The political calculus involved with the details of estate planning next year and beyond may be distracting financial advisors and clients from a larger, simpler conversation, one expert says. On the off chance that the federal estate-tax exemption levels of $13.99 million for individuals (and double for couples) revert to
As technology continues to automate routine tasks, the role of finance professionals is evolving, demanding deeper capabilities in critical thinking, communication and business acumen. Many of PrimeGlobal’s North American firms are focused on cultivating these skills in their future leaders. Carla McCall, managing partner at AAFCPAs, Randy Nail, CEO of
What becomes of the broken-hearted; the earth moved; Kreative accounting; and other highlights of recent tax cases. Providence, Rhode Island: Four Florida residents have been convicted and sentenced for what authorities called one of the largest schemes to defraud CARES Act programs. The defendants defrauded various federally funded programs of
Senate Republicans unveiled a budget blueprint designed to fast-track a renewal of President Donald Trump’s tax cuts and an increase to the nation’s borrowing limit, ahead of a planned vote on the resolution later this week. The Senate plan will allow for a $4 trillion extension of Trump’s tax cuts
Teaching fraud; easement settlement offers; new blog on the block; and other highlights from our favorite tax bloggers. Many hats Taxbuzz (https://www.taxbuzz.com/blog): There’s sure an “I” in this “teamwork:” What to know about potential IRS and ICE collaboration. Tax Vox (https://www.taxpolicycenter.org/taxvox): How IRS data would likely be unhelpful validating SNAP
The International Ethics Standards Board for Accountants is mulling changes in its auditor independence standards for audits of collective investment schemes involving connected parties and pension funds. The IESBA released a consultation paper Monday asking for feedback on whether revisions to the International Code of Ethics for Professional Accountants (including
The Internal Revenue Service’s Criminal Investigation unit has embarked on a new initiative for engaging with financial institutions as it makes greater use of banking data to uncover tax and financial fraud. IRS-CI released FY24 Bank Secrecy Act metrics Friday, demonstrating how it uses BSA data to investigate financial crimes.
As the expiration of key Tax Cuts and Jobs Act provisions looms, tax professionals are preparing for what could be another period of upheaval. In 2017, when the TCJA was first enacted, tax departments struggled to keep pace with new regulations and guidance. According to our recent Bloomberg Tax survey
Bridgewater Associates founder Ray Dalio warned House Republicans of the dangers of rising U.S. deficits and urged them to cut the budget deficit to just 3% of gross domestic product or risk debt service costs squeezing government spending. Dalio’s message of austerity comes as House and Senate Republicans battle over
The Public Company Accounting Oversight Board[ has created three videos from its staff on its quality control standard explaining the monitoring and remediation process. The Securities and Exchange Commission approved the PCAOB’s QC standard last September. QC 1000, “A Firm’s System of Quality Control”, will require all registered public accounting