Officials at the Internal Revenue Service are looking to hire more employees to handle tax enforcement, compliance and administration of the tax code, even as more of the IRS’s older workers retire and leave the agency, particularly after the month-long government shutdown last December and January. A series of top IRS officials made a pitch… Read More
Formula 1 team expecting $175 million budget cap Red Bull Racing consultant Helmut Marko says F1 risks becoming a “bookkeeping world championship.” While confirmation of the 2021 rules has been delayed until October, it is believed a $175 million budget cap is coming. F1 CEO Chase Carey stands by the plan. “It took us well over… Read More
Elizabeth Warren’s proposal to cancel student debt will soon be one step closer to reality — even if she doesn’t become president. The Democratic Senator of Massachusetts plans to introduce legislation in the coming weeks that mirrors her presidential campaign proposal to cancel at least a portion of the student debt held by many of… Read More
Owning or being a partner in a small firm is the best job in accounting. The opportunities are limitless and the large firms can’t touch them. The only thing holding back small firms is their hanging onto the past. Let’s look at some of their advantages: Small firms don’t have specialists dwelling on lease accounting… Read More
On Monday, May 6, accountants around the United States woke up to start their workweek only to discover that their CCH products — a suite of tax and other solutions offered by Wolters Kluwer Tax & Accounting — were down. Confusion turned to panic, which then turned to anger pretty soon after customers were informed… Read More
Accountants are the financial backbone of any good business, and the accounting world has always thrived as money evolved throughout history. As the future of finance slowly unfolds, cryptocurrencies like Bitcoin and Ethereum (two currencies my company is currently invested in) are leading the path toward mainstream acceptance of digital currency. Many businesses are looking for… Read More
Forget about that gigantic refund: What you really want from the IRS is a tax balance of exactly zero and no big check. That’s because hitting zero with the taxman — that is, neither owing a balance nor receiving a refund — is an indication that you paid exactly the amount of tax liability you… Read More
The fledgling U.S. cannabis market is a bit of a free-for-all. Well, maybe free isn’t the right word, given the cultivation taxes, excise taxes, income taxes, payroll taxes, and sales taxes that growers, retailers and consumers are contending with. In fact, that’s part of the problem. While legislation surrounding cannabis is moving quickly in the… Read More
Not paying your taxes has serious consequences, and one of the worst ones is the federal government filing a legal claim against all property you currently own and property acquired in the future in the form of a federal tax lien. In this article, we’ll explain what a federal tax lien is and what you… Read More
When Richard Hatch bared it all on “Survivor,” he took home a million bucks. But when he was less revealing about his windfall with the Internal Revenue Service, he wound up facing possible prison time as a tax evader. Steve Kassel, a former IRS revenue officer who now represents taxpayers in trouble as president and… Read More