The Internal Revenue Service has clarified that dependent care benefits that are attributable to carryovers or have an extended period for incurring claims generally are not taxable for this year and next. Notice 2021-26 says that if these dependent care benefits would have been excluded from income if used during
Financial executives are eyeing tax changes expected in the Biden administration, demands for more environmental, social and governance reporting, and diversity efforts. A new survey from OneStream Software and Hanover Research, released Tuesday, polled CFOs and other finance leaders about their plans for 2021 and found that 86% of the
The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to help businesses facing foreign trade obstacles to maintaining inventory during the pandemic. The AICPA requested relief under Section 473 of the Tax Code, which allows qualified taxpayers to mitigate any substantial, unexpected increases to taxable
The Internal Revenue Service is having a hard time hiring enough staff to help it get through this year’s extended tax season and overcome its backlog of unprocessed tax returns. A new report from the Treasury Inspector General for Tax Administration, released Friday, provided interim results on the 2021 tax-filing
Brian Kolfage, whose work with Stephen Bannon to raise money for a U.S.-Mexico border wall resulted in a federal fraud indictment last year, faces new tax fraud charges. Kolfage, a disabled Air Force veteran, was indicted in Pensacola, Florida, this week for filing a false tax return and fraud. Federal
RSM US, a Top 10 Firm based in Chicago, is buying Rego Consulting’s ServiceNow workflow automation practice and plans to combine it with RSM’s own. The firms have signed an agreement for RSM to acquire the ServiceNow practice from Salt Lake City-based Rego Consulting, with the transaction expected to close
The Sustainability Accounting Standards Board is readying more standards as it prepares for an upcoming merger, while the Securities and Exchange Commission increasingly focuses on environmental, social and governance reporting. SASB held a board meeting Wednesday to discuss some of its upcoming standards on tailings management, human capital, supply chain
The House Ways and Means Committee approved bipartisan legislation Wednesday to expand automatic enrollment in 401(k) plans, expand a tax credit for small-business startups and promote the Saver’s Credit. The legislation, known as the Securing a Strong Retirement Act of 2021, was reintroduced Wednesday by House Ways and Means Committee
Photo: David A. Brown Bill.com and Square have partnered with the San Francisco Chamber of Commerce, the Black Chambers of Atlanta and the regional economic development organization Greater St. Louis to present a webinar for small and midsized businesses as they navigate the second year of the COVID-19 pandemic. The
The Center for Audit Quality released an alert Monday discussing the audit considerations surrounding a private company entering the public markets through a merger with a special purpose acquisition company. The alert offers an overview of what a SPAC is and some of the main considerations that both auditors and