The American Institute of CPAs issued an updated practice aid Thursday on digital assets such as cryptocurrency, providing new rules on auditing the valuation of such assets and audit procedures surrounding their existence, rights and obligations. The free practice aid, Accounting for and Auditing of Digital Assets, offers nonauthoritative guidance
New York Governor Kathy Hochul is considering delaying a plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The tolling plan,
Enjoy complimentary access to top ideas and insights — selected by our editors. Taxpayers who sell their assets are subject to taxes on net earnings, or capital gains, without factoring in inflation. In addition to the federal Tax Code on capital gains, individual states have their own accommodations. Eight states
In 2022, Americans gave nearly $500 billion to charity, with 64% of the funds coming directly from individuals, according to the National Philanthropic Trust. In addition to monetary donations, Americans also contributed their time, serving a combined total of 4.1 billion volunteer hours per year, the equivalent of $122.9 billion
The Joint Chiefs of Global Tax Enforcement — a coalition of tax authorities that include the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Information and Investigation Service, His Majesty’s Revenue and Customs from the United Kingdom and the Internal Revenue Service’s Criminal Investigation Division from the United
Companies take IRS budgets into consideration when developing their year-to-year tax strategies and take more aggressive tax positions when IRS budgets are smaller, and retreat to less risky tax positions when IRS budgets are higher, according to a new study. The study, which appears in the American Accounting Association’s Journal
Bad apples; sham on you; yet another emergency; and other highlights of recent tax cases. Washington, D.C.: Recent IRS Office of Professional Responsibility disciplinary sanctions include censure, suspension or disbarment from practice before the IRS. Individuals disciplined include: Cullman, Alabama: CPA Barry S. Thompson, indefinite from Jan. 29, 2024; Desert
Enjoy complimentary access to top ideas and insights — selected by our editors. Sometimes spending a little more time on something will save a lot more time later on or reduce the stress level for those involved with that project. I look at many of these opportunities as investments. Here
Kevin Lawlor The Connecticut Society of CPAs elected and installed its board of directors for the 2024-25 activity year: chair Kevin Lawlor, retired executive vice president and chief operating officer of Fairfield University; chair-elect Mary Manfredi, manager of finance at General Dynamics Electric Boat; treasurer Muhammad Malloy, a tax manager
Spend management solutions provider Emburse is working with American Express to offer end-to-end virtual card issuance, card reconciliation and expense management in Emburse Spend to American Express customers. Customers can now connect their American Express Card programs to Emburse Spend. Card members can enroll their eligible commercial American Express Card