“Where were the lawyers and accountants?” That was the withering assessment of one U.S. judge after years of fraud and deception went undetected during the 1980s savings and loan crisis, despite a well-stocked entourage of audit, legal and compliance professionals who might have been expected to raise the alarm. It’s a relevant question
Years of former President Donald Trump’s tax returns will be released Friday by the Ways and Means Committee, according to a person familiar with the process. The committee earlier this month voted to make the tax returns public once they were redacted to remove key identifying information, such as account
The U.S. Supreme Court has agreed to hear Polselli v. Internal Revenue Service, which will clear up a split in circuit court decisions on who the service must give notice to when summoning information records from third-party recordkeepers. In Poselli, the IRS issued administrative summonses to the banks of Hanna
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Gift giving is prevalent at this time of year and is usually accompanied by exchanging gifts with loved ones. I have a suggestion for a gift for you and your family that hopefully would never be used,
The Internal Revenue Service and the Treasury Department are giving investment brokers more time to report information on transactions involving digital assets such as cryptocurrency. They announced Friday that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under
The Internal Revenue Service’s Exempt Organizations unit needs to change its procedures and training when deciding whether to deny tax-exempt status to charities, according to a new report. The report, released Thursday by the Treasury Inspector General for Tax Administration, came in response to a request from a group of
As machines take on more roles in the economy that used to belong to humans, concerns about their effect on social inequality has begun to rise. However, a small tax on their value may serve to address some of the most disruptive impacts on human workers. This is according to
After spiking dramatically at the start of the pandemic, the percentage of paid days worked from home appears to be stabilizing at around one-third. The organization WFH Research came to this conclusion after examining its latest monthly online survey, taken since May 2020 with over 100,000 observations to date. Around
Details: WithumSmith+Brown PC, a Top 25 Firm based in Princeton, New Jersey, has expanded in Florida by merging in Martinez & Associates, a firm in Winter Springs, Florida that focuses on clients in the automotive and government-contracting sectors. As part of the deal, Martinez’s four team members will join Withum’s
Sikich, Chicago, elected 18 new partners, effective Jan. 1, 2023, as CPAs: Nick Bava, Kim Borak, Chris Doemland, Tim Gaber, Allan Lyon, John Mazurek, Brooks Walker, Mike Wolf and Andy Wright; in technology: Michael Bell and Clinton Weldon; in advisory: Rahul Bhatia, Ken Cranney, Kurt Estes, Shane Flynn, Henry Mossi,
