The 15% global minimum tax on corporate profits is likely to generate only a fraction of the tax revenue expected, according to a new report. The report, released by the EU Tax Observatory, found that since 2015, when more than 140 countries that are members of the Organization for Economic
Former PwC Australia partner Peter Collins was banned by Australia’s markets regulator from providing financial services for eight years. Collins is “not a fit and proper person to provide financial services” and it is in the public interest for him to be barred from working in the sector, the Australian
When I started my career in public accounting, I started writing down things I enjoyed about my work as well as things I didn’t enjoy. I loved the challenging work and making a difference in clients’ lives, whether for individuals or business owners. I didn’t like working so many Saturdays
Rema Serafi Rema Serafi was named vice chair, tax, at KPMG, New York, succeeding Greg Engel, who is retiring after four decades of service. In her new role, effective Nov. 15, 2023, she will also serve as a member of the firm’s management committee, and Kevin Jackson will succeed her
E-commerce businesses today can easily tap into markets across all 50 states. But with this expansive reach comes a multifaceted challenge: managing the complex process of filing and paying state sales taxes. And with a rising accountant shortage, online retailers face a daunting task. For years, companies relied on the
As accounting technology advances, the composition of accounting teams also needs to change. From robotic process automation to hyperautomation to a continuous close process, technology within the controllership is becoming more advanced and will require skills and knowledge beyond traditional accounting expertise. As more technology becomes embedded in the controllership,
Enjoy complimentary access to top ideas and insights — selected by our editors. Today is the final day of tax season for extended returns. Many partners told me that the quality of the returns they were given to sign was not satisfactory, and they found many more errors than they
The Internal Revenue Service is offering tax relief to individuals and businesses impacted by the terrorist attacks in Israel, as the agency responds to the unfolding crisis in the Middle East that has ensnared many Americans residing in or visiting the Holy Land. They now have until Oct. 7, 2024,
A former Internal Revenue Service contractor pleaded guilty to stealing secret tax return information about former President Donald Trump and thousands of the wealthiest Americans and leaking it to two news organizations. Charles Littlejohn, 38, admitted Thursday in a Washington federal court that he stole data about Trump and wealthy
Hanno Berger, a German lawyer once dubbed the “mastermind” of Cum-Ex, lost an appeal over his conviction in the tax scandal that robbed billions of euros from government coffers and ensnared some of Wall Street’s biggest banks. The Federal Court of Justice, Germany’s top criminal court, rejected his appeal, two