The Internal Revenue Service’s acting commissioner, David Kautter, testified at a Senate Finance Committee budget hearing asking for nearly $400 million in additional funds to help the IRS administer the Tax Cuts and Jobs Act.
As U.S. banks were tallying up the billions of dollars in extra profits they’ll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to go up.
The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.
American Institute of CPAs president and CEO Barry Melancon discussed how the AICPA pushed for changes in the new tax law, with mixed success, during a speech at an Accountants Club of America meeting in New York on Wednesday.
The political network backed by billionaires Charles and David Koch is launching a $4 million advertising campaign against two Senate Democrats facing re-election in 2018, as it starts to fulfill a pledge to spend $20 million selling the federal tax overhaul passed late last year.