Tax Fraud Blotter: Laundry day
Sentence stayed; stealing on multiple levels; the loot you took; and other highlights of recent tax cases.
IRS issues final rules on FDII and GILTI deductions
The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations.
AICPA modernizes audit evidence standard for technology use
The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.
PPP forgiveness promises ‘a busy fall’ for accountants
Meanwhile, the AICPA is working to come up with a uniform approach for the applications.
Trump taxes likely going to Manhattan D.A., but maybe few others
Manhattan District Attorney Cyrus Vance could soon get his hands on President Donald Trump’s tax returns, but that doesn’t mean the public will see them.
Trump taxes likely going to Manhattan D.A., but maybe few others
State gov'ts should offer tax credits to businesses rehiring employees
By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet.
State gov'ts should offer tax credits to businesses rehiring employees
New guidance on reporting sick and family leave wages for coronavirus relief
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
New guidance on reporting sick and family leave wages for coronavirus relief
FASB proposes to delay insurance standard due to coronavirus, but ease early adoption
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.
FASB proposes to delay insurance standard due to coronavirus, but ease early adoption
Supreme Court grants N.Y. access to Trump taxes, blocks House
The U.S. Supreme Court cleared a New York grand jury to get President Donald Trump’s financial records while blocking for now House subpoenas that might have led to their public release before the election.
Supreme Court grants N.Y. access to Trump taxes, blocks House
Meet the 1099-NEC
Box 7 on the 1099-MISC is moving to its own form in January 2021, and companies need to be ready.