The sweeping changes the Trump administration hopes to make to individual taxes will likely be a long time coming, Bank of America Merrill Lynch’s municipal research strategy team led by Philip Fischer writes in a report.
75 percent of today’s CPAs will be retiring in the next 15 years. This staggering number of retirees creates tremendous competition for proactive owners looking to sell their businesses or find a CPA to succeed them.
The White House is “absolutely committed” to getting its tax overhaul proposal through Congress by the end of the year—and that plan won’t include a 40 percent tax rate for the richest Americans, Treasury Secretary Steven Mnuchin said.
The American Institute of CPAs has unveiled an exposure draft of a new framework to help CPAs and other financial professionals perform valuations of financial instruments such as derivatives, along with their underlying components.