Accounting

Many clients still have two questions: “Where’s my federal refund?” swiftly followed by, “Well, why haven’t they processed my return?” “I’ve informed my clients of the backlog with the tax agencies. So my clients know that processing times are going to take much longer than normal,” said Robert Seltzer, a CPA at Seltzer Business Management

Public companies with a tax problem and at least eight digits of assets can now apply for the IRS 2022 Compliance Assurance Process program. CAP employs real-time issue resolution to improve federal tax compliance by resolving issues prior to the filing of a return. The application period runs Sept. 1 through Nov. 1. The IRS

Wealthy Americans wondering how much more taxes they’ll owe after Democrats pass their sweeping social-spending package may have to wait until deep into the fall, or later, to find out. The tax-writing panels in the House and Senate had until Sept. 15 to finish writing the details of what would amount to the biggest tax-hike

My father-in-law is a very successful attorney. One of his great sayings is: “I’m always looking at the clock, and they are looking at the calendar.” What that means is he has very different expectations from his clients about when something should be completed. If you’re a CPA, an attorney, a financial advisor or any

Credit Karma, the consumer technology platform that provides spend and save solutions, has a new integration with Intuit’s software. Credit Karma Money now interfaces with QuickBooks Online Payroll. Intuit acquired Credit Karma in 2020 in a blockbuster $8.1 billion deal. This new software integration is the second between the two companies since the deal, the

Big Four firm Ernst & Young has opened a new Wavespace and Studio in the West Loop Fulton Market district in Chicago. Wavespace and Studio locations are places where EY staff and clients can come together and work on complex tech projects to improve their business. The new spot in Chicago is a 40,000-square-foot space,

At least $1 billion in commercial donor-advised fund grants went to other commercial DAF sponsors in 2019, according to a new report, rather than being distributed to charity. The report, released Thursday by the Institute for Policy Studies, found that over the five years analyzed from 2015 to 2019, the 39 electronically filing commercial DAFs

The Internal Revenue Service added a new feature Friday to its online portal for the Child Tax Credit allowing parents to update the mailing address where they should receive the monthly payments. The new feature will enable any family that opts to receive their payment through a paper check to avoid mailing delays or have

The Public Company Accounting Oversight Board reported a decline in the number of firms that had deficiencies last year in their audits of broker-dealers, but the rate is still comparatively high. The report, which the PCAOB produces annually, is based on inspections of firms that audit broker-dealers. The PCAOB found that the number of firms

Sister act; a day to think about it; cheat wagon; and other highlights of recent tax cases. Orlando, Florida: Petra Gomez, who pleaded guilty in November, has been sentenced to eight years in prison for conspiracy to defraud the government and for tax evasion. Her sister, Jakeline Lumucso, previously pleaded guilty to conspiracy to defraud

Senate Finance Committee chairman Ron Wyden, D-Oregon, introduced legislation Wednesday with tax credits aimed at ending homelessness and providing affordable housing. The bill, dubbed the Decent, Affordable, Safe Housing for All (DASH) Act, would provide new tax credits and down payment assistance, including a down payment tax credit for first-time homebuyers. It would also strengthen

Clients who’ve registered or who are required to register large trucks and buses must file the 2021 Form 2290, “Heavy Highway Vehicle Use Tax Return,” by Aug. 31. The requirement to file the form and pay is for vehicles used on the road during July that have a taxable gross weight of at least 55,000

Crayons and improving workflow; Deloitte goes to law school; certified importance; and other highlights from our favorite tax bloggers. A fistful of options Mauled Again (http://mauledagain.blogspot.com/): The Infrastructure Investment and Jobs Act that passed the Senate contains authorization and funding for a national pilot program for a mileage-based road fee — long supported by the

The timing of legislation in late December 2020 and IRS guidance in August 2021 has created complexity and cost for small businesses attempting retroactive access to the Employee Retention Tax Credit. “Originally, a business needed to choose between Paycheck Protection Program loans and ERCs. The CARES Act said to pick one or the other, and

Details: RubinBrown LLP, a Top 50 Firm based in St. Louis, has added Liberty Technology Advisors, a software consulting firm in Chicago, effective Aug. 16. Liberty has been in the tech consulting industry for more than 25 years and specializes in helping clients choose ERP and other enterprise business software, as well as improving and

The Internal Revenue Service is giving employers more leeway in claiming the Work Opportunity Tax Credit to hire people in underprivileged areas who face significant obstacles to employment for jobs in summer youth and community programs. The IRS issued Notice 2021-43 last week, which extends the 28-day deadline for employers to submit a request to

Over the past year, co-presidents Alex Solomon and his brother, Edward, have led Net at Work through a time of massive change. But the pandemic didn’t slow them down. Net at Work’s bread and butter is connected and hosted software that works seamlessly together. The company is a consulting and implementation expert for a range

For many Americans, the biggest consequences of the latest tax policies could be related to capital gains. The current highest capital gains rate possible, if you’re in California and over a certain income bracket, is 37.1%. Let’s take a quick look at the standard current rates, minus any state tax: Rate Single income Married filing

The U.S. Treasury Department is set to clarify that only cryptocurrency companies it considers brokers will need to comply with proposed IRS reporting requirements, aiming to quell concerns over a provision in the bipartisan infrastructure bill passed by the Senate. Other firms key to the nearly $2 trillion crypto market — from developers and miners

Former CEO and chairman of the board of directors of SAExploration Holdings Inc. Jeffrey Hastings pleaded guilty Friday for his role in a scheme to fraudulently and materially inflate the publicly reported revenue of SAEX by tens of millions of dollars and for misappropriating millions of dollars from the publicly traded seismic data company. Hastings,