Vice President Kamala Harris is planning to pare back the 39.6% capital gains tax increase proposed by President Joe Biden, according to a campaign official.
Category: NYT Accounting News
Maryland joins IRS Direct File tax prep program
The state of Maryland has become the latest to sign up for the IRS Direct File program for filing season 2025, offering residents a free way to file their taxes.
PwC int’l tax platform now available
The program has been used internally and is now available for non-audit clients for Pillar Two and U.S. international tax calculations.
State CPA societies spotlight top skills for CFOs
The Massachusetts Society of CPAs teamed up with the Indiana Society of CPAs, the Tennessee Society of CPAs and CPA Crossings to highlight the competencies deemed essential for aspiring CFOs.
Small biz hasn’t given up on paper for accounting
While small businesses still primarily use accounting software to record and manage transactions, the percentage using paper actually increased
New regs on changing accounting methods for research
Revenue Procedure 2024-34 expands the waiver of the eligibility rules to accounting method changes.
IRS targets large partnerships for increased audits
The Internal Revenue Service is ramping up its scrutiny of large partnerships, leveraging increased funding under the Inflation Reduction Act of 2022.
IRS seeks to bolster foreign trust, gift transactions rules
Tax professionals are calling for changes to the proposal, even though they welcome clarifications they have been waiting on for decades.
A quarter of accountants want more DEI
Twenty-five percent of accountants want to increase their roles in implementing diversity, equity and inclusion initiatives, a new study says.
Art of Accounting: Complaint about the price of my memoirs
I received a complaint recently that my Memoirs of a CPA book is priced too high.