Category: Tax Accounting

Study Finds Policies Lowering Foreign Taxes of U.S. Multinationals Unlikely to Benefit Domestic Workers Recent Study Finds Lowering Foreign Taxes of U.S. Multinational Corporations Unlikely to Benefit Domestic Workers A recent academic study released in February has shed light on the impact of policies that lower the foreign taxes of U.S.-based multinational corporations. The study,…

City of Lawrence Proposes Largest Property Tax Rate Increase in 50 Years to Build Reserves Lawrence city commissioners are facing a decision on whether to approve the city’s largest property tax rate increase in at least 50 years. The proposed increase is intended to fund various projects and initiatives, but a review of the budget…

Recent Tax Cases Highlighted: Kratom Ka-Boom, Treed, and More In recent tax cases across the country, individuals have been caught in various schemes to evade taxes and defraud the government. From Brooklyn to Missouri, Texas to Connecticut, these cases highlight the lengths some will go to in order to cheat the system. In New York,…

Recent Developments in Tax Policy and Funding The digitization of the IRS is accelerating thanks to IRA funding, providing taxpayers with more online services and tools. The improvements include new features for Individual Online Accounts, a Spanish version of the Business Tax Account tool, and the ability to file amended business forms electronically. The IRS…

Ensuring Timely Verification of Your Income Tax Return (ITR) The Central Board of Direct Taxes (CBDT) has recently made changes to the Income Tax Return (ITR) verification process, making it mandatory to verify your ITR within 30 days from the date of submission. Failure to do so will render your return invalid, as if you…

Navigating the Tax Implications of Carbon Markets: Key Considerations for Businesses The Importance of Carbon Markets for Companies is on the Rise The cost of carbon is increasing in compliance markets, such as the EU ETS. Prices have risen, and the benefit of “free allowances” for some markets is being reduced. This creates a new…

Recent Tax Case Highlights: From Fraudulent Patriots Tickets to Evasion by Fishermen Maine Operations Manager Sentenced for Wire Fraud and False Tax Return In Buxton, Maine, Christine Bangs has been sentenced to prison for using her employer’s financial resources for personal gain, including purchasing tickets to a New England Patriots game, and failing to report…

Heading: Reevaluating Audit Practices: Lessons from the BF Borgers CPA Collapse and the Persistent Challenges in Public Accounting Decades After the 2008 Financial Collapse, Audit Profession Still Faces Fundamental Challenges In the wake of the 2008 financial crisis, a Treasury Department report laid out numerous recommendations for improving the auditing profession. Yet, more than two…

“Felix von der Planitz Joins ACE Alternatives to Spearhead Unified Tax and Tech Solutions for Fund Managers” Felix von der Planitz to Spearhead Revolutionary Integration at ACE Alternatives, Elevating Fund Management to New Heights BERLIN, GERMANY, July 19, 2024 – In a strategic move poised to transform the landscape of alternative asset fund management, ACE…

Navigating the Rapid Changes in State Sales Tax Policies: A Summer Overview Sales Tax Shakeups: Businesses Scramble as States Enact Swift Changes In a whirlwind of legislative activity, businesses across the United States are grappling with rapid sales tax policy changes that have left many scrambling to stay compliant. States such as Vermont, North Carolina,…

Navigating the Future: Addressing the Top Challenges in the Accounting Industry Navigating the Future: How Accounting Firms are Overcoming Today’s Top Challenges In an era marked by rapid technological advancements and shifting regulatory landscapes, the accounting industry finds itself at a crossroads. Firms are grappling with a host of challenges, from staffing shortages to the…

“Bloomberg Tax & Accounting Unveils AI-Driven Enhancements and Integrations for Streamlined Tax Workflows” Bloomberg Tax & Accounting Unveils Groundbreaking AI Enhancements to Revolutionize Corporate Tax Workflows In a significant leap forward for corporate tax management, Bloomberg Tax & Accounting has announced the introduction of cutting-edge enhancements to its Bloomberg Tax Workpapers platform. These updates, including…

“SmartVault and Liscio Announce Strategic Integration to Revolutionize Accounting Firms’ Tech Stacks” Revolutionizing Accounting: SmartVault and Liscio Forge a Path to Modernization In a groundbreaking move set to transform the accounting industry, SmartVault, a leading provider of cloud-based document management solutions, and Liscio, an innovative client experience platform, have announced a strategic partnership that promises…

Building Your Accounting Firm for the Life You Want: A Free Webinar Join us for an enlightening webinar on Tuesday, August 6, 2024, at 1:00pm ET, sponsored by Canopy Software and lasting for one hour. This session is designed to provide accountants with practical, actionable advice on shaping their firms to better support their personal…

Accounting Industry Leaders Rally Against New Tax Practitioner Obligations Accounting Industry Leaders Rally Against New Tax Obligations In a significant move, Timothy Munro, founder of ChangeGPS, and David Boyar, the company’s chief executive, have called upon the accounting industry to unite in opposition against new obligations set to impact tax practitioners from 1 August. These…