A new Internal Revenue Service webpage can help clients whose large refunds are subject to review by the Joint Committee on Taxation. When taxpayers claim a federal tax refund or credit of more than $2 million (or $5 million for a C corporation), the IRS must review the refund or
The Top 25 Firm announced that it will be merging in Torrance, California-based Brigante, Cameron, Watters & Strong LLP, effective Nov. 1. Terms of the deal were not disclosed. The combination will add another office, in Torrance, to Armanino’s five in Southern California. “BCWS is well-respected in the South Bay
The Internal Revenue Service mailed out nearly 90,000 premature notices and demands for overdue taxes to taxpayers last year, even though the filing date had been extended. A report released Monday by the Treasury Inspector General for Tax Administration found the IRS issued 89,338 premature notices and demands to 87,542
Rashada Whitehead Rashada Whitehead was promoted to the newly created role of national managing director of culture, immersion and inclusion at Grant Thornton, Chicago, where she has worked since 2019. She will also join Grant Thornton’s national leadership team, be responsible for the firm’s NLT diversity, equity & inclusion task
Private equity firms are increasing their funding of accounting firms in a pair of deals announced this week, with Lightyear Capital partnering with Schellman & Co., and CVC Capital Partners investing in CFGI. Lightyear said Friday that its affiliated investment funds have agreed to acquire assets from and partner with
High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House. If the SALT deduction were fully reinstated, the top 1% of taxpayers — those earning at
Barely any business; happy to take a check; second time’s the charm; and other highlights of recent tax cases. Matteson, Illinois: Resident Shawn P. Stewart has been sentenced to three years in prison for causing the IRS to issue fraudulent refunds. He filed eight fraudulent returns seeking more than $3.1
TPS has released updates to Cloud Axis, its cloud-based accounting practice management platform with workflow capabilities, that include a little bit of dog humor. In addition to the software updates, TPS has expanded its library of dog memes that function as training aids for staff and other users. New software
Buyback fallacy; change proposed for quarterly taxes; solidifying client relationships; and other highlights from our favorite tax bloggers. Now the fun begins Eide Bailly (https://www.eidebailly.com/taxblog): All the news on the Democrats’ latest tax plan. Tax Foundation (https://taxfoundation.org/blog): Stock buybacks have gained a bad rap in recent years as policymakers have
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