A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.
The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.
House passes Biden aid with ,400 checks; focus moves to Senate
The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.
The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative.
Data-driven processes can help auditors focus on high-risk issues for further analysis and investigation.
New York prosecutors have received eight years of Donald Trump’s individual and corporate tax returns from the former president’s accounting firm, according to a spokesman for Manhattan District Attorney Cyrus Vance Jr.
Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.
Key senators float corporate tax to enable minimum-wage hike
Lumsden & McCormick promotes four; Oklahoma Society of CPAs announces 2021 Trailblazer and Path Finder award winners; and more CPA news.
Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.
Even after the coronavirus, the accounting profession will need to keep changing and adapting at a rapid pace.
