The Supreme Court of Texas reversed the Texas Court of Appeals decision in a closely watched franchise tax case regarding apportionment of service receipts. In its March 25, 2022, decision in Sirius XM v. Hegar, the court agreed with Sirius’ method of sourcing its subscription revenue based on the locations
Garret Layman BKD CPAs & Advisors, Springfield, was named one of the top organizations in the country for internal learning and development by Training magazine. In other firm news, BKD promoted 32 people -– to senior manager: Katie Baker and Benjamin Schmitz, Kansas City; Kayla Bell and Julie Thompson, Springfield;
Hackers breached a video game-linked blockchain network called Ronin and stole about $600 million worth of cryptocurrency, one of the largest such heists to date. The Ronin network is connected to the online video game Axie Infinity, where players collect and breed virtual pets called Axies, usually to battle them
When preparers or younger accountants complete their assignment, but before they submit it for review, I suggest they review it for reasonableness. I offered a “One Minute Test For Preparers” in a previous column, but now I want to quantify it so the staff will have some guidance about when
The Internal Revenue Service updated its frequently asked questions page Friday on how tax professionals should deal with the third round of Economic Impact Payments for their clients. The revised fact sheet includes a number of areas where the IRS amended the FAQs, including general information, eligibility and calculation of
Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report. The report, released Wednesday by the Treasury Inspector General for Tax Administration, examined the impact of a provision of the Bipartisan Budget
Of the 175 million advance Recovery Rebate Credits issued by the Internal Revenue Service in 2021, more than 1.2 million payments worth $1.9 billion may have gone to ineligible people, according to a new report. The report from the Treasury Inspector General for Tax Administration also found that as many
CPAs are problem-solvers at heart. They take on difficult projects with pride and give their all for their clients. While these are great attributes, it is hard to argue with the idea that many CPAs take on a bit too much, saying yes to every assignment from their bosses or
KPMG International has announced updates on its progress for a wide range of ESG commitments. Launched in 2021, “KPMG: Our Impact Plan” merges all of the firm’s ESG goals into one global plan, focused on four main areas: “Planet, People, Prosperity and Governance.” The plan will record its global ESG
For small-businesses owners, filing year-end taxes and shelling out hefty payments to the IRS can be overwhelming in itself; this season might feel especially daunting amid yet another year of uncertainty. To alleviate some stress for 2021 filings, and even more importantly lower those final amounts owing, business owners and
