President Joe Biden’s $7.3 trillion fiscal 2025 budget proposal lays out a second-term vision that would deliver more services, middle-class tax breaks and price controls to voters funded through higher taxes on the wealthy and corporations. The document, unveiled Monday, details Biden’s opening salvo in his reelection battle with former
Lettuce Financial Labs, a San Francisco-based startup, has received $6 million in seed funding from Zeev Ventures, helping fuel development of its Solopreneur Accelerator program to provide tax and accounting services to people who work for themselves. Through the program, Lettuce plans to provide 1,000 “solopreneurs” with a free personalized
Grifols SA shares rallied from multiyear lows after an auditor signed off on the annual accounts of the Spanish plasma maker, providing some relief for a stock that’s been battered by a short-seller attack. The stock rose as much as 22% in Madrid on Friday after Grifols published its annual
When a colleague of mine recently traveled to one of our member CPA firms in Northern California, little did he anticipate the unexpected twist awaiting him. What began as a routine return flight turned into hours of delays, frustrated passengers and, ultimately, a canceled flight. The reason for the eventual
2023 was a great year for midsized and large accounting firms, with growth rates staying strong after an extraordinary 2022. The firms in Accounting Today’s 2024 Top 100 Firms roster of the largest practices in the country reported that their revenues grew by 12.88% in 2023 — the second-highest rate
Courtesy of PCAOB In 2022 — its first full year under a new chair and with an almost completely new set of board members — the Public Company Accounting Oversight Board increased its enforcement activity significantly and levied record-setting penalties of $11 million. And then in 2023, it broke those
The Tax Code applies to Americans of every race equally, but IRS audits, tax rates and certain breaks and subsidies are exacerbating the racial disparity in wealth, according to a new study. White households benefit more from tax advantages for capital gains, retirement savings and homeownership than Black households since
The Internal Revenue Service’s Direct File free tax preparation system is making progress on its pilot test this tax season in 12 states, with the agency planning to offer it around the clock next week and open it to a larger group of outside testers. The announcement comes as the
Shamrock shake-up; now for the slow life; Superiority complex; and other highlights of recent tax cases. Canton, Ohio: CPA Ronald DiPietro and Christos Karasarides Jr. have been convicted of tax, gambling, money laundering, conspiracy and obstruction crimes related to their illegal gambling businesses and their scheme to conceal the illicit
Individuals and businesses in parts of Washington State affected by wildfires that began on Aug. 18, 2023, now have until June 17 to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency.