The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2021-52 includes the special transportation industry rate, the rate for the
The majority of trust-owned life insurance policies are managed by unskilled trustees. Even professionals such as accountants and attorneys who may serve as trustees are unaware of the numerous risks that life insurance policies carry. As a result, most policy owners are unknowingly overpaying every year, letting their policies edge
The Internal Revenue Service has extended the ability to digitally sign a wide variety of tax forms indefinitely, enshrining a temporary grant of relief for the pandemic into a more permanent policy. The IRS updated the web page Wednesday on using e-signatures for certain forms, explaining the move would help
The National Association of State Boards of Accountancy has announced the team of recipients of its Accounting Education Research Grants Program for 2021. First launched in 2011, the program looks to “advance research on educational issues impacting CPAs, the public accounting profession and state boards’ charge to protect the public.”
When notices arrive late; deferred FICA minefield; two decades a-wandering; and other highlights from our favorite tax bloggers. The lore, the merrier Procedurally Taxing (https://procedurallytaxing.com): In US v Vaught, a federal district court declined to enforce a third-party summons due to the IRS failure to notify a taxpayer of its
Numerous countries, negatively impacted by the pandemic, are revamping their tax laws. The issue of transfer pricing is a top focus as governments look to ensure multinational companies aren’t evading their tax responsibilities by reallocating profits to lower-tax jurisdictions. Transfer pricing refers to the guidelines and practices regulating pricing transactions
The California Society of CPAs announced that Denise LeDuc Froemming will be its next president and CEO, starting Oct. 18, 2021. Froemming will take over from Rich Simitian, who has been acting CEO since March, when the society’s previous chief, Anthony Pugliese, left to head the Institute of Management Accountants.
New York-based firm Marcum has released a new data analytics product for audits through Marcum Technology, the firm’s technology arm. Intelligent Prism is an automated data analytics service for firms that don’t have internal data analytics capabilities. Intelligent Prism automates client data consumption and analysis with the aim of increasing
Top 20 Firm CohnReznick has pledged $100,000 to the American Cancer Society to fund multiyear research examining the effects of housing discrimination on cancer cases. The study, “The Systemic and Biologic Impact of Housing Discrimination on Cancer Risk and Access to Cancer Care,” will take place over a four-year period
The Internal Revenue Service has stepped up efforts to collect employment taxes from S corporation officers, but business owners are still getting away with avoiding billions of dollars in taxes. A new report, released Tuesday by the Treasury Inspector General for Tax Administration, found the IRS is selecting less than