DAILY BRIEFING

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September 15, 2021

Prepared for Voornaam

Bombshell tax draft throws curveball at retirement plans, inheritances, levies on the rich

By Lynnley Browning       5 min read

While Biden isn’t getting some of his proposed tax increases on the wealthy, some surprising new hikes may be in the works.  View story →

Inflation brings big changes in tax brackets

By Michael Cohn       2 min read

The high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022. View story →

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Bloomberg enhances State NOL Manager →

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

No sales tax changes at state level, but a record number for localities

By Roger Russell       4 min read

Vertex's annual Mid-Year Report reveals the COVID-19-driven differences in the way jurisdictions are approaching rates. View story →

Accountants and ESG

By Daniel Hood      

Becker's Tim Gearty shares insights on why and how accountants are getting involved in sustainability and environmental, social and governance disclosures. View story →

Accountants can help companies navigate future uncertainties amid pandemic

By Michael Cohn       4 min read

Predictive analytics, combined with knowledge of the business and scenario planning, can help organizations make better forecasts. View story →

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IRS closing paper tax return processing center in Fresno

By Michael Cohn       2 min read

Taxpayers and tax professionals in some Western states will need to begin using a new mailing address.  View story →

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Connect with your clients by building relationships of trust

By Justin Hatch       3 min read

It is critical for CPAs to help their clients see who they really are: integral members of the team, working tirelessly to help the business succeed. View story →

AICPA offers advice for employee benefit auditors

By Michael Cohn       2 min read

The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised standard. View story →

Wolters Kluwer launches free audit data analytics library

By Ranica Arrowsmith       1 min read

The resources are geared toward moving auditors away from traditional data sampling to real-time analysis.  View story →

Intuit to acquire email marketer Mailchimp for $12B

By Liana Baker and Katie Roof       3 min read

Intuit Inc., the maker of TurboTax and QuickBooks software, agreed to buy privately held email marketing firm Mailchimp for $12 billion in cash and stock, uniting two providers of services for small businesses. View story →

Biden allies shy from taxing rich, eroding inequality pledge

By Nancy Cook and Mike Dorning       5 min read

President Joe Biden’s push to ramp up taxes on the wealthy is getting diluted by his Democratic allies in Congress, undermining his chances of fully delivering on his 2020 campaign pledge to curb America’s widening inequality. Read story →

SALT cap rollback for two years debated by House Democrats

By Kaustuv Basu and Billy House       2 min read

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes. Read story →

Alexandria Ocasio-Cortez brings ‘tax the rich’ message to New York’s elite

By Amanda L Gordon       3 min read

The progressive Democratic congresswoman Alexandria Ocasio-Cortez used the Met Gala to make a political statement by wearing a dress with the message splashed across the back. Read story →

In the blogs: Now the fun begins

By Jeff Stimpson       2 min read

Buyback fallacy; change proposed for quarterly taxes; solidifying client relationships; and other highlights from our favorite tax bloggers. Read story →

COVID-19 having long-term impact on internal audit

By Michael Cohn       10 min read

Internal auditors are seeing far-reaching effects from the COVID-19 pandemic on the way they do their work, according to a new survey. Read story →

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