife and U.S. Chamber of Commerce Small Business Index revealed that half of respondents think inflation is currently the biggest
The Internal Revenue Service needs to beef up security at its facilities to address ongoing threats, according to a recent report. The report, released Monday by the Treasury Inspector General for Tax Administration, pointed out the IRS is often the target of threats from individuals and organizations looking to do