DAILY BRIEFING

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July 1, 2021

Prepared for Voornaam

Taxpayer Advocate prods IRS to improve service, reduce backlog

By Michael Cohn       6 min read

National Taxpayer Advocate Erin Collins pointed to continuing backlogs at the Internal Revenue Service and difficulty reaching telephone assistance in a report to Congress Thursday. View story →

Supreme Court denies marijuana dispensaries' challenge to IRS

By Roger Russell       2 min read

The justices declined to hear a case from a group of Colorado dispensaries challenging the service's ability to investigate them. View story →

RELATED

Supreme Court ACA decision moots protective refund claims →

Taxpayers won't be able to recover previously paid Medicare taxes and NIIT.

Intuit introduces Advisory Services Training for ProAdvisors

By Ranica Arrowsmith       4 min read

Intuit continues to inject automation into its suite of QuickBooks products. View story →

M&A roundup: Friedman and Herbein expand

By Michael Cohn      

Friedman added Bohlmann Accounting Group, and Herbein + Company merged in Mosteller & Associates. View story →

Pathways to Growth: The floodgates of tech are open

By Gale Crosley       6 min read

Now it’s time for accounting firms to use these new tools to drive digital demand. View story →

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Private sector added 692K jobs in June

By Michael Cohn       2 min read

ADP saw further signs of economic recovery from the COVID-19 pandemic. View story →

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New instructions for Schedules K-2, K-3 eye int’l tax

By Jeff Stimpson       1 min read

The early draft instructions respond to comments the IRS received from last summer's draft instructions. View story →

Boomer’s Blueprint: Future-ready vs. obsolete work skills

By L. Gary Boomer       5 min read

 View story →

Recruit star partner talent

By Geoff Bruskin, Richard Stanger       5 min read

The war for top partner talent at CPA firms has never been as hot as it is today.  View story →

Ernst & Young is tackling complicated payroll processes with this new app

By Paola Peralta       2 min read

The pandemic forced thousands of employees to depend on — and subsequently suffer at the hands of — inadequate HR tech strategies. This solution aims to fix that.  View story →

Biden targets tax tactics of the richest 0.1%

By Allyson Versprille and Ben Steverman       4 min read

The administration is aiming at trusts — particularly dynasty trusts, vehicles that wealthy families can use to benefit multiple generations of descendants. Read story →

SALT lawmakers take to House floor in push for tax break

By Laura Davison       2 min read

A rare show of bipartisan unity unfolded Tuesday, with 18 lawmakers making the case for an expansion of the state and local tax deduction. Read story →

Trump Organization, CFO to be charged Thursday in Vance probe

By Erik Larson and Jennifer Jacobs       3 min read

Chief Financial Officer Allen Weisselberg is expected to be charged in the first cases to emerge from a multiyear investigation of the former president’s company Read story →

Carried interest tax break unites PE firms as Congress takes aim

By Laura Davison and Sabrina Willmer       5 min read

The private equity industry is trying defend a cherished tax break that Democrats have targeted for elimination.  Read story →

Caribbean tax havens fear global crackdown

By Jim Wyss       4 min read

A proposed global minimum corporate tax would undermine the incentive for multinationals to set up shop on storm-prone islands. Read story →

RESOURCES

WEB SEMINAR

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

Tuesday, July 13, 2021 2:00 PM EDT

Get a head start on next tax season by learning what types of planning might be in store for you and your clients heading into 2022, including a review of all COVID-19 relief provisions, the SECURE Act and the CARES Act. Learn More →

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GASB 87: Get ahead of the deadlines with the right approach

An easy guide for Financial Controllers to achieve and maintain compliance with GASB 87. Learn More →

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ASC 842: Get ahead of the deadlines with the right approach

An overview for achieving and maintaining compliance with the ASC 842 lease accounting standard. Learn More →

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