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DAILY BRIEFING

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May 13, 2021

Prepared for Voornaam

IRS enlists TaxBit to help catch crypto cheats

By Michael Cohn       6 min read

The Internal Revenue Service has picked TaxBit, a Salt Lake City-based company, as a subcontractor to help it do data analysis and tax calculations for audits of taxpayers with cryptocurrency.  View story →

Innovations in audit: KPMG deploys smart glasses

By Ranica Arrowsmith       3 min read

The Big Four firm was exploring what smart glasses could do before COVID-19. When the pandemic hit, they put their foot on the gas. View story →

RELATED

Former IIA CEO joins AuditBoard →

Richard Chambers has joined the audit technology provider as its senior internal audit advisor.

IRS issues guidance on taxability of dependent care assistance

By Jeff Stimpson       1 min read

Amounts attributable to carryovers or an extended period for incurring claims will be excludable from income. View story →

Companies need to be careful with accounting for crypto

By Michael Cohn       10 min read

As businesses invest in cryptocurrency and sell assets like nonfungible tokens, they should be aware of the accounting and tax issues surrounding them. View story →

Marketing your firm: The digital strategy imperative

By David M. Toth       4 min read

A new era calls for new approaches to client acquisition and client experience. View story →

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The unknown science behind tax credits and incentives

By Ben Worrell       4 min read

In the world of accounting, economic credits and incentives have been shrouded in mystery for some time. View story →

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IRS needs more than audits to find tax cheats, former chief says

By Laura Davison       3 min read

Lawmakers are considering giving the IRS additional funding and authority to expand its tax enforcement operation. View story →

Biden beats first state bids to block stimulus ban on tax cuts

By Erik Larson       2 min read

Ohio and Missouri judges deny injunctions because those states haven’t yet suffered any harm. View story →

Manchin, other Dems back Biden plan to end carried interest

By Laura Davison       2 min read

Three Democratic senators introduced legislation that would stop the tax breaks used by private equity money managers and others.  View story →

Amazon gets $303M EU tax bill thrown out in court

By Stephanie Bodoni       4 min read

European regulators failed to show that the U.S. online retailer was given special treatment by Luxembourg’s tax authority in violation of state-aid rules. View story →

Women have proven they can lead: Give them the chance

By Avani M. Desai       5 min read

The pandemic has only heightened the profession's risk of losing women leaders. Read story →

Social and political factors driving company financial plans

By Michael Cohn       3 min read

Financial executives are eyeing tax changes expected in the Biden administration, demands for more environmental, social and governance reporting, and diversity efforts. Read story →

Democrats reintroduce corporate tax transparency bill

By Michael Cohn       4 min read

Congressional Democrats have reintroduced legislation in the House and Senate to shed more light on the use of corporate tax havens and incentives for outsourcing jobs abroad. Read story →

In the blogs: Last-minute fun

By Jeff Stimpson       3 min read

What they think of you; mistaken death and taxes; small-biz bounce back; and other highlights from our favorite tax bloggers. Read story →

Real estate accountants face pandemic challenges

By Michael Cohn       12 min read

Accounting for real estate owners has become more difficult since the pandemic broke out last year as tenants stopped paying rent, rules changed for leases, and unused office space proliferated. Read story →

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What clients expect from their accountants

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