Pinning down whether an activity is a trade or business for tax purposes, whether a tax penalty should be waived for reasonable cause, or the eternal question of when income is recognized for tax purposes — these issues arise often, and CPAs can benefit from being familiar with the judicial doctrines governing them. That’s the […]
Archives for June 2021
State Pension deferrals drop to record low
The number of people receiving an increased State Pension after deferring the benefit has dropped to its lowest level since the figures started being recorded in 1999. In September 7.7% of State Pensioners (959,000 people) were receiving an increased weekly amount after deferring, according to new figures from the Department for Work and Pensions (DWP). […]
‘On the right track’: Plan set up to address Wellfleet’s accounting woes found in audit – Cape Cod Times
WELLFLEET — A plan has been put in place by town officials to try to address the issues raised and recommendations made by the Powers and Sullivan company after an audit it performed showed several weaknesses in the town’s accounting practices. A spreadsheet listing the auditors’ recommendations, how the town plans to address them, the stakeholders involved, and a timeline for action is now available to […]
Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129). The “Child Tax Credit Non-Filer Sign-Up Tool” (CTC tool) […]
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality (CAQ) voiced support for the SEC’s exploration of disclosures related to climate change and environmental, social, and governance (ESG) issues in comment letters sent to the commission on Friday. The SEC in March asked for comments on its disclosure rules and guidance related to climate change disclosures […]
7 lessons from Blue Man Group on scaling an advisor practice
In the late 1980s, three friends living in a cramped New York City apartment had the wacky idea of painting themselves blue after donning bald head wigs. They proceeded to put on shows entertaining people without speaking a single word. The group, Blue Man, began performing unique, fun-filled performances that drew ever-increasing audiences and stellar […]
White and Black workers are retiring early for very different reasons
Many White Americans are retiring earlier than planned because they can afford to. But for Black Americans, health problems or disabilities are more likely to force them to stop working prematurely. That’s one of the findings of a survey released Thursday that focused on challenges facing Black and Hispanic Americans when saving and preparing for […]
Delegation is the key to Sir Richard Branson’s success
Sir Richard Branson, founder of Virgin Group, cuts a charismatic figure. He’s a famed entrepreneur who built a record company into a multibillion-dollar global conglomerate, but he’s almost as well known for his adventurous lifestyle and attempts at setting world records for sailing across the Atlantic and circling the globe in a hot air balloon. […]
The wage inflation is going to stick
[embedded content] More youtube from us, subscribe here. Get the whole podcast on your favorite app right here: The Compound and Friends I wrote about this topic other day in case you missed it: It can’t be transitory (TRB)
Why the World Needs More Black Accountants – The New York Times
Historically, the C.P.A. profession excluded people of color because you need to work under the supervision of a C.P.A. in order to become a C.P.A. So if C.P.A.s were not hiring people of color and women in the past, then their chances of getting that experience was very low. To put it in context, this […]