The continued classification of marijuana as a Schedule I controlled substance has put cannabis businesses in a bind as far as federal taxes go, even as more states have moved to legalize recreational and medical use of marijuana. The Department of Health and Human Services made an official recommendation in
House Republicans, led by Speaker Mike Johnson, on Monday unveiled a $14.3 billion Israel aid plan that breaks with the Biden administration on how to handle assistance for the conflict, complicating prospects for passage. The package separates the Israel aid from a broader Biden emergency funding request that includes assistance
A recent study found that tax professionals like their software, but fewer would recommend their software to others, with two exceptions. The survey, conducted by the National Association of Tax Professionals, asked respondents to rate the following software packages on a scale of one to five in terms of their
The Internal Revenue Service is providing a way for businesses to withdraw incorrect claims for the Employee Retention Credit if they haven’t been paid yet, but what about the claims that have been paid out already? Last week, the IRS announced it would provide a way out for businesses that
Joshua Lance, the founder of Chicago-based virtual accounting firm the Lance CPA Group and a well-respected member of the profession, died at the age of 40 over the past weekend. A CPA, Lance began his career at Top 25 Firm Crowe, and also had stints working at family offices before
Generative AI programs — artificial intelligence which creates novel content, versus make decisions off existing data— have grown very popular within the accounting profession since it hit the mainstream late last year, with major firms (see previous story) and vendors (see previous story) eager to adapt it to their purposes.
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