Lawyers for former President Donald Trump are asking a federal judge to block the release of his tax returns to Congress, saying Democrats’ pursuit of the documents amounts to political retaliation. The U.S. Justice Department’s Office of Legal Counsel issued a memo on Friday calling for the release of Trump’s
A Senate plan to spend $550 billion on U.S. infrastructure stands to benefit industries heavily dependent on transportation, with companies including Amazon.com Inc., FedEx Corp. and Comcast Corp. among the biggest winners. Senators are debating the legislation after reaching agreement over the weekend on final text, and expect to vote
The U.S. Senate is heading toward passage this week of a $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades and mark a major milestone for President Joe Biden’s economic agenda. The Democratic and Republican senators who negotiated the plan spent
The Justice Department directed the Treasury Department to hand over former President Donald Trump’s tax returns to Congress, a move that means six years of Trump’s personal and business financial information could become public. “We conclude that the secretary must comply with the Ways and Means Committee’s June 16, 2021
A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements. SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held
With 2021 marking the centennial of the first Black person to become a CPA, three leaders whose organizations focus on promoting the advancement of Black CPAs came together to offer insights on where the accounting profession stands on diversity and where it needs to go. A lack of exposure to
Just over a month after pop icon Britney Spears spoke in court about her alleged abuse under her father’s conservatorship, her attorney has filed a petition to replace Jamie Spears with CPA and licensed professional fiduciary Jason Rubin, who is also an alum of PwC. Jason Rubin is, currently, the
CPA firms are becoming increasingly concerned about clients who have lax cybersecurity in place, making them vulnerable to ransomware attacks like the ones that have been in the news lately. In early July, between 800 and 1,500 businesses around the world were reportedly affected by a ransomware attack centered on
The Internal Revenue Service is providing guidance on a provision of the American Rescue Plan Act that provides temporary assistance with COBRA premiums to people who have lost their jobs. Notice 2021-46 offers guidance in the form of questions and answers on issues relating to the application of that provision
The Financial Accounting Standards Board’s proposed update to its hedge accounting standard could help companies with their risk management, but they will probably need sophisticated hedging expertise to benefit. FASB issued the proposed accounting standards update in May to align a company’s hedge accounting more closely with its risk management