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July 6, 2020

Continuous CPA Exam testing for U.S. candidates begins

By Sean McCabe 1 min read

The National Association of State Boards of Accountancy, the American Institute of CPAs and testing administrator Prometric have launched the Continuous Testing model for U.S. CPA Exam candidates, due to the ongoing coronavirus pandemic, effective July 1, 2020.

IRS says it will not extend tax filing deadline beyond July 15

By Laura Davison 1 min read

The Internal Revenue Service won’t further delay the tax filing and payment deadline past July 15, despite requests to do so, the agency said Monday.

What’s on the table for the next round of U.S. coronavirus relief

By Erik Wasson, Laura Litvan and Josh Wingrove 7 min read

With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus.

Deadline looms for unclaimed billions in federal refunds

By Jeff Stimpson 1 min read

$1.5 billion is available for taxpayers who didn’t file a federal income tax return.

Inside the intentionally defective grantor trust

By Roger Russell 4 min read

IDGT’s are particularly useful estate planning tools in a low-interest-rate environment.

IRS revamps annual data book to highlight new areas of importance

By Michael Cohn 5 min read

The new format aims to showcase the IRS’s work in fiscal year 2019, along with an additional message about its response this year to the novel coronavirus pandemic.

Tax Fraud Blotter: Run and gun

By Jeff Stimpson 6 min read

Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases.

Millionaires face near-zero chance of IRS audit — for now

By Laura Davison and Allyson Versprille 3 min read

If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.

Clarifying 5 common misconceptions about cost segregation

By Greg Bryant

Cost segregation can be more complex than you think, depending on who owns the asset, how the property reports revenue, the nature of repairs and improvements made, and the depreciation time frame desired.

M&A roundup: BDO, RubinBrown, Wessel and Hancoock Askew expand

By Michael Cohn

BDO USA is adding CFO Advisors and MorganFranklin Consulting’s public sector practice; RubinBrown Advisors combines with Wealth Management Advisors; Wessel & Company merges in Perry & Company; and CA P.A. joins Hancock Askew & Co.

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