Florida’s Sunshine and Tax Benefits Beckon Billionaires
Warren’s Wealth Tax Would Slash Billionaires’ Fortunes Over Time
Why Keeping Transaction History Intact Matters
Have you ever wished to see a chronological list of all your QuickBooks activity? With the QuickBooks audit log report, you can keep track of added, deleted, and modified transactions, as well as user entries. The audit log feature allows you (and any other viewer with access rights) to see history of changes made to individual transactions or a range of multiple transactions. Tracked changes also include: changes to the chart of accounts or products and
Upgrading Your Auditing & Accounting Prowess
Amid increasing attention on how internal auditors can evolve in their positions, a newly published survey of stakeholders offers some valuable insights on best practices. Not surprisingly, a focus on strategic planning and risk management within auditors’ organizations is key. The survey report by the Institute of Internal Auditors Research Foundation and global consultancy Protiviti is based on responses from 1,124 participants in 23 countries. About a third
IRS Lien Notices Known to Get to the Wrong Addresses
The IRS sent tax lien notices to the wrong addresses for taxpayers even though the agency had the correct addresses in its system, according to a July report by the U.S. Treasury Inspector General for Tax Administration (TIGTA). Though the agency re-sent the notices, the incorrect mailings were potentially illegal because the IRS is required by statute to notify taxpayers at their last known address within five days of filing Form 668(Y)(c), Notice of Federal Tax Lien. IRS…
IRS Taxpayer Protection Program Hacked by GAO
Criticism of the IRS’s cybersecurity loopholes and breaches is endless, so a recent report by the US Government Accountability Office (GAO) finding the agency’s Taxpayer Protection Program (TPP) problematic isn’t exactly a big surprise. The TPP is intended to identify possibly bogus tax return filers and prevent fraud. But the bad guys are still able to get through and claim fraudulent refunds despite the IRS’s best efforts to bolster the program, the GAO found.
Chronicling the Latest IRS Scandals
During his most recent televised rant, Bill O’Reilly said a huge scandal can potentially explode within the Justice Department. He added that many Americans are confident that the intervention was in during investigations into the IRS’ targeting of republican groups and Hillary Clinton’s private email server. O’Reilly noted that former IRS employee Lois Herner was never held legally accountable for allegedly making right-wing groups his target for thorough audits, and Attorney General Eric Holder is told to refuse to…
How Does Income Inequality Affect the Tax Code
The income inequality and its slow but steady progress since the years following the Great Recession are often mentioned alongside the Tax Code issues. Social mobility, the amount that a typical American moves up or down the economic ladder from where their parents and grandparents previously were, has gained traction and became by now a major focus of socio-political debate, academic research and popular outrage, especially in the wake of…
Film industry taxation in California
California is known for giving tax incentives for the biggest film and television projects, the production process of which takes place in the state. The first film tax credit program was introduced in 2009 and provided almost a billion ($100 million per year over eight years) in tax breaks and credits to selected feature films and television companies. In 2014, the Legislature drafted and adopted a new film tax credit program that improved the ratio to reach the…
Why Trump’s 1995 Taxes Release Was Strange
Some of you might remember the constant issues with Trump’s taxes, coming up here and there in the election campaign’s cycle… But for those of you who were glad to read some pages of his tax returns way back from 1995, lawyers and accountants have one word for you – confidentiality! Trump’s Accountant/Lawyer Committed ‘”Horrific”‘ Violation Of Legal And Professional Ethics In Discussing His Tax Returns With Media…
