Month: September 2020

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The Internal Revenue Service has asked a watchdog to investigate the tax system’s security after the New York Times disclosed that its reporters had reviewed more than two decades of President Donald Trump’s tax information. IRS Commissioner Chuck Rettig asked the Treasury Inspector General for Tax Administration to look at whether the agency’s system to
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Joshua Harris, Apollo Global Management Co-Founder speaks during the 2020 Delivering Alpha conference on Sept. 30th, 2020. CNBC A notable private equity investor said Wednesday that the boom in special purpose acquisition companies was not just a passing fad. Apollo Global Management co-founder Joshua Harris said at the Delivering Alpha conference presented by CNBC and
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Just as several states have individual alternative minimum taxes (AMTs) that prevent households and pass-through businesses from claiming “too many” itemized deductions, some states levy corporate AMTs to prevent corporations from reducing their corporate income tax liability beyond a certain level. By requiring taxpayers to calculate their tax liability under two different systems, the federal AMT imposed
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The International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board, has issued a consultation paper to find out how much demand is out there for it to also oversee international sustainability standards. The move comes amid increasing demands for a more unified set of sustainability standards. Earlier this month, five international sustainability
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More bucks for the IRS; deductible haircuts; virtues of virtual learning; and other highlights from our favorite tax bloggers. Getting serious Tax Vox (https://www.taxpolicycenter.org/taxvox): Yin and Yang Dept: “How Much More Money Could the IRS Collect If Congress Gave Them More Money?” TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Turns out the Congressional Budget Office has estimated that modest
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A recent report from the Organisation for Economic Co-operation and Development (OECD) on 2020 tax reforms reveals an increase in the number of environmentally-related tax policies when compared to 2019. Reforms were concentrated in a limited number of countries and their scope continued to be narrow. Gas taxes, carbon taxes, and taxes on electricity consumption
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David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, April 29, 2019 Mike Blake | Reuters Goldman Sachs CEO David Solomon restructured several of his businesses and named new heads for the bank’s asset management and consumer and wealth management divisions.  The moves announced
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Intuit has created a software integration between its QuickBooks Online and Amazon Business. Small businesses using both platforms can now automate purchase reconciliation and categorization when making purchases on Amazon Business.Through the new integration, all Amazon Business purchases will be automatically imported into QBO, with data being refreshed multiple times per day. Purchase details, including
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The Internal Revenue Service has issued final regulations that update the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31. In July, the IRS released a draft of a redesigned 2021 Form W-4P and instructions intended to align with the redesigned W-4. The draft W-4P also proposed a
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Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought. Combined with a desire to decriminalize marijuana, the zeitgeist is ideal for legalization. This Election Day, voters in Arizona, Montana, New Jersey, and South Dakota will consider legalization and
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An indoor farming start-up that heralds itself as the future of agriculture and has Martha Stewart on its board announced Tuesday it is going public through a reverse merger, the latest in a series of blank-check deals during the coronavirus pandemic.   Kentucky-based AppHarvest is merging with special purpose acquisition company Novus Capital Corp., while picking up $475 million