DAILY BRIEFING

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July 14, 2021

Prepared for Voornaam

Hundreds of government entities wrongly claimed tax credits

By Michael Cohn       2 min read

Over 500 government entities improperly applied for advance payments of employer tax credits last year during the COVID-19 pandemic and needed to repay them, according to a new report. View story →

From tea tariffs to taxes — and back

By Roger Russell       4 min read

A whirlwind tour of American taxes, from Boston Harbor to today’s Internal Revenue Code. View story →

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For Ballmer, joining the $100B club comes with tax scrutiny →

The former Microsoft CEO was cited in a ProPublica story that showed how billionaires use ownership of sports teams to lower their tax obligation.

ADP releases new time and scheduling tools, and more

By Ranica Arrowsmith       2 min read

The products come at a time when the American workforce is finding its way back to a post-pandemic “normal.”  View story →

Accountants expect strong economic recovery this year

By Michael Cohn       4 min read

Accountants are anticipating the global economy will return to pre-pandemic levels in the second half of this year, despite worries about inflation, according to a new survey. View story →

Not again: Avoid chaos when new tax regulations kick in

By Benjamin Alarie       4 min read

National tax offices were flooded with more than 500 inquiries a day from their field offices after the 2017 tax law, and a confused response cost some accounting firms clients. What lessons can be learned? View story →

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Garden-variety affluent investors embrace estate planning of the ultra-rich

By Lynnley Browning       4 min read

Trusts aren’t just for the .01%, as some advisors sell mass affluent and high-net-worth clients on their tax benefits. View story →

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In the blogs: Spanning the globe

By Jeff Stimpson       3 min read

Service with a smell; disclosure expectations; new to us; and other highlights from our favorite tax bloggers. View story →

Yellen sees U.S. companies backing global tax deal

By Christopher Condon       4 min read

The Treasury secretary said U.S. companies are likely to provide crucial support in pushing lawmakers to back a global overhaul of corporate taxation. View story →

Senate Democrats split on spending as Biden meets Sanders

By Erik Wasson and Justin Sink       4 min read

Lawmakers remain divided on the size and scope of the fast-track budget reconciliation bill intended to include a raft of social spending and tax increases. View story →

Corporate climate efforts lack impact, say ex-sustainability execs

By Saijel Kishan       8 min read

The overemphasis on measuring and reporting sustainability has delayed, and displaced, the urgent action needed to tackle societal challenges. View story →

LGBTQIA employees leaving accounting profession

By Michael Cohn       9 min read

Nearly one out of five accountants who identified as LGBTQIA left the accounting profession because of a lack of diversity, equitable treatment or inclusion, according to a recent study. Read story →

IRS switched strategies for pursuing wealthy, but came up short

By Michael Cohn       5 min read

The Internal Revenue Service ended a strategy for examining high-income taxpayers in 2017 and switched to another strategy that brought in far less tax revenue in the next few years. Read story →

Leveraging data analytics for the recovery

By Daniel Hood      

As companies look to come back from the pandemic, data analysis can help them bounce back stronger, according to RSM International's Paul Herring. Read story →

Art of Accounting: An accountant I did not like

By Edward Mendlowitz       3 min read

Some people might have ulterior or selfish reasons for doing something, but that doesn’t negate what you can learn from them. Read story →

The accounting principle that helps keep Bitcoin from broader acceptance

By Shuli Ren       3 min read

Accounting firms are restricting corporations from holding the cryptocurrency as assets even as they give free rein to venture capital firms to invest in equally risky and volatile unicorns.  Read story →

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