If you want to sell your business and you’re in the construction industry, the purchase price of your business may be based on a multiplier. In construction, it’s .54 of your revenues or 2.44 of your cash flow. What this means (assuming you believe the numbers) is that if your
The Treasury and the Internal Revenue Service have rescinded pandemic-era guidance that allowed high-deductible health plans to cover COVID costs. The IRS said, in Notice 2023-37, that for plan years starting in 2025 an HDHP will not be permitted to provide health benefits associated with testing for and treatment of
Republicans on the tax-writing House Ways and Means Committee voted to release transcripts of interviews with Internal Revenue Service employees about an investigation of the taxes of Hunter Biden, only days after President Biden’s son reportedly agreed to a plea deal to resolve tax and gun charges. GOP members of
Terrible trio; bogus preparers; storm in a port; and other highlights of recent tax cases. Seattle: Charles St. George Kirkland of Paradise Valley, Arizona, has been sentenced to nine years in prison and a $1 million fine for an eight-year tax fraud that resulted in more than $50 million in
The Public Company Accounting Oversight Board staff released a spotlight report Wednesday to provide food for thought for audit committee members about fraud risks, cybersecurity, digital assets, critical audit matters and more. The document suggests questions that may be of interest to audit committee members to consider among themselves or
Eight out of 10 people think companies will behave more ethically five years from now – and 86% think that compliance rules will be more stringent, and that businesses will be held to higher standards regarding ESG, according to a recent survey. What’s more, almost three-quarters of people (71%) in
The rapid growth of generative artificial intelligence chatbots like ChatGPT and Bard has prompted accountants and tax professionals to question how these technologies can be used without threatening their livelihoods or the confidentiality of client data. “I think there are going to be lots and lots of use cases,” said
It has been five years since the U.S. Supreme Court heard South Dakota v. Wayfair. The court decided on June 21, 2018, that states could tax purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. Much of what has happened
The Internal Revenue Service had to scramble to reconcile the monthly advance payments of the Child Tax Credit it distributed in 2021 with the amount of credits later reported by recipients. Many of them never filed a tax return, and there was an estimated $1 billion in erroneous advance payments
The Public Company Accounting Oversight Board is seeing risks from the use of cryptocurrency assets and wants auditors to keep an eye out for them. The PCAOB issued a staff report Wednesday warning that the use of crypto assets poses unique audit risks to public companies and broker-dealers and requires