DAILY BRIEFING

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July 13, 2021

Prepared for Voornaam

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. View 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. View story →

RELATED

Facial recognition: Tax pros mull returning to in-person meetings →

There’s no consensus on when and how practitioners will return face-to-face with clients.

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. View 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. View 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.  View story →

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EU delays push for digital levy to focus on global tax deal

By Aoife White       3 min read

The European Union said Monday it would postpone its push for a controversial digital levy to focus on a negotiation over a broader minimum global tax deal. View story →

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Yellen sets out timeline for Congress on global tax deal

By Christopher Condon       3 min read

The Treasury Secretary hopes Congress can take up two key portions of a global tax agreement endorsed by Group of 20 finance ministers.  View story →

IRS offers guidance on troubled pension plans

By Michael Cohn       3 min read

The Internal Revenue Service posted new rules Friday for multiemployer qualified retirement plans that have run into funding problems and need extra financial help from the Pension Benefit Guaranty Corporation. View story →

What auditors learned from two years of CAM implementations

By Tara Pendleton       6 min read

With two rounds of implementation behind us, it’s time to reflect on what we’ve learned so far from the required disclosures of critical audit matters. View story →

Firms giving back: Dixon Hughes Goodman funds over $160K in NABA scholarships

By Sean McCabe      

The Deloitte Foundation partners with Ohio State University on diversity scholarships; and Cincinnati based firm Barnes Dennig will hold its annual Outreach Day on Oct. 22. View story →

Tech news: Vertex intros solution for VAT calculation and reporting, and more

By Ranica Arrowsmith      

DataRails earns blockbuster Series A funding; and BKD recognizes firm innovators. Read story →

Billionaire earl to use $300M real estate windfall to pay tax bill

By Ben Stupples       2 min read

The 8th Earl Cadogan, will use most of the proceeds of his family’s real estate business from the past decade to settle a U.K. tax charge. Read story →

Malaysia files suit against KPMG partners for $5.64B: Report

By Anisah Shukry and Hadi Azmi       2 min read

The Malaysian government is seeking more than $5.6 billion from the auditors over their role in auditing the state investment fund. Read story →

France sees tax deal near, pushes for minimum rate above 15%

By William Horobin and Maria Tadeo       2 min read

French Finance Minister Bruno Le Maire said he is confident the Group of 20 economies will back a deal on international tax, even as his country pushes for a higher minimum corporate rate. Read story →

G-20 finance ministers set to endorse global tax deal

By Alessandro Speciale and Alex Morales       1 min read

The tax deal proposes a minimum corporate levy of at least 15%, and new rules for dividing up the tax revenues from the world’s largest companies — particularly U.S. tech giants. Read story →

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Tax legislation update and tips for generating client engagements and revenues in 2022

Tuesday, July 13, 2021 2:00 PM EDT

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