New York State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions from the 2017 Tax Cuts and Jobs Act, similar to a workaround also being permitted in some other high-tax states. The legislation, which was passed by the
The Public Company Accounting Oversight Board reported Friday it uncovered a high rate of deficiencies last year in firms that perform audits of broker-dealers similar to 2020, but there were signs of improvement in terms of audit engagements and quality control systems. The proportion of inspected firms where the PCAOB
The Inflation Reduction Act that President Biden signed into law this week has a lesser known provision that could benefit many small business startups, allowing them to potentially double the amount they can claim on the research and development tax credit from $250,000 to $500,000 per year against payroll taxes.
Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn less than $400,000. The Inflation Reduction Act, which President Biden signed into law Tuesday, allocates
U.S. lawmakers are pressing the IRS to explain how it plans to relieve a backlog of tax returns that have delayed refunds and to detail what measures it’s taking to improve customer service. Dozens of congressional Republicans and Democrats made the demands in a letter to the Internal Revenue Service,
House Democrats delivered the final votes needed to send President Joe Biden a slimmed-down version of his tax, climate and drug price agenda, overcoming a year of infighting and giving themselves a cornerstone achievement to campaign on for the November congressional election. The legislation passed the House Friday on a
Big Four accounting firm KPMG LLP nominated Derek Thomas as national partner-in-charge of the firm’s university talent acquisition. Thomas joined the firm in 2000 as a senior associate before working for KPMG’s federal audit practice three years later. Eager to expose himself to a different field and using his experience
The Trump Organization and its longtime chief financial officer, Allen Weisselberg, will go on trial Oct. 24 on tax fraud charges, after a New York state judge rejected their request to dismiss the case. The ruling and trial date capped a week of legal threats for Donald Trump. While he
The Inflation Reduction Act that Senate Democrats managed to pass on Sunday and that is heading for an expected vote in the House on Friday includes a set of tax credits intended to incentivize renewable energy and the purchase of electric vehicles as part of a broad package of controlling
The American Institute of CPAs wants the Internal Revenue Service to pick up the phone faster on its so-called Practitioner Priority Service for tax professionals and make other fixes, pointing to a “plummeting” level of service in recent years. Taxpayers and tax pros alike have long complained about the difficulty
