Accounting
Reducing the Bias Against Long-term Investments
Recently, Tax Foundation has been comparing various ways to improve the tax treatment of new capital investments. One of these options is a Neutral Cost Recovery System (NCRS), which reduces the bias in the tax code against long-term investments. As my colleagues have written, Improving capital cost recovery will be crucial to the post-pandemic effort…
Read MorePeople & firms on the move: BMSS hosts virtual “Keep Corona Calm” run
Right Networks acquires Rootworks; Hancock Askew launches new information security entity; and more CPA news. Original Article Posted at : https://www.accountingtoday.com/list/people-firms-on-the-move-bmss-hosts-virtual-keep-corona-calm-run
Read MoreUnemployment reaches record high from coronavirus pandemic
The U.S. Bureau of Labor Statistics reported that the unemployment rate rose to 14.7 percent in April, the highest level since the BLS began keeping records in January 1948, as employers shed 20.5 million jobs. Original Article Posted at : https://www.accountingtoday.com/news/unemployment-reaches-record-high-from-coronavirus-pandemic
Read MoreAlabama, Missouri Bills Would Exempt CARES Relief from Income Tax Calculation
The Alabama Senate is considering legislative language (a substitute to the previously introduced SB 250 tax reform bill) which would exclude the rebate checks provided under the CARES Act from being taxed and exclude it from state income tax calculations. While those two phrases might sound redundant, they are both important in light of the…
Read MoreRight Networks acquires Rootworks
The move adds a suite of new ways Right Networks can support firm clients, which is part of their strategy of expansion of services. Original Article Posted at : https://www.accountingtoday.com/news/right-networks-acquires-rootworks
Read MoreH&R Block launches CARES Act consulting for small biz
The tax prep chain is offering consulting services starting at $99. Original Article Posted at : https://www.accountingtoday.com/news/h-r-block-launches-cares-act-consulting-for-small-business
Read MoreTreasury will let employers claim retention tax credit and provide insurance to furloughed workers
The decision, prompted by requests from a bipartisan group of lawmakers, reverses previous IRS guidance. Original Article Posted at : https://www.accountingtoday.com/news/treasury-will-let-employers-claim-retention-tax-credit-and-provide-health-insurance-to-furloughed-workers
Read MoreIRS proposes guidance on itemized deductions for estates and trusts
The guidance says some deductions of estates and non-grantor trusts are not considered to be miscellaneous itemized deductions. Original Article Posted at : https://www.accountingtoday.com/news/irs-proposes-guidance-on-itemized-deductions-for-estates-and-trusts
Read MoreGov. Hogan Vetoes Maryland Digital Advertising Tax Legislation
This afternoon, Gov. Larry Hogan (R) vetoed a proposed first-in-the-nation digital advertising tax that would have imposed rates of up to 10 percent on digital advertising served to Marylanders. Although the bill ostensibly targets large technology companies and advertising platforms, much of the burden would fall on Maryland businesses and consumers, and the timing couldn’t…
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