Massive losses and large tax deductions in Donald Trump’s returns reveal how the former president was able to use the Tax Code to minimize his income tax payments. Democrats on the House Ways and Means Committee released Trump’s tax returns Friday, after he lost a multi-year legal battle to keep
As a relatively young practice area, CAS is still a fluid discipline — so fluid, in fact, that not everyone agrees on what CAS actually means, or what these practices consist of. There is widespread agreement, however, that it’s an extraordinarily profitable area, with growth rates that are often double
“Where were the lawyers and accountants?” That was the withering assessment of one U.S. judge after years of fraud and deception went undetected during the 1980s savings and loan crisis, despite a well-stocked entourage of audit, legal and compliance professionals who might have been expected to raise the alarm. It’s a relevant question
Accountants are constantly navigating new waves of change, but what would accounting’s most influential choose to change about the profession? We asked the Top 100 Most Influential People to share what they would adjust or transform in their field, and the responses ranged from education to branding to diversity, and
Years of former President Donald Trump’s tax returns will be released Friday by the Ways and Means Committee, according to a person familiar with the process. The committee earlier this month voted to make the tax returns public once they were redacted to remove key identifying information, such as account
The U.S. Supreme Court has agreed to hear Polselli v. Internal Revenue Service, which will clear up a split in circuit court decisions on who the service must give notice to when summoning information records from third-party recordkeepers. In Poselli, the IRS issued administrative summonses to the banks of Hanna
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Gift giving is prevalent at this time of year and is usually accompanied by exchanging gifts with loved ones. I have a suggestion for a gift for you and your family that hopefully would never be used,
The $1.7 trillion omnibus spending bill that Congress passed Friday just in time for the end of the year contains a number of accounting and tax-related provisions, though it’s missing the traditional set of tax extenders and some other much desired tax breaks. The provisions that will probably be of
The Internal Revenue Service and the Treasury Department are giving investment brokers more time to report information on transactions involving digital assets such as cryptocurrency. They announced Friday that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under
The International Ethics Standards Board for Accountants released a publication giving an overview of the sustainability-related decisions made by the board at its recent meeting and how those decisions will shape IESBA’s work in 2023 and beyond. The release Monday of the document came after IESBA unanimously approved two new
