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Tax Practice

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August 4, 2020

The hidden tax implications of COVID-19 surcharges

By John Hayashi 4 min read

In today’s COVID-19 world where nothing seems normal, and “new normals” are popping up in every business operation, service businesses are trying to make up for lost income and rising expenses in creative ways that will lessen the financial impact of COVID-19.

New York suggests a fraud probe is driving its bid for Trump records

By Bob Van Voris 3 min read

Manhattan District Attorney Cyrus Vance Jr. suggested his office may be investigating potential bank and insurance fraud by the Trump Organization, as it seeks access to the president’s tax returns and other financial records.

Expiration of enhanced unemployment threatens taxpayers

By Michael Cohn 6 min read

Several unemployed workers described the difficulties they are facing to senators as congressional leaders continue negotiations.

Accounting’s calendar crumbles

By Daniel Hood 3 min read

It’s time to start building the profession’s year around different time scales.

NCCPAP endorses tax preparer regulation

By Daniel Hood 2 min read

The group wrote to legislators supporting ‘The Taxpayer Protection and Preparer Proficiency Act.’

IRS restricts carried interest tax break used by hedge funds

By Laura Davison 2 min read

The Internal Revenue Service released regulations to restrict a valuable tax break that hedge fund managers were able to claim after an error in 2017 Republican tax law.

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Adjusting Allowances for COVID-19

Incorporate a quantitative adjustment into your allowance framework under COVID-19

Rich investors will be fine if Biden hikes taxes, UBS says

By Berber Jin 3 min read

With Joe Biden leading President Donald Trump in the polls, some investors are concerned the age of corporate tax cuts and deregulation may soon end, replaced by a Democratic administration eager to soak the rich.

Tax Fraud Blotter: Booked for bundles

By Jeff Stimpson 6 min read

Father-daughter dance; long-distance relationships; this auction is closed; and other highlights of recent tax cases.

KPMG to provide HP tax services in global co-sourcing deal

By Danielle Lee 2 min read

The Big Four firm announced it will provide a range of tax services to HP Inc. in 60 countries.

Tax Strategy: Proposed regs on qualified transport fringe benefits

By Mark A. Luscombe 5 min read

The rules for employer-provided parking are particularly complex.