The National Taxpayers Union Foundation’s Taxpayer Defense Center filed a lawsuit Monday against the Internal Revenue Service seeking to end the collection of private donor information from nonprofits, arguing it’s unconstitutional under the First Amendment. Processing Content The lawsuit was filed on behalf of Young America’s Foundation, a 501(c)3 conservative-leaning
The Trump administration is in the process of refunding tens of billions of dollars in tariffs to importers in the wake of a Supreme Court decision in February invalidating them, but the threat of further tariffs has clouded the picture for companies turning to their accountants for help. Processing Content
The Internal Revenue Service and the Treasury Department issued final regulations this week on Section 1035 exchanges for life insurance contracts, eliminating a number of tax gotchas from regulations issued in 2019 that also affected corporate reorganizations and death benefits for survivors. Processing Content A 1035 exchange allows taxpayers to
Using his personhood; SNAP redemptions; Ponzi-like payments; and other highlights of recent tax cases. Processing Content Fort Myers Florida: Luis Emilio Hernandez, 45 of Naples, has been sentenced to four years in federal prison for wire fraud and illegal monetary transactions. The court also entered an order of forfeiture in
The Internal Revenue Service has provided an electronic way to file a protective claim for a possible tax refund related to the COVID-19 pandemic ahead of a July 10 deadline that may depend on court rulings. Processing Content The IRS added Form 843, “Claim for Refund and Request for Abatement,”
The time saved by using AI is being eroded by the time spent verifying its outputs. Processing Content This is according to recent data from accounting ERP provider Sage, which found that 48% of finance professionals across various industries spend 15 or more hours per week on verification activities. And
Citrin Cooperman today acquired LGA, a Boston-area accounting and business advisory firm. Processing Content LGA services mid-market businesses, entrepreneurs and families. The deal expands the Top 25 Firm’s New England footprint and adds roughly 150 professionals to the team. Citrin acquired “substantially all the assets” of LGA. As is common
Amy Kistka was installed as the new chair of the Florida Institute of CPAs; new leaders at the Public Company Accounting Oversight Board; a host of scholarships from Sikich, RubinBrown, and the Illinois CPA Society; and other firm and personnel news from across the profession.
Accountants are justly proud of their position as the economy’s “most trusted advisor,” a position you have earned through your integrity and the value you have consistently delivered to your clients and communities. Processing Content The question is, what are you doing to keep that position? If your answer is
Small business accounting platform Xero announced that Xero Analytics now has industry benchmarking capabilities. The Industry Benchmarks feature turns real-time, anonymized and aggregated data from Xero small business customers around the world into comparable performance metrics. The software performs competitive performance scoring that analyzes groups of key financial ratios, which