Ernst & Young’s top leaders called off a planned breakup of the firm’s consulting and audit practices after the U.S. affiliate decided not to take part, disrupting a nearly year-long struggle to build consensus for the historic shakeup of the Big Four accounting firm. Leaders told partners Tuesday that they
A Volkswagen AG GTE Golf hybrid automobile at a charging stationLuke MacGregor/Bloomberg Volkswagen AG believes that electric-vehicle incentives put in place by President Joe Biden’s Inflation Reduction Act will help the company more than double its share of the U.S. market. The German carmaker plans to sell 25 EV models in the
This year’s IRS Dirty Dozen offers scams both familiar and new. ID theft is a frequent motivation. Crooked tech and equally crooked tax preparers make what seem to be their unfailing appearances again this year, backed up by a chorus of relative newcomers such as social media, pandemic-relief hucksters and
Tax leaders at companies around the world are predicting the number of tax audits will increase by more than a third over the next two years. A survey released last week by Ernst & Young found that organizations are preparing for a new era of tax risks even as they’re
New York Republicans, whose congressional ranks swelled in the last election, are reviving plans to expand the state and local tax break, picking up a piece of unfinished business from Democrats that has been resisted by most in their own party. The lawmakers — with the GOP in control of
The American Institute of CPAs sent a list of recommendations to the Treasury Department and the Internal Revenue Service asking them to clarify and expand some of their guidance on taxpayer assistance procedures and when S corporations don’t need to ask for private letter rulings to keep their status. The
I recently took my family out for a nice dinner at a restaurant near us. While waiting for our food to arrive, our five-year-old daughter and I played tic-tac-toe. Our server did a great job of being highly attentive throughout the meal without being intrusive. Before we left, the server
On Saturday, April 1, it was reported that, while the accounting profession struggles with an ongoing talent shortage, local CPA firm Watts, Taber and Fiske has found a viable option for staying independent: It raised its minimum age for partner retirement from 62 to 85, giving the firm an extra
The Treasury Department issued proposed new rules Friday on electric vehicle tax credits. The rules, effective from April 18, 2023, determine which EVs will be eligible for tax credits under the new “critical mineral” and battery component requirements included in last year’s Inflation Reduction Act (IRA). Both automakers and consumers
1099 trouble; getting a partner out; oh BOI; and other highlights from our favorite tax bloggers. Playing nice Incoming The Tax Times (https://www.thetaxtimes.com): In what may well become the huge tax story of the second half of this year, FinCEN has issued its first guidance on reporting beneficial ownership information. Reporting
