Income Tax

There has been a surge of American companies that have changed the address of their headquarters to a foreign country, a maneuver referred to as an “inversion” that allows them to avoid U.S. taxes. The FACT (Financial Accountability and Corporate Transparency) Coalition hails the introduction of legislation to close the “inversion” loophole,.

The Internal Revenue Service has announced that its Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 11, when the panel will submit its annual reports and recommendations to senior IRS executives. Ten newly appointed members of the panel (listed below) will also be introduced at the public meeting. They will begin two-year terms and join 10 returning members.

E. Michael Thomas, CFE, CPA, CIA, a partner with Crowe Horwath, LLP, discusses fraud prevention for financial institutions.

Organizations around the world lose an estimated five percent of their annual revenues to occupational fraud, according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2012 and December 2013. Applied to the estimated 2013 Gross World Product, this figure translates to a potential total fraud loss of more than $3.5 trillion (U.S.).

The nation's largest professional association for accounting professionals, the American Institute of CPAs (AICPA), has come out opposed to the new voluntary tax return preparer regulation program that the Internal Revenue Service (IRS) is planning.

The nation's largest association of accounting professionals, the American Institute of Certified Public Accountants (AICPA), is commending Congress for recent efforts to strengthen the pending Federal Financial Statement Transparency Act.

Summer is the time for grilling burgers and hot dogs, escaping to the beach or woods or just relaxing and enjoying the warm weather. Of course, there’s nothing to prevent you from mixing in a little business with the pleasure. If your clients handle things the right way, and keep detailed records, they can write off a portion of their business entertainment expenses.

For many years, states and local governments have been trying to rein in unlicensed income tax preparers, and the Internal Revenue Service joined a few years ago with the idea of a national testing and regulatory system that the agency would oversee. So, it created one.