CPAs typically collect and store information about their clients which may open them up to liability if any of the information is compromised, according to Rickard Jorgensen, president of Jorgensen & Company.
Six years ago this week, investment bank Lehman Brothers filed for bankruptcy, observed Attorney General Eric Holder at New York University Law School during a speech Wednesday. This marked “the culmination of a period of deregulation, excessive risk-taking, questionable lending practices, and defective underwriting that heralded the worst financial crisis since the Great Depression,” he said.
As we approach the November elections, the end of the year and the beginning of a new tax season, we’re not much clearer on the fate of the provisions that expired at the end of 2013, aka the extenders, that haven’t yet been renewed.
While both houses of Congress have addressed the passage of tax extender legislation, it is unlikely that anything will come of their efforts until after the midterm elections. One of the expired provisions that haven’t yet been extended is the R&D, or research, credit. If any provisions do get extended, this is one that will be in whatever package makes it to the President’s desk for his signature.
The Internal Revenue Service needs to improve its strategy to ensure accurate reporting and payment of the Medical Device Excise Tax, according to a new report released by the Treasury Inspector General for Tax Administration.
This year's tax planning is going to be heavily focused on accelerating deductions and maximizing tax credits, according to Evan Stephens, a tax manager at the business consulting and accounting firm Sensiba San Filippo.