The Financial Accounting Standards Board, at its Aug. 31 meeting, decided to narrow the proposed scope of its digital assets project — formally launched in May — to focus specifically on cryptocurrencies. The board agreed to five specific criteria for what the yet-to-be-determined guidance covers. To be within the proposed
“What now?” is a question many families are asking, especially those who began receiving expanded child tax credits at the federal level only to see them not be renewed by Congress at the end of last year. The short-term economic and societal benefits of the federal government’s expanded 2021 child
Forgiveness; great sums of money; shell game; and other highlights from our favorite tax bloggers. Learning curves Taxable Talk (http://www.taxabletalk.com/): How will the IRS tax forgiven portions of student loans? How will states? When’s the guidance coming and when should taxpayers file? We have answers to some of these but definitely not
The Public Company Accounting Oversight Board levied a $200,000 penalty Monday against KPMG’s member firm in South Africa and a combined $75,000 in penalties against two of its partners for improperly using and misreporting a KPMG member firm in Zimbabwe that wasn’t registered with the PCAOB to help with its
The agreement could prevent Chinese companies from having to depart U.S. stock exchanges, but U.S. officials remain wary of whether China will fulfill its terms.
Intuit, the company behind products like TurboTax and QuickBooks, announced a new logo that it says better reflects the evolution of its product line. The new logo is part of a refreshed identity that will also include a refreshed core blue color, an evolved visual identity system, and an updated
The Public Company Accounting Oversight Board has signed a long-awaited deal with the China Securities Regulatory Commission and China’s Ministry of Finance to allow PCAOB inspectors to enter China and Hong Kong to inspect audit firms and work papers, but cautioned Friday that it is only the first step. Under
Concerns have mounted over the last few days about the tax ramifications of President Biden’s forgiveness of student loan debt. Biden announced Wednesday he would forgive $10,000 in federal student debt for borrowers making less than $125,000 per year, or $250,000 for married couples filing together or heads of households.
A new Tax Court case, TC Memo 2022-72, 7/12/22, addresses the question: when are “deathbed gifts” considered to be complete for estate and gift tax purposes? Background: There are two powerful tax law provisions that can help most taxpayers completely avoid federal estate tax or, at the very least, cut it
Turn Two-timer; framed; the 30% solution; and other highlights of recent tax cases. Las Vegas: Real estate professional Scott Lawrence has pleaded guilty to evading federal taxes. From about 2009 through 2019, Lawrence owned and operated Turn Two Inc., a real estate company. In 2010, the IRS levied Lawrence’s personal
