Congress reintroduced legislation to prevent abuses of the charitable conservation easement tax break that’s supposed to protect public lands, but is often used as a tax shelter. Rep. Mike Thompson, D-California , who chairs the House Ways and Means Subcommittee on Select Revenue Measures introduced the Charitable Conservation Easement Program
The Internal Revenue Service released a Data Book Thursday highlighting the IRS’s activities this past fiscal year, particularly in response to the pandemic. During the COVID-19 pandemic, the IRS developed new technology and furnished the equipment needed to allow thousands of its staff to work from home, enabling the IRS
Wipfli’s latest merger is bringing the Midwest-based firm to California, but since the pandemic, it has been able to recruit talent around the world. Earlier this month, the Milwaukee-based Top 20 Firm announced a deal to merge in Mueller Prost, a St. Louis-based firm that also has offices in Irvine,
H&R Block’s financial technology innovation arm, Wave, is adding new accounts receivable features to its small-business bookkeeping software. In July, Wave plans to add new AR management features, including an invoice list view for identifying customers with unpaid invoices. A new customer list view will let users see how much
U.S. oil and gas companies, along with their investors, may be facing the risk of significant stranded assets because they aren’t doing enough to reflect the impacts of the climate crisis in their financial reports. A report released last Thursday by the sustainability nonprofit Ceres analyzed how the oil and
The Biden administration’s proposal to impose a global minimum tax on corporations has been provoking opposition in Congress, with Republicans advocating user fees instead to pay for infrastructure improvements. A bipartisan group of senators has proposed indexing the gas tax for inflation as a way to pay for an infrastructure
The White House reiterated President Joe Biden’s opposition to indexing the gasoline tax to inflation to help pay for an infrastructure plan, raising new questions about the viability of a bipartisan compromise emerging in the Senate. “After the extraordinarily hard times that ordinary Americans endured in 2020 — job losses,
The Securities and Exchange Commission is reportedly probing William Duhnke, the recently fired chair of the Public Company Accounting Oversight Board. The Wall Street Journal reported Thursday that the SEC is investigating whether Duhnke violated any rules relating to the handling of internal complaints at the PCAOB. Duhnke was abruptly
Accounting firms, like many businesses, are reopening their doors as the COVID-19 pandemic recedes thanks to wide availability of vaccines in the U.S., but they’re trying to avoid alienating staff. Firms have been welcoming back employees who have been working from home for over a year, but giving them options
The Financial Accounting Standards Board released a proposed accounting standards update Wednesday with the goal of improving the discount rate guidance for lessees that are not public businesses, such as private companies, not-for-profits and employee benefit plans. The proposed update aims to reduce the expected cost of implementing the leases