DAILY BRIEFING

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November 3, 2021

Prepared for Voornaam

What’s next for the SALT cap

By Roger Russell       3 min read

An adverse court ruling leaves wealthy states with fewer options. View story →

When $200K is taxed like $10 million: Latest tax plan targets less affluent with trusts

By Lynnley Browning       7 min read

Democrats, unable to gain traction on taxes that affect only the ultra wealthy, have turned to trusts as little as $200k.  View story →

RELATED

Biden proposes new tax surcharges of 5%-8% on millionaires →

The latest proposal underscores a fierce fight in Congress over ways to pay for Biden's slimmer social-spending agenda.

Accountants look to ESG reporting as UN focuses on climate change

By Michael Cohn       5 min read

The accounting profession is increasing its involvement with sustainability issues as the United Nations hosts world leaders at its COP26 climate change conference in Glasgow, Scotland. View story →

Audit fees continue to rise

By Michael Cohn       3 min read

Average audit fees continued to grow in recent years, increasing nearly 4% from 2019 to 2020 from $2.43 million to $2.52 million, according to a new survey.  View story →

AAM announces new executive director

By Sean McCabe       1 min read

Rhonda Clark, the previous association manager at the Association for Accounting Marketing, will begin her new role Jan. 1, 2022. View story →

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Fluence acquires reporting software developer

By Daniel Hood       1 min read

The Toronto-based financial consolidation and close management software provider is adding U.K.-based XLCubed Ltd. View story →

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M&A roundup: LGA, BA, HW&Co., De Boer Baumann and Avantax expand

By Michael Cohn      

LGA merged in ALL CPAs; BA, Inc. combined with Flynn Accounting Solutions; HW&Co. added the Shealy Group; De Boer, Baumann partnered with NetWerks; and Avantax acquired Warner Finance. View story →

Small-business wages jumped in October

By Michael Cohn       2 min read

The pace of hiring at small businesses continued to increase for the fifth month in a row as wages spiked dramatically. View story →

Blow the dust off that financial plan

By John P. Napolitano       8 min read

It’s important to regularly revisit your clients' future with a fresh set of eyes, View story →

In the blogs: Coming to a boil

By Jeff Stimpson       3 min read

The IRS reaches north; no questions asked on the Mars minis; new on the block; and other highlights from our favorite tax bloggers. View story →

Tax tactic of the ultra-wealthy: Split the masterpiece in two

By Heather Perlberg       4 min read

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break. Read story →

Pelosi presses for vote on Biden bill despite Manchin objections

By Erik Wasson and Emily Wilkins       3 min read

Moderates are echoing Senator Joe Manchin’s complaint about not knowing the full cost and economic impact of the Biden adminstration's plans. Read story →

AICPA asks Congress to clarify rules on 15% minimum corporate tax

By Michael Cohn       4 min read

The American Institute of CPAs sent a letter to Congress’s tax-writing committees asking lawmakers to reconsider the rules around the corporate minimum tax rate that’s currently part of the reconciliation bill now under consideration. Read story →

FASB proposes to change disclosure rules for interim financial reports

By Michael Cohn       2 min read

The Financial Accounting Standards Board proposed an accounting standards update Monday that would modify the disclosure requirements for interim financial reporting. Read story →

PCAOB releases latest inspection reports for Big Four

By Michael Cohn       5 min read

The board released its 2020 inspection reports Monday for Deloitte, Ernst & Young, KPMG and PwC, showing mixed results. Read story →

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The year ahead

Tuesday, December 14, 2021 2:00 PM EST

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