Democrats in Congress are considering a plan that would require banks to report accounts with at least $10,000 to the Internal Revenue Service — well above the Biden administration’s proposed $600 threshold — while also exempting some common transactions from the law. “We’ve made some significant movement on the number,”
Don’t forget to enclose payment with requests to the Internal Revenue Service for closing letters for clients’ estates in a month. Starting Oct. 28, a $67 user fee applies to any estate that requests a closing letter for its federal estate tax return. Letter requests must be made using Pay.gov.
Ginnie Carlier Ginnie Carlier was appointed the new Americas vice chair, talent at EY, New York, where she has worked for 28 years and will now lead efforts to create transformative experiences for over 80,000 EY people across 31 countries. David Shulkin, physician and former government official, was named an
Tifphani White-King, head of the U.S. tax practice at Mazars USA, has charted an unusual career path, starting with aspirations of dancing, then studying the law and taxes, and becoming one of the first Black female tax partners at a major accounting firm. She started out studying ballet and modern
The Public Company Accounting Oversight Board has adopted a new rule to give it a framework on how to determine when it can’t inspect foreign accounting firms. The rule, originally proposed in May 2021, came in response to the Holding Foreign Companies Accountable Act, which requires the board to determine
Gilded, a B2B blockchain payments and accounting software provider, has released Compass, a solution that enables advanced mapping capabilities between blockchain wallets and a business’s general ledger. Compass integrates with Intuit’s QuickBooks Online. As a company, Gilded aims to unify the worlds of traditional finance and digital assets. With Gilded,
Rashada Whitehead Rashada Whitehead was promoted to the newly created role of national managing director of culture, immersion and inclusion at Grant Thornton, Chicago, where she has worked since 2019. She will also join Grant Thornton’s national leadership team, be responsible for the firm’s NLT diversity, equity & inclusion task
Private equity firms are increasing their funding of accounting firms in a pair of deals announced this week, with Lightyear Capital partnering with Schellman & Co., and CVC Capital Partners investing in CFGI. Lightyear said Friday that its affiliated investment funds have agreed to acquire assets from and partner with
High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House. If the SALT deduction were fully reinstated, the top 1% of taxpayers — those earning at
Top 15 Firm Baker Tilly US LLP announced that it will acquire West Virginia-based Arnett Carbis Toothman LLP, effective Nov. 1. The deal will significantly expand Baker Tilly’s presence in the Mid-Atlantic Region. ACT has been serving clients in West Virginia, Pennsylvania, Ohio and the rest of the country for
