The intense M&A environment in the accounting space — expected to continue for about five to 10 years — is driven at heart by a desire for (what else?) revenues. But, according to a set of panelists at the Scaling New Heights conference in Orlando, it is not just the
Reform’s many aspects; healing your energy; BOI deadline problem; and other highlights from our favorite tax bloggers. Moving parts Tax Foundation (https://taxfoundation.org/blog): Congress has started debating what to do about the upcoming expirations of the Tax Cuts and Jobs Act at the end of 2025. Before they decide, lawmakers should reexamine how all the
The Internal Revenue Service and the Treasury Department issued guidance Monday answering questions related to educational assistance programs. The fact sheet contains frequently asked questions pertaining to Section 127 of the Tax Code, which allows taxpayers to exclude certain educational assistance benefits from their gross income if they’re provided under
The U.S. Supreme Court has called for the view of the solicitor general in Zilka v. Philadelphia, a case with potentially far-reaching implications in state and local tax. At issue is whether the interaction of Pennsylvania/Philadelphia and Delaware/Wilmington taxes violates internal consistency. Reed Smith attorney Michael Lurie noted this means
Keila Hill-Trawick started her accounting firm almost by accident. Hill-Trawick expected she’d work for the federal government until she retired. From 2010 to 2018, she moved between agencies as an auditor — from the Defense Contract Audit Agency and the U.S. Attorney’s Office, to the U.S. Government Accountability Office and
The Internal Revenue Service has been making efforts to reduce the overall amount of space it rents, but it nevertheless has lots of unnecessary space that it’s paying hundreds of millions of dollars for every year, according to a new report. The report, released Monday by the Treasury Inspector General
Just as I finished my lesson plan on audit planning for the next session of my summer school graduate course at Fairleigh Dickinson University, I received an email from Stanley Goldstein. He is a longtime friend who just finished reading my Memoirs of a CPA book and he gave me
While the Internal Revenue Service has managed to reduce its backlog of unprocessed tax returns since the pandemic, one area where it’s losing ground is in processing all the documentation for tax adjustments. The IRS often has to do a tax adjustment, for example, if it detects an error on
As fraud targeting older adults and other victims rises by several billion dollars each year, those suffering losses are more likely to be taxed on the stolen income. The Tax Cuts and Jobs Act of 2017 changed the casualty and theft loss tax deduction to apply solely to costs related
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