As we approach the end of 2024, year-end tax planning is at the forefront of every accountant’s agenda. With changing tax regulations and incentives, staying informed about the latest updates is crucial for optimizing client outcomes. Source Advisors explains some of the most impactful areas accountants should focus on this
BOI on hold; the Tax Cuts and Jobs Act and future budgets; using private equity; and other highlights from our favorite tax bloggers. HBK (https://hbkcpa.com/insights/): Corporate Transparency Act/beneficial ownership information reporting hits a snag (with days to go before the deadline): an injunction from a federal district court in Texas.
Donald Trump’s planned tax cuts would wipe out Canada’s slim corporate tax advantage, likely driving more capital from the northern nation and deepening its productivity crisis. Canada’s federal corporate income tax rate is 15%, compared with 21% in the U.S. After accounting for provincial and state levies, the two countries
The Trustees of the Financial Accounting Foundation, Norwalk, announced that executive director John Auchincloss will retire from his role on Sept. 30, 2025, with a search for his successor to begin immediately. Auchincloss joined the FAF as vice president and general counsel in May 2016, was named acting executive director
The Internal Revenue Service Criminal Investigation identified over $2.1 billion in tax fraud in fiscal year 2024, according to a new report. The IRS-CI sentenced 615 subjects to an average of 27 months in federal prison for violating tax laws. The agency initiated over 2,667 criminal investigations, obtained 1,571 convictions
Enjoy complimentary access to top ideas and insights — selected by our editors. This week’s stats focus on the states that are participating in the IRS’s Direct File program in 2025, those states with the highest number of projected taxpayers eligible for Direct File in 2025, the IRS’s projected gross
Enjoy complimentary access to top ideas and insights — selected by our editors. Not all state tax regimes are equal, with some states not collecting all of the major taxes, such as corporate income tax, individual income tax or sales tax. The Tax Foundation measured the states with most and
J’accuse; just a little boost; independent thinking; and other highlights of recent tax cases. Los Angeles: A wholesale clothing importer and two of its executives have been found guilty of avoiding the payment of more than $8 million in customs duties and of running a scheme in which the company
The Treasury Department is warning Congress that it needs lawmakers to unlock $20 billion in funding for the Internal Revenue Service that could be rescinded due to duplicative legislative language. The $20 billion is targeted at IRS enforcement and is separate from the more than $20 billion that has already
For all the investments private equity is making into accounting, many of the firms receiving the infusion say the money is just a larger piece of the puzzle all forward-thinking firms are trying to solve — of much-needed transformation. The money is a pivotal step toward becoming that future-focused firm,