Senate Democrats are discussing a wider range of tax proposals than President Joe Biden has proposed, including levies on stock buybacks, carbon emissions and executive compensation, as part of a package of measures to help fund a ramping up in social spending. One idea is applying an excise tax on
The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2021-52 includes the special transportation industry rate, the rate for the
The Deloitte offices in LondonJack Taylor/Getty Images Deloitte announces Teju Deshpande, CEO and co-founder of Oya Solutions, and other professionals from the team joined the legal business services team of Deloitte, New York. Based in Chicago, Deshpande joins Deloitte as a principal. Friedman, New York, promoted Farnaz Amini to director
One of the core concepts of any process improvement initiative is that value is defined from the client’s perspective. But how many firms have metrics that are aligned to a client-centric perspective? Metrics in a CPA Firm Some of the metrics we see firms track include: Chargeable and non-chargeable hours
A recent statement by the AICPA, verbalizing its commitment to creating equal opportunities for the black community in the accounting profession, was both heartfelt and compassionate. Yet, while it is beautiful and worthy of framing on a wall, the question that must be asked is this: Has the AICPA (and
Given the current landscape at the PCAOB, firms must act more quickly on remedial actions in 2021 than in the past to ensure the remediation staff concludes that the remedial actions are sufficient. Echoing the SEC’s December 2017 action to replace the PCAOB’s five-member board with new members, on June 4,
In July, the IRS wrapped up its annual Dirty Dozen scams list, designed to warn taxpayers against abusive tax promotions. One practice mentioned is the improper claiming of business credits, specifically the R&D tax credit. But does this mean a taxpayer should not be claiming the research credit? The credit
Back in 1997, a bi-partisan Senate and House cut a deal with President William Jefferson Clinton. They overwhelmingly passed and he signed legislation that amended Section 121 of the Internal Revenue Code. The amendment introduced rules that allow home owners to sidestep taxes. Owners are able to “exclude” (IRS lingo
Several states recently enacted notable updates to their credit and incentive programs that may be beneficial in tax year 2021 and beyond. A common theme among these programs is an effort to boost the economic recovery process through invigorated and/or new credit and incentive programs. In this article, we summarize
The U.K.’s accounting watchdog filed a disciplinary complaint against KPMG LLP, a former partner and current and former employees of the accounting firm over their role in past audits of two U.K. companies. KPMG and the individuals cited provided “false and misleading information” and documents to the Financial Reporting Council
