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
Red flag returns; dubious dental surgeries; high percentage of refunds; and other highlights of recent tax cases. Processing Content Chicago: The Chicago rapper known as Twista has pleaded guilty to five counts of willfully failing to pay his income taxes and faces up to five years in prison. He is
The tax-writing House Ways and Means Committee held a hearing Wednesday to consider and pass seven bills related to tax administration and the Internal Revenue Service. Several of the bills came from recommendations promoted by National Taxpayer Advocate Erin Collins, who has also been pushing for the Taxpayer Assistance and