Today, Erin Scharff (Arizona State) evaluates a brand-new working paper by Leslie Book (Villanova), David Williams (Intuit) and Krista Holub (Intuit), Insights from Behavior Economics Can Improve Administration of the EITC. The issues of our dysfunctional Congress are legion. This dysfunction not just affect Congress’ ability to obtain the …
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Bloomberg Innovation: Internet Tax Ruling Worth Billions Poised for Supreme Court Evaluation, by Jef Feeley: The South Dakota Supreme Court brought the concern of whether online retailers ought to pay sales tax back into sharp focus. The Mount Rushmore state’s greatest court ruled Thursday that business selling products over the Web …
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Los Angeles Times op-ed: A Company Tax System That’s Both Fair and Competitive? It’s Possible, by Edward Kleinbard (USC): You cannot get away talk of tax reform. It remains the one need that keeps the organisation community securely engaged with President Trump. And in a crowded legal calendar, it’s the one …
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Virginia La Torre Jeker, When Sharia and U.S. Tax Law Collide, 87 Tax Notes Int’l 787 (Aug. 21, 2017): Sharia law impacts the US tax analysis of transactions occurring in any Muslim-majority nation or in any country when Muslim individuals are associated with the deal. Neither the United States courts nor …
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A BDO study of corporate board directors found that 48% of them “do not feel the conversation of Webcams is an improvement to the openness and usefulness of the auditor’s report for investors.” This shouldn’t be unexpected given that 1) A great deal of board members don’t care much about auditing and 2) Even numerous audit committee members do not care much about auditing.
Interestingly, 50% of those directors surveyed are worried that “the conversation of Web cams in sensitive areas could make their task as a board member harder.”
But isn’t really being a board director expected to be tough? I like how BDO designed a study question to feel out the fragile sensibilities of corporate board directors, as if their convenience is the main concern here. I ‘d think that if anyone out there were to be groomed for handling a metric asston of additional work, it ‘d be corporate board members. Pile it on, I say.
Problem, accounting firm partners:
Some services companies such as accounting companies won’t get the benefit of lower tax rates Republican politicians are preparing for other companies, Treasury Secretary Steven Mnuchin said Tuesday.
Republicans desire to cut the 35% business tax rate. They likewise want to reduce rates on so-called pass-through services, which pay business taxes through the individual tax returns of their owners at private tax rates, which presently reach as high as 39.6%.
A few of you may be thinking, “No, he does not mean……”Yes. Yes, he does:
“If you’re an accounting professional company which’s plainly earnings, you’ll be taxed an income rate, you won’t be taxed a pass-through rate,” Mr. Mnuchin said. “If you’re a business that’s creating making tasks, you’re going to get the advantage of that rate since that’s going to be travelled through to help develop jobs and much better wages.”
It’ll be interesting to see if accounting professionals stay gung-ho about tax reform if they’re get excluded from all the fun.
Some people just cannot assist themselves:
An accountant and disbarred San Diego lawyer who once claimed to lead among the nation’s most distinguished estate and tax preparation law office has pleaded guilty to concealing $ 1.5 million in possessions from financial institutions in his personal bankruptcy case and evading $ 6 million in taxes.
J. Douglass Jennings Jr., who often passed “Uncle Doug,” pleaded guilty in San Diego federal court on Monday to insolvency fraud and tax evasion, the U.S. Attorney’s Office stated.
Uncle Doug aimed to conceal a $ 1 million genuine estate interest, a 53-foot luxury yacht named “Sea Eagle” worth $ 150k, and antique silver worth $ 165k. Uncle Doug’s wife, Peggy (Aunt Peggy, I presume) likewise created a bunch of loan files in her mother’s name. They’re both in their 70s, so I envision them to be enjoyable grandparents.
… I discussed a story about a CPA who got caught in the act of (presumably) duping a client. In Open Products, someone asked about interning at a small firm after accepting an offer from PwC.
Do not forget to examine out our new profession page, Gigs. Skim it for tasks and sign up to get the current info on opportunities in choose cities like New York and Los Angeles.
Mentioning L.A., we’re surveying accounting professionals who live and work there. If that’s you, assist us out.
Finally, we released our inaugural accounting settlement report recently.
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Image: The White House/Public Domain
The post Accounting News Roundup: No Low Tax Rates for You, Accounting Firms|09.13.17 appeared initially on Going Issue.
SSRN has upgraded its month-to-month rankings of 750 American and worldwide law school faculties and 3,000 law professors by (to name a few things) the number of paper downloads from the SSRN database. Here is the brand-new list (through September 1, 2017) of the Leading 25 U.S. Tax Professors in two of …
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Gladriel Shobe (BYU), Personal Advantages in Public Offerings: Tax Receivable Agreements in IPOs, 71 Vand. L. Rev. ___ (2017): Historically, an initial public offering was a procedure where a company sold all of its underlying possessions to the general public. A new tax development, the “tax receivable arrangement” (TRA), produces personal …
TaxProf Blog site
Paul Mason (Baylor), Steven Utke (Connecticut) & Brian Williams (Indiana), Why Pay Our Fair Share? How Perceived Impact Over Laws Affects Tax Evasion: We take a look at how the relation between taxpayers and their federal government impacts tax evasion. Particularly, we examine how viewed impact over government policymaking affects taxpayers’ tax evasion decisions … TaxProf Blog site
Brookings Seminar on Organisation Tax Reform: Alan Auerbach (UC-Berkeley), Demystifying the Destination-Based Money Circulation Tax Martin Feldstein (Harvard), Options for Corporate Tax Reform, 2017 Gita Gopinath (Harvard), A Macro Perspective on Border Taxes James Hines (Michigan), Company Tax Burdens and Tax Reform The United States corporate tax rate is among …
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FactCheck.org, Who Benefits From Corporate Tax Cut?: In promoting for a business tax cut, Treasury Secretary Steven Mnuchin overemphasizes the consensus when he states “most economists believe that over 70 percent of business taxes are paid for by the employees.” In fact, who bears the impact of corporate taxes– …
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