New York Republicans, whose congressional ranks swelled in the last election, are reviving plans to expand the state and local tax break, picking up a piece of unfinished business from Democrats that has been resisted by most in their own party. The lawmakers — with the GOP in control of
The American Institute of CPAs sent a list of recommendations to the Treasury Department and the Internal Revenue Service asking them to clarify and expand some of their guidance on taxpayer assistance procedures and when S corporations don’t need to ask for private letter rulings to keep their status. The
Cyber-defenses; Tax Gap inaccuracy; a new retirement age; and other highlights from our favorite tax bloggers. Bozo time Taxable Talk (http://www.taxabletalk.com/): This blog’s latest annual rundown of Bozo Tax Tips kicks off with a repeat for the 10th year in a row, one that bears repeating as ID theft keep
I recently took my family out for a nice dinner at a restaurant near us. While waiting for our food to arrive, our five-year-old daughter and I played tic-tac-toe. Our server did a great job of being highly attentive throughout the meal without being intrusive. Before we left, the server
On Saturday, April 1, it was reported that, while the accounting profession struggles with an ongoing talent shortage, local CPA firm Watts, Taber and Fiske has found a viable option for staying independent: It raised its minimum age for partner retirement from 62 to 85, giving the firm an extra
The Treasury Department issued proposed new rules Friday on electric vehicle tax credits. The rules, effective from April 18, 2023, determine which EVs will be eligible for tax credits under the new “critical mineral” and battery component requirements included in last year’s Inflation Reduction Act (IRA). Both automakers and consumers
The International Organization of Securities Commissions is encouraging the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants to develop a more global assurance framework for sustainability-related corporate reporting. In a report released Tuesday by IOSCO, the group of international securities regulators called for early
Signing up with a private equity partner is like nothing that most accounting firms have ever done. Even a major merger doesn’t come close, given the unusual changes in ownership structure required to wall off the attest function — to say nothing of the addition of a whole group of
Like many businesses across industries, accounting firms are facing significant obstacles in their pursuits to recruit skilled workers — but, unlike in other industries, the issue is unlikely to be fixed through benefits, perks and boosted compensation. While other sectors are struggling to convince skilled candidates to join their ranks,
Victims of winter storms and blizzards in New York now have until mid-May to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside or have a