Accounting

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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments