IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.
Day: February 21, 2024
Senate probes $40B tax shelter in private placement life insurance
The report casts a skeptical eye on the PPLI industry, claiming it functions as a tax shelter for a few thousand millionaires and billionaires.
PCAOB fines Withum $2M for SPAC audit violations
The Public Company Accounting Oversight Board levied a $2 million fine against WithumSmith+Brown for violating quality control rules.
IRS accelerates audits of business jets
The Internal Revenue Service will be scrutinizing the use of corporate jets, focusing on big corporations and partnerships, as well as high-income taxpayers.
The 20 best states for doing business
While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.
How Main Street CPA firms can attract buyers in 2024
Acquirers are very selective because so many firms are looking for a deal.