Accounting
Debunking 3 Myths About the Mortgage Interest Deduction
In 2017—as part of the Tax Cuts and Jobs Act (TCJA)—Congress limited the mortgage interest deduction (MID) by reducing what can be deducted to interest paid on the first $750,00 in principal value, down from $1 million. The decision to curtail the deduction’s limit by 25 percent was partly due to budgetary constraints imposed by…
Read MoreIIA updates Three Lines Model to stress risk management and governance
The Institute of Internal Auditors has updated its Three Lines of Defense Model to emphasize more active forms of risk management and governance.that go beyond merely defensive moves by the internal audit function. Original Article Posted at : https://www.accountingtoday.com/news/iia-updates-three-lines-model-to-stress-risk-management-and-governance
Read MoreHow Would Paydown Affect The Reform Of Home Mortgage Interest Deduction?
Reforming the mortgage interest deduction (MID) could raise federal tax revenue and make the tax system more progressive. But some taxpayers, especially those with high…
Read MoreNew regs on income subject to high foreign tax spark ire
The final IRS and Treasury rules let taxpayers exclude certain income from their GILTI computation. Original Article Posted at : https://www.accountingtoday.com/news/new-regs-on-income-subject-to-high-foreign-tax-spark-ire
Read MorePrimeGlobal sees 10% growth in revenue across member firms
PrimeGlobal, an international association of independent accounting firms, reported 10 percent growth Tuesday in aggregate revenue of its member firms, reaching a total of nearly $3 billion for the fiscal year ending May 31, 2020. Original Article Posted at : https://www.accountingtoday.com/news/primeglobal-sees-10-growth-in-revenue-across-member-firms
Read More5 ways land can shelter income
The coronavirus pandemic has only highlighted the enduring value of land as an investment. Original Article Posted at : https://www.accountingtoday.com/news/5-ways-land-can-shelter-income-from-taxes
Read MoreIFAC urges G20 to balance COVID-19 response with global priorities
The International Federation of Accountants called on leaders of the G20 countries to stay focused on long-term progress alongside their immediate priorities for response and recovery during the novel coronavirus pandemic. Original Article Posted at : https://www.accountingtoday.com/news/ifac-urges-g20-to-balance-covid-19-response-with-global-priorities
Read More10 areas to revise in your disaster recovery and pandemic plans
The COVID-19 pandemic has highlighted the need to have a business continuity and disaster recovery plan and a pandemic plan in place. Original Article Posted at : https://www.accountingtoday.com/list/10-areas-to-revise-in-your-disaster-recovery-and-pandemic-plans
Read More(Webinar) Figuring Out Phase Four: Next Steps on Federal and State Coronavirus Response
As U.S. businesses struggle to recover from the economic downturn, Congress and the White House continue to debate a phase four relief package, which could include anything from incentives for domestic travel and a payroll tax cut to more fundamental reforms like enacting permanent full cost recovery. Meanwhile, states continue to grapple with revenue shortfalls…
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