The Internal Revenue Service reportedly audited the taxes of former FBI directors James Comey and Andrew McCabe under a rarely used program that subjects a very small group of taxpayers to intense scrutiny and is supposed to be randomly selected, with some suggesting the audits may have been politically motivated.
Under prior law, an individual could deduct the unreimbursed cost of clothing or uniforms used for business that weren’t suitable for everyday wear. In a new case, Romana, TC Summary Opinion 2022-9, 6/16/22, the Tax Court allowed a nurse to deduct the cost and upkeep of scrub-like clothing that she
The S.E.C. is reportedly reviewing conflicts of interest at top accounting firms.
Just joining us? Part one discussed court decisions on whether expenses qualified as “ordinary and necessary” under IRS Code 162. More on such disputes in part two. Weddings, funerals and bar mitzvahs. The IRS and the courts agree that weddings, funerals and other family events are more personal than business
If a week is a long time in politics, six months covering accounting technology might reasonably be considered an “age.” It’s been half a year since my return to AccountingWEB UK, and such has been the pace of change that articles from January seem tinged with nostalgia, and occasionally regret
Good points to the IRS; avoiding partnership; sharpen your marketing; and other highlights from our favorite tax bloggers. While we’re on the subject Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): A recent poll found the top five reasons for employee burnout — and four “almost describe the way of life in
During a time period that is tax free, registered retailers selling affected goods must abide by the terms of a sales tax holiday whether selling through a brick-and-mortar store, online — or the metaverse. International advisory and accounting firm Prager Metis describes the metaverse as “a centrally located, virtual marketplace
The Securities and Exchange Commission and other federal agencies have been keeping watch as the capital markets go through a period of volatility amid rising inflation and interest rates, looking for telltale signs of financial fraud. During the Association of Certified Fraud Examiners’ global fraud conference last month, ACFE president
An ongoing protest I get from colleagues is that they do not have enough time to get everything done. Time management is a personal issue and it is hard to tell someone what they should or should not do. A suggestion to help you better manage your time is to
The Securities and Exchange Commission is getting set to impose new rules on climate-related disclosures and how funds can be named to promote investment strategies like ESG and sustainable. The SEC closed the comment period for the proposed climate disclosure rule on June 17 after it was extended due to
