Individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. 21 now have until June 17 to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering the relief to any area designated by the
The Internal Revenue Service will accept supplemental applications for Low Income Taxpayer Clinic matching grants until April 10. The IRS awards matching grants to qualifying organizations to develop, expand or maintain an LITC. For every dollar awarded by the agency, an LITC must have a dollar of match. An LITC
The Internal Revenue Service and the Treasury Department issued answers to frequently asked questions Friday pertaining to the U.S. Department of Agriculture’s Discrimination Financial Assistance Program, which offers help to farmers, ranchers and forest landowners who experienced discrimination by the USDA in farm lending prior to 2021. The program was
The changes underway in setting global taxes are leading to confusion for many countries that authorities are trying to alleviate. On Monday, the Organization for Economic Cooperation and Development released a report on Amount B of Pillar One, aiming to provide a streamlined approach to the application of the arm’s
Repair thyself; this beauty’s a steal; oh mama; and other highlights of recent tax cases. Philadelphia: Two New Jersey owners of a South Philadelphia cheesesteak restaurant have been sentenced for a decade-long conspiracy to defraud the IRS. Nicholas Lucidonio, 57, and Anthony Lucidonio Sr., 84, were each sentenced to 20
Senate Finance Committee Democrats released a report Wednesday casting a skeptical eye on the private placement life insurance industry, claiming it functions as a tax shelter holding at least $40 billion in policies for a few thousand millionaires and billionaires. The committee staff’s investigation found that PPLI policies are actively
The Public Company Accounting Oversight Board levied sanctions and penalties Tuesday against four auditing firms, including Baker Tilly US and Mazars USA, as well as an affiliate in India of Grant Thornton and an Australian firm, SW Audit. The firms received the sanctions as part of an overall sweep that
Nela Richardson, chief economist of ADP, shares her thoughts on what’s in store economically for the year ahead, what accountants should be worried about, and why the new normal will be anything but normal. Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain
The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly. The expanded Child Tax Credit is part of the Tax Relief for American Families and Workers Act, which was passed in
Trullion, a corporate accounting software provider, announced that four new executives have joined the company’s leadership group, including Bethany Hale as chief marketing officer, Scott Singerman as vice president of alliances, Dotan Tal as vice president of finance and Josh Forde as EMEA sales director. The appointments support Trullion’s geographic