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    1. IRS audit rate continued to decline last year

      IRS audit rate continued to decline last year

      The Internal Revenue Service’s audit rate went down again in 2018, according to data released Monday by the IRS.

      The IRS Data Book for 2018 showed that compared to 2017, there were fewer audits during fiscal year 2018, from Oct. 1, 2017 to Sept. 30, 2018. The IRS audited more than 892,000 individual income tax returns during the fiscal year, down slightly from the previous year.

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      Mentions: Robert Williams
    2. The 2019 Best Firms for Technology

      Whether you call it the Information Age, the Fourth Industrial Revolution, or just Tuesday, there can be no doubt that a massive wave of technological change is sweeping over every sector of the economy. Many businesses are being swamped, and many others are barely staying afloat — but a small group are riding the wave to a more successful future.The accounting profession is caught up in the same wave as everyone else, so Accounting Today decided to seek out the firms that are in that small group — those that are embracing technology and leveraging it to build more responsive, more ...

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    3. College scandal involved shadowy tax-exempt charity Key Worldwide with ‘yellow flags’ | Accounting Today

      College scandal involved shadowy tax-exempt charity Key Worldwide with ‘yellow flags’ | Accounting Today

      William Singer, you've heard of him unless you've been hiding under a rock this past week, a dream some now wish could be truth, is the mastermind behind Key Worldwide Foundation the foundation at the heart of the college scandal.  Designed to help provide educational opportunities, but for who and by what means.  

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    4. Start training accounting firm leaders from Day One | Accounting Today

      Start training accounting firm leaders from Day One | Accounting Today

      Where are the next generation of leaders who will carry the profession of accounting into the next decade?  What can current firm leadership do to arm their younger staff with the skills and knowledge necessary to lead?  How do we identify emerging leaders? Are millennials going to be ready to take the reins when the time comes? 

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      Mentions: Robert Williams
    5. Ask what others don’t this tax season

      Ask what others don’t this tax season

      So many firms get to the first finish line of tax season in April by working as many hours as humanly possible. This may be gratifying for May and June collections, but in the process you probably burned yourself out and may have missed the opportunity to help your clients at a higher level, with work that they want, need and would gladly pay for. Of course, that work is personal financial planning.

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      Mentions: Robert Williams
    6. California sets new post-Wayfair sales tax rules

      California sets new post-Wayfair sales tax rules

      In a much-anticipated move, the California Department of Tax and Fee Administration announced last week that out-of-state retailers who sell above certain thresholds will have to start collecting California use taxes on their sales into the state, starting April 1, 2019.

      Since the landmark Supreme Court decision in South Dakota v. Wayfair last finding that out-of-state retailers can be required to collect sales tax, states have been scrambling to come up with new sales tax regimes. California is one of the first big states to announce its policy; other large states like Texas, New York and Florida have yet to weigh in.

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    7. IRS releases early guidance on new uses, options for 529s

      IRS releases early guidance on new uses, options for 529s

      The latest IRS regulations on three recent tax law changes affecting 529 education savings plans highlight tuition refunds, expanded rules for use, and rollovers.

      Notice 2018-58 addresses a change in the PATH Act and two changes in the Tax Cuts and Jobs Act. Taxpayers, beneficiaries and administrators of 529 and ABLE programs can rely on the rules in this notice until the Treasury Department and IRS issue regulations clarifying these three changes.

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    8. U.S. expats face hammering from new tax rules

      U.S. expats face hammering from new tax rules

      The four-employee business of Travis Baldwin, who hasn’t lived in the U.S. for nearly a decade, is about to get hammered by a pair of tax provisions that were aimed at corporate behemoths like Microsoft Corp.

      The tax reform law signed by President Donald Trump in December created new taxes for corporations that have shifted their profits offshore for years.

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    9. IRS mulls rules for estates and trusts after tax law

      IRS mulls rules for estates and trusts after tax law

      The Internal Revenue Service is showing signs that it’s planning to issue regulations on the deductibility of expenses for estates and trusts in the wake of the new tax law.

      Earlier this month, the IRS and the Treasury Department issued a notice saying it intends to issue regulations around estates and non-grantor trusts in the context of last December’s tax code overhaul (see IRS plans regulations on non-grantor trusts and new tax law).

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    10. Postcard-size 1040 tax form to be released next week

      House Ways and Means Committee chairman Kevin Brady, R-Texas, holds a sample postcard showing a simplified tax form as House Speaker Paul Ryan, R-Wis., looks on

      Treasury Secretary Steven Mnuchin said his department will be releasing a postcard-size Form 1040 next week, fulfilling one of the promises of last December’s tax overhaul.

      “Next week, we will be unveiling the new 1040, and it will be a postcard as we’ve promised, and hardworking taxpayers won’t have to spend nearly as much time filling out their taxes,” Mnuchin said at an event Wednesday marking the six-month anniversary of the passage of the Tax Cuts and Jobs Act, according to The Hill.

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    1-24 of 115 1 2 3 4 5 »
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