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Archives for 2021
When More Advisor Empathy Isn’t Better And The Compassion-Based Alternative
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AICPA encourages firms to aggressively advance PPP applications
[Editor’s note: The U.S. Small Business Administration and Treasury announced that lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Jan. 15. The application window will open for all lenders Jan. 19.] The AICPA expects the federal government to open up the application process for all lenders participating […]
Not in Trump’s ‘nature to do something that would be important for the country,’ says ex-Defense secretary
Former Defense Secretary Leon Panetta told CNBC’s “The News with Shepard Smith” that lawmakers from both sides of the aisle “need to be realistic” that President Donald Trump will not try to discourage violent protesters in the days leading to President-elect Joe Biden’s inauguration. “This President’s not going to do that,” said Panetta, who served […]
Wealth managers, firms cut off political donations in wake of Capitol attack
A slew of wealth management and asset management firms are pausing political donations in the wake of the deadly attack on the U.S. Capitol by pro-Trump supporters seeking to overturn the results of the election. The policy changes could cut off some politicians from significant campaign funds and show how firms are responding to last […]
Baxter International beats shareholder claims over forex accounting – Reuters
By Jody Godoy 1 Min Read A Chicago federal judge dismissed a proposed class action against Baxter International Inc on Tuesday, writing that shareholders failed to claim the medical equipment company and its top executives knew the company was not accurately recording foreign transactions. U.S. District Judge Sara Ellis said that two pension funds’ allegations […]
Is Chamath the New Warren Buffett?
[embedded content] Subscribe! Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Bitcoin’s Blow-Off Top – the crypto asset lost a quarter of its value in one night, what’s up? ►The new Tesla […]
Final regs. govern deductibility of fines and penalties
Taxpayers subject to government fines and penalties received guidance on when those payments are deductible or not deductible under final regulations posted by the IRS on Tuesday (T.D. 9946). The regulations provide guidance on Sec. 162(f), which was amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, and on […]
Final rules on exempt organization excess remuneration
Tax-exempt organizations received guidance from the IRS on Tuesday regarding the excise tax on compensation in excess of $1 million and certain parachute payments. The IRS issued the final regulations (T.D. 9938) under Sec. 4960, which was added to the Code by Section 13602 of the law known as the Tax Cuts and Jobs Act, […]
PEEC reviewing AICPA Code in response to new SEC independence rules
The AICPA Professional Ethics Executive Committee (PEEC) published a temporary policy statement Monday stating that it will evaluate whether the AICPA Code of Professional Conduct (Code) should be revised as a result of recent SEC rules amendments related to auditor independence requirements. The SEC amendments, which take effect June 9, 2021, with early adoption permitted, […]