DAILY BRIEFING

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June 3, 2021

Prepared for Voornaam

Tax changes in the wind

By John P. Napolitano       6 min read

Financial planning clients need to start preparing for potential legislative upheavals now. View story →

Deloitte commits $75M toward diverse CPAs

By Sean McCabe       4 min read

The Big Four firm has launched the Making Accounting Diverse and Equitable initiative in an effort to reach Black and Latinx accounting candidates earlier in their lives and provide future professionals with lifelong resources. View story →

RELATED

ICPAS announces 2021 academic scholarship recipients →

The Illinois CPA Society awarded $104,500 in scholarships to 55 local accounting students as part of its annual Accounting Scholarship Program.

SAP intros AI-powered expense solution for Concur, and more

By Ranica Arrowsmith      

SAP has announced several new software offerings to enhance business processes, leveraging the cloud, data and artificial intelligence. View story →

Auditors focusing more on ESG risks

By Michael Cohn       4 min read

As companies come under increasing pressure to deal with climate change and diversity, their internal auditors are putting more emphasis on making sure environmental, social and governance reports are reliable. View story →

ICPAS announces 2021 academic scholarship recipients

By Sean McCabe       2 min read

The Illinois CPA Society awarded $104,500 in scholarships to 55 local accounting students as part of its annual Accounting Scholarship Program. View story →

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Small-business job and wage growth slowed slightly in May

By Michael Cohn       3 min read

While the rate of job growth in the leisure and hospitality sector increased last month, it slowed in the construction industry, according to Paychex. View story →

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Moving from talk to results at firms

By Tony Zecca       4 min read

Talk is easy, results are the challenge. What should your firm do? View story →

IRS seeks nominations for 2022 Advisory Council

By Jeff Stimpson       1 min read

The service is looking for members for three-year terms to start in January of next year. View story →

In the blogs: Nothing’s free

By Jeff Stimpson       2 min read

Fifty years of preparing taxes; golden days for whistleblowers; confusion in Colorado; and other highlights from our favorite tax bloggers. View story →

Biden targets a tax break that helped Trump build his fortune

By David Kocieniewski and Caleb Melby       8 min read

The so-called 1031 like-kind exchange rule was created a century ago to aid family farmers. View story →

SALT cap confounds doomsayers as fears of exodus prove overblown

By Jonathan Levin       2 min read

Contrary to the dire predictions at the time, the massive overhaul of the nation’s Tax Code during Donald Trump’s presidency had a negligible initial impact on the nation’s domestic migration patterns, new data from the Internal Revenue Service show. Read story →

Global negotiators tussle over revenue threshold in tax talks

By Isabel Gottlieb, Birgit Jennen and Alessandra Migliaccio       4 min read

European officials are considering a proposal from the Biden administration to make companies with at least $20 billion in annual revenue pay more of their tax bill in places they operate, while being less enthused that the U.S. offer would limit levies to just 100 firms. Read story →

TCJA int'l tax rules proved onerous for multinationals

By Michael Cohn       3 min read

A GAO report finds that the regulations were burdensome for multinational companies, even though they saved through lower tax rates. Read story →

Bloomberg enhances State NOL Manager

By Michael Cohn       1 min read

Bloomberg Tax & Accounting has improved the product to help multistate businesses with net operating losses across multiple states. Read story →

GASB proposes to ease requirements for accounting changes, error corrections

By Michael Cohn       1 min read

The Governmental Accounting Standards Board issued a proposal to improve the accounting and financial reporting requirements for state and local governments. Read story →

RESOURCES

WEB SEMINAR

How mid-sized accounting firms are scaling with technology

Tuesday, June 8, 2021 12:00 PM EDT

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Digital tax workflow in the cloud

Thursday, June 17, 2021 2:00 PM EDT

Extension season is a perfect time perform your due diligence and consider upgrading from your current tax prep and compliance software to the cloud. If you start the process now, you can be ready for 2022. Learn More →

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