The Senate has a stated goal to complete work on the budget reconciliation bill by the beginning of July 2025. Anticipating that the Senate will make modifications to the House version, the bill could then go back to the House for a vote or go to a House/Senate conference to
The American Institute of CPAs is asking leaders of the Senate Finance Committee and the House Ways and Means Committee to make changes in the wide-ranging tax and spending legislation that was passed in the House last week and is now in the Senate, especially provisions that have a significant
The offices of KPMG in ChicagoTannen Maury/Bloomberg KPMG, New York, announced its next management committee, effective July 1, 2025. The firm appointed, to vice chair, AI & digital innovation: Steve Chase; vice chair, advisory: Rob Fisher; chief operating officer & vice chair: Kevin Jackson; general counsel and vice chair, legal,
In the world of depreciation planning, one small timing detail continues to fly under the radar — and it’s costing taxpayers serious money. Most people fixate on what a property costs or how much they can write off. But the placed-in-service date — when the IRS considers a property ready
Pardon us; no relief in sight; down on the farm; and other highlights of recent tax cases. San Francisco: Winery co-owner Brian Fleury, 64, of Napa County, California, has pleaded guilty to aiding and assisting the preparation of a false return. Fleury and his spouse owned the winery Metropolitan Wines
An IRS proposal to drop a Biden administration rule targeting basis-shifting strategies by complex partnerships is getting support from key stakeholders, as well as calls for further relief. But critics argue that dropping the regulation would let wealthy tax cheats off the hook. Even those who advocate getting rid of
SALT and the bill; digital taxes worldwide; retaining clients; and other highlights from our favorite tax bloggers. Beautiful noise Eliminating complexity TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Large multinationals are finding gold in the global digital economy. Tax jurisdictions have lost billions in tax revenue due to outdated laws that generally assume a
Enjoy complimentary access to top ideas and insights — selected by our editors. I have been very successful in part because I thought outside the box and tried new things. Not everything worked, but enough worked to make all the effort well worth it. Here is an illustration of an
Growth in the accounting profession isn’t just about adding more clients or staff; it’s about thinking differently. As market demands shift and technology reshapes our work, firms that want to lead the pack must learn to grow smarter, not just bigger. One powerful way to do that is to leverage
House Republicans narrowly passed President Donald Trump’s economic package after a series of all-night negotiations and 11th-hour compromises. The legislation now heads to the Senate where lawmakers are looking to make their own stamp on the bill. The core of the package — an extension of the president’s 2017 first-term