Accounting Archives - Page 185 of 362

8 tax areas to factor into divorce negotiations

Clients’ spouses may be hiding assets in any number of tax-related ways. Original Article Posted at : https://www.accountingtoday.com/list/8-tax-areas-to-factor-into-divorce-negotiations

Professional skepticism: A critical element of the COVID-era audit

An inside look at SAS 142, which aims to help bolster this critical tool in the auditor’s toolkit. Original Article Posted at : https://www.accountingtoday.com/opinion/professional-skepticism-a-critical-element-of-the-covid-era-audit

Flawed Federal Taxation of Recreational Marijuana

A House vote is expected this month on the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would de-schedule marijuana, expunge prior convictions, impose a federal excise tax on marijuana sales, provide access to capital for small marijuana businesses, and allocate revenue to people impacted by prior drug enforcement policies. While it is unlikely to…

Tax Treaty Network of European Countries

In an increasingly globalized world, many individuals and corporations work and do business abroad. As a result, jurisdictions need to define how income earned in foreign countries is taxed. Otherwise, income could be taxed in more than one country, resulting in double taxation. To avoid this, countries negotiate double tax agreements (DTAs). Tax treaties usually…

M&A roundup: Frost, PICPA and TCV make deals

Armour & Associates joins Frost & Company; the Pennsylvania Institute of CPAs acquires CPA Crossings; and TCV buys Oversight. Original Article Posted at : https://www.accountingtoday.com/list/m-a-roundup-frost-picpa-and-tcv-make-deals

Tax relief granted for Laura victims

The IRS has pushed back filing and payment deadlines for affected taxpayers. Original Article Posted at : https://www.accountingtoday.com/news/tax-relief-granted-for-hurricane-laura-victims

6 ways that opportunity zone expansion can aid COVID-19 recovery

Opportunity zones may just be the perfect vehicle to deliver economic relief to the areas hardest hit by the coronavirus pandemic — both short term and long term. Original Article Posted at : https://www.accountingtoday.com/opinion/6-ways-that-opportunity-zone-expansion-can-aid-covid-19-recovery

Does Your State Have an Estate or Inheritance Tax?

In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both now that New Jersey has repealed its inheritance tax. Hawaii and Washington…

Will PPP fraud turn into the next wave of ‘liar’s loans’?

Requiring so little from applicants and giving so little guidance to them is virtually begging for fraudulent loan applications to be submitted or for good faith errors to be made. Original Article Posted at : https://www.accountingtoday.com/opinion/will-ppp-fraud-turn-into-the-next-wave-of-liars-loans