Accounting
Tennessee Governor Signs Marketplace Facilitator Bill as Louisiana Considers the Same
In the midst of coronavirus responses and accompanying hits to state revenue, some states that had previously held out are looking to expanded online sales tax authority as an additional revenue source. Tennessee Gov. Bill Lee (R) signed SB 2182 on April 1, making the Volunteer State the latest—and one of the last—states to impose…
Read MoreKentucky Legislature Passes Flawed Excise Tax on Vapor Products
Early this month, state legislators in Kentucky passed a revenue package (HB351) which includes an excise tax increase on vapor products. The bill divides vapor products into two categories, open tank systems and cartridge-based systems, with two tax rates. Governor Andy Beshear (D) is expected to sign the bill. Cartridges will be taxed at $1.50…
Read MoreIRS extends more tax deadlines due to coronavirus
The Internal Revenue Service and the Treasury Department are extending a number of tax deadlines for individuals, trusts, estates, corporations and others due to the impact of the novel coronavirus. Original Article Posted at : https://www.accountingtoday.com/news/irs-extends-more-tax-deadlines-due-to-coronavirus
Read MoreTrade-offs of Delaying Tax Filing and Instituting a Payroll Tax Holiday on Businesses and Individuals
Some policymakers are proposing a payroll tax holiday for businesses and individuals for 2020 and a complete delay in filing deadlines for tax year 2019 and 2020 to April 2021. Businesses could also delay their quarterly estimated payments in 2020 to April 2021. Suspending the payroll tax on both employers and employees would reduce the…
Read MoreEvaluating the Trade-offs of Small Business Relief Provisions of the CARES Act
The CARES Act provides several relief options for employers trying to maintain payroll and liquidity during the coronavirus pandemic. For example, the CARES Act provides forgivable loans for up to eight weeks of eligible payroll expenses provided employers retain employees at comparable salary levels prior to the crisis. This is the Paycheck Protection Program (PPP).…
Read MoreKPMG pledges over $2M in coronavirus relief
The Big Four firm and its KPMG U.S. Foundation will support nonprofits across the country directly impacted by the ongoing pandemic. Original Article Posted at : https://www.accountingtoday.com/news/kpmg-pledges-over-2m-in-coronavirus-relief
Read MoreTax Fraud Blotter: Firestarter
Fate sealed; insults to injury; thanks, dad; and other highlights of recent tax cases. Original Article Posted at : https://www.accountingtoday.com/news/tax-fraud-blotter-firestarter
Read MoreAccenture acquires Revolutionary Security in third cybersecurity purchase this year
Professional services firm Accenture has acquired Revolutionary Security for an undisclosed sum, making it the third cybersecurity purchase for the firm this year. Revolutionary Security provides cybersecurity services for critical infrastructure sectors, of which financial services is one. Original Article Posted at : https://www.accountingtoday.com/news/accenture-acquires-revolutionary-security-third-cybersecurity-purchase-this-year
Read MoreStates’ Unemployment Compensation Trust Funds Could Run Out in Mere Weeks
Six states, which collectively account for over one-third of the U.S. population, are currently in a position to pay out fewer than 10 weeks of the unemployment compensation claims that have already come in since the start of the COVID-19 pandemic—including those they’ve already begun to pay out. California is in the worst shape, with…
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