Audit firms can enhance the reliability of environmental, social and governance reporting during the novel coronavirus pandemic, according to a new report from the Center for Audit Quality. The report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, describes how investors are using ESG information and the changing role of auditors in
The IRS still hasn’t found everyone who is due a $1,200 stimulus check from the government, and locating everyone eligible for the payments will be key for any additional pandemic relief Congress may pass later this year. IRS Commissioner Charles Rettig told the Senate Finance Committee Tuesday that the agency was working with states and
swissmediavision The seemingly endless nationwide pandemic lockdown has resulted in a lot of pent-up travel demand. As the second major long holiday weekend of summer gets underway, people looking to celebrate Independence Day are getting in their cars and campers for road trips — deemed by many a safer bet than air or cruise travel.
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic. The IRS issued Notice 2020-53 Wednesday to offer regulatory and tax relief to issuers, operators, owners, and tenants of
Avalara plans to release a new product for small businesses to manage the sales tax return preparation process. Avalara Returns for Small Businesses arrives at the two-year mark of the Supreme Court Wayfair decision, which allows states to now collect sales tax from remote sellers. To date, 43 states and the District of Columbia have
Lawmakers are giving cash-strapped entrepreneurs more time to apply for emergency funding. But the effort might be insufficient to keep business owners afloat. The Paycheck Protection Program, the forgivable loan program that was established through the federal CARES Act, was originally intended to cover eight weeks of payroll costs, plus mortgage interest, utilities and rent
Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. Denver: Tax defier Lawrence Birk has pleaded guilty to failing to surrender to serve his prison sentence for tax evasion and illegal possession of a firearm. Birk, convicted a year ago of tax evasion, founded a sole proprietorship,
With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus. Thursday’s Labor Department report, which showed a bigger than expected increase of 4.8 million jobs in June, didn’t lessen the sense of urgency
According to EU law, every EU country is required to levy an excise duty on beer of at least €1.87 per 100 liters (26.4 gal) and degree of alcohol content, translating to approximately €0.03 per 330ml (11.2 oz) beer bottle at 5% abv. As today’s map shows, only a few EU countries stick to the minimum
An artist’s rendering of a Momentus Vigoride transfer vehicle deploying satellites in orbit. Momentus A space startup offering a “last mile delivery” service for spacecraft is continuing its deal spree this year, becoming an increasingly important player in the growing small satellite market. Momentus, a Santa Clara, California-based company, has so far struck $40 million
The holiday weekend is almost upon us and many are getting ready for a weekend of family and celebration. Independence Day means firing up the barbecue, setting off fireworks, enjoying cold drinks, and wearing flag paraphernalia. It also means spending big: last year, Americans spent $6.7 billion for the Fourth of July. This year, due
President Donald Trump speaks to journalists in the Brady Press Briefing Room at the White House July 2, 2020. The president addressed reports that the unemployment rate fell to 11.1%. Chip Somodevilla/Getty Images The U.S. unemployment rate is at its lowest level in months and the economy added a record number of jobs in June.
Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who didn’t file a 2016 federal income tax return. The problem: They have only until July 15 to claim the money. The IRS estimates the midpoint for the potential refunds is $861, or about a third of the average
The growth of the digital economy over the last several decades has raised important questions about how to tax corporations that no longer need a physical presence in a country to turn a profit there. For months, countries in the Organisation for Economic Co-operation and Development (OECD) have been working towards a multilateral solution to this challenge,
Bobby Bonilla of the New York Mets looks on before a baseball game against the Arizona Diamondbacks on May 15, 1999 at Shea Stadium in New York. Mitchell Layton/Getty Images Bobby Bonilla, who retired as a baseball player in 2001, hasn’t played for the New York Mets since 1999. Yet Bonilla is among the highest-paid
The Institute of Management Accountants appointed accounting professor Paul Juras as chair of IMA’s Global Board of Directors for fiscal year 2021 from July 1, 2020 to June 30, 2021. Juras (pictured), a professor at Babson College in Wellesley, Massachusetts, plans to focus on creating educational opportunities for students and developing technological strategies to drive
If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency. So far, the Internal Revenue Service has audited 0.05% of those earning $1 million to $5 million in 2018, according to data
Today begins Germany’s presidency of the council of the European Union. The EU presidency rotates among EU member countries every six months; Germany’s presidency will last through the end of 2020. In addition to a new six-month presidency, this is also the beginning of an 18-month cycle with Germany, Poland, and Slovenia working on a
BlackRock’s global chief investment strategist said after the market’s strong gains, he is more cautious on U.S. stocks into the second half of the year because of risks of fading fiscal stimulus and potential election volatility. BlackRock Investment Institute, in its second half outlook, said it retains equities at neutral, or benchmark weight in portfolios.