EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Every year brings changes in the patterns of which tax returns need to be filed, but those changes were exaggerated in the first years of the pandemic. From 2020 to 2021, seven different tax return types varied
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Every year brings changes in the patterns of which tax returns need to be filed, but those changes were exaggerated in the first years of the pandemic. From 2020 to 2021, seven different tax return types varied
Final salute; Patriot game; books by their covers; and other highlights of recent tax cases. Living the scheme McComb, Mississippi: Tax preparer Elizabeth Stephens, 41, has been sentenced to 18 months in prison and ordered to pay $58,668 in restitution to the IRS for preparing false returns for clients. Stephens,
As an accountant, how many times have you missed out on attending something important? From school plays to a friend’s birthday meal, accountants are used to missing key events, especially as tax deadlines loom. And the unfortunate truth is this: you can’t buy time. Despite many businesses now promoting a
The Internal Revenue Service and the Treasury Department issued preliminary guidance Tuesday and intend to issue more detailed guidance soon on the tax treatment of nonfungible tokens, digital collectibles that became popular investment vehicles before the cryptocurrency market plunged last year. The IRS and the Treasury released Notice 2023-27 asking
Three weeks ago Steven Zelin, the Singing CPA, visited my Baruch College graduate class and provided insights on how he manages his practice. He leads a staff of 20 who all work virtually. He shared his techniques and also how he got started in his own practice after a few
Registrations are now open for the 2023 Accounting MOVE Project, with a 2023 focus on career sustainability. The Accounting MOVE Project is an annual survey of accounting and financial firms that gathers data and guidance on the state of women in the profession, from which it creates annual lists of
The Internal Revenue Service has posted frequently asked questions that address whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, flexible spending arrangement, Archer medical savings account or health reimbursement arrangement. Generally, deductions are allowed for expenses
China suspended the operations of Deloitte Touche Tohmatsu Ltd.’s Beijing office for three months and imposed an unprecedented fine over lapses in its auditing work of bad-debt manager China Huarong Asset Management Co. After several on-site inspections, personnel interviews, a review of paperwork and a hearing, the Ministry of Finance
Amazon.com Inc.’s efforts to minimize its taxes in the European Union were given a code-name evocative of a spy thriller with British agent 007, according to an EU lawyer, who claimed the arrangements broke the bloc’s state-aid rules. “Project Goldcrest — it sounds like the title of a James Bond