The Latest

Executives from Sage, ADP, AccountantsWorld, Intuit, Bank of America, Thomson Reuters, Xero and CPA2Biz tell Accounting Today editors what accountants should stop doing, or do more of, at the Meet the Editors dinner at Keens Steakhouse in New York.

The recently released discussion draft of the Tax Reform Act of 2014 by the House Ways and Means Committee is intended to simplify the existing tax code, make it fairer to taxpayers and strengthen the U.S. economy by lowering tax rates.

A new report from the advocacy group Citizens for Tax Justice finds that 301 Fortune 500 companies hold a combined $2 trillion offshore, collectively avoiding $550 billion in U.S. corporate income taxes, while a contrasting report from the Tax Foundation found that U.S. multinational corporations reported paying more than $128 billion in corporate taxes to foreign countries on $470 billion of taxable income in 2010—an effective rate of 27.2 percent before also paying U.S. taxes.

The economic benefits of the income exclusion for U.S. citizens working abroad are uncertain, according to a new government report.

The Securities and Exchange Commission charged the former chief risk officer at Deloitte LLP with violating auditor independence rules by accepting casino markers from a casino gaming company client.

Rep. Jim Renacci, R-Ohio, a CPA, has introduced a bipartisan bill to bring more accountability and transparency to the federal government’s financial statements by making the Federal Accounting Standards Advisory Board more independent.

The form for reporting foreign bank and financial accounts, or FBAR, must be filed by June 30 through the BSA E-Filing System, the IRS is reminding taxpayers.

The Third Circuit Court of Appeals has affirmed the Tax Court on an appeal arising out of nine consolidated cases regarding the tax implications of an S Corporation’s election to treat its subsidiary as a qualified subchapter S subsidiary, or Qsub, under Section 1361 of the Tax Code.

The Illinois CPA Society will be hosting the Young Professionals Leadership Conference May 30 in Chicago to prepare the next generation of finance and accounting professionals, with a specific focus this year on strategies for workplace connectivity.

Thomson Reuters has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act that tax, accounting and employee benefits firms can provide to clients, prospects and other contacts.