Tax news

A&A

Bramwell’s Lunch Beat: Veto Threat Looms Over Section 179 Vote

The menu for June 11 features specials on European Union investigates tax breaks for multinationals, Wall Street loses an ally in Eric Cantor, IRS issues ruling on hedge fund fees, and more.
Tax

Breaking News: IRS Adopts a New Taxpayer Bill of Rights

With a push from NTA Nina E. Olson, the IRS has published a Taxpayer Bill of Rights modeled on the Bill of Rights in the Constitution. An understandable document for all.
Tax

Are IRS Revenue Agents Being Fair?

A TIGTA report identifies a couple of cases where revenue officers made mistakes, but for the most part gives the Service a clean bill of health. Indeed, TIGTA made no recommendations at all.
A&A

Bramwell's Lunch Beat: IFRS in the US? Maybe. Maybe Not

The menu for June 10 features specials on House GOP alleges IRS data dump was illegal, Senate lawmakers squabble over use of repatriated tax holiday, ex-BDO vice chairmen get jail time over tax scheme, and more.
Tax

IRS Draws the Line on Clothes, but Loopholes Remain

It's common knowledge that the IRS makes it difficult to deduct clothing used for work, but the Supreme Court has carved out some exceptions. Know how to take advantage of them.
A&A

Bramwell’s Lunch Beat: Meet Mike McGuire, Grant Thornton’s Next CEO

The menu for June 9 features specials on accountants and artwork, Israeli bank to pay US $289 million in tax-evasion deal, Illinois Tool and IRS to battle in US Tax Court, and more.
Tax

Expecting a Tax Refund? Not So Fast!

The IRS can hold back tax refunds of taxpayers for up to six months while it examines their tax returns from other years. It can then use the refund to offset the tax liability. And the program may expand further.
A&A

Bramwell’s Lunch Beat: FASB ‘Redoubling Our Efforts’ on US GAAP

The menu for June 6 features specials on Senate tax writers slate summer hearings on tax reform, more larger companies turning to smaller audit firms, Tax Foundation refutes report on corporate taxes, and more.
A&A

Bramwell’s Lunch Beat: PCAOB Will Consider Standard on Related Parties Next Week

The menu for June 5 features specials on the SEC extending settlement schedule with Big Four firms in China, a health insurance strategy the IRS may not approve of, Fortune 500 companies’ tax shelters, and more.
A&A

Bramwell’s Lunch Beat: BEPS Rollout Won’t Be a Piece of Cake

The menu for June 4 features specials on Senate tax extenders bill stalled until November, tax-evasion probe targets another Swiss bank, tactic Walmart uses to slash its tax bill, PwC resigns as Annie’s auditor, and more.
Tax

Short Sales Lead to Unexpected Tax Hardships

Going through a short sale is hard enough, both financially and psychologically. And the expiration of a special provision may mean a huge tax bill for those who can least afford it.
A&A

Bramwell’s Lunch Beat: Big Four in China Talk Settlement with SEC

The menu for June 3 features specials on KPMG standing by Phil Mickelson, rankings of top audit firms in China, IBM avoiding accounting penalty from SEC, new buzz phrase in audit failures, and more.
Tax

Reports: 77,000 Banks Are Complying with US on FATCA

The list of companies that have registered with the United States includes 515 Russian financial institutions, plus more than 500 US businesses, such as Citibank NA and JPMorgan Chase & Co.
A&A

Lawmakers Oppose Proposed Changes to Accounting Method

In a letter last week, a bipartisan group of more than 110 House legislators urged Ways and Means Committee Chairman Dave Camp not to repeal the last in, first out inventory accounting measure in his tax reform plan.
Tax

How to Deduct Home Entertainment Expenses

Do you entertain clients at home? You may be blurring the lines between business and pleasure, but the IRS isn't. Here's how to avoid deduction problems by learning the IRS rules.
A&A

Bramwell’s Lunch Beat: Would KPMG Bail On Phil Mickelson?

The menu for June 2 features specials on how taxes could curb consumption of sugary drinks, tax question looms over Illinois governor’s race, roads – not gas – should be taxed, Donald Sterling’s huge tax bill, and more.
Tax

IRS to Revise Regs for Tax-Exempt Groups on the QT

In response to public outcry, the nation's tax collection agency announced that it would revise proposed regs governing political activities of Section 501(c)(4) organizations.
A&A

Bramwell’s Lunch Beat: Bonus Depreciation Gets House Backing

The menu for May 30 features specials on Hong Kong’s concern over auditing ban proposal, California lawmakers pass film and TV tax credit bill, Moss Adams helps Washington mudslide victims, and more.
Tax

Some Suspended or Disbarred Tax Pros Reinstated by the IRS

Recent court rulings that now prevent the IRS from regulating paid preparers have resulted in some suspended or disbarred tax practitioners being able to obtain or renew PTINs and prepare federal tax returns again for compensation.
A&A

Bramwell’s Lunch Beat: CFOs Give Their Take on New Revenue Rule

The menu for May 29 features specials on California lawmakers reject bill tying CEO pay to state’s corporate tax rate, DC Council backs large tax cut, a profile of Xero CEO Rod Drury, and more.

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