Month: April 2020

A recent report outlines to what extent OECD countries rely on various tax revenue sources. Today’s map looks at property tax revenue in European OECD countries, which, compared to other types of taxes, accounts for a relatively small share of total tax revenue. In 2018, property taxes accounted on average for only 4.6 percent of tax
0 Comments
An independent audit into Wirecard AG concluded that it was unable to obtain the data needed to confirm past revenues, and criticized the payment processor for internal “shortcomings” and unwillingness by its third-party partners to contribute to the report. As a result, KPMG couldn’t check on revenues of 1 billion euros ($1.1 billion) in transactions
0 Comments
Ariel Investments co-CEO and president Mellody Hobson speaks at the 2017 Fortune Most Powerful Women Summit in Washington, D.C. Paul Morigi | Getty Images Entertainment | Getty Images Investment expert Mellody Hobson is a firm believer in teaching kids about investing. She’d like it taught at every school in America — even at a young
0 Comments
The Internal Revenue Service announced that it is delaying its Special Enrollment Examination tests for Enrolled Agents due to the ongoing novel coronavirus pandemic shutting down its testing centers. “Because test centers are closed, the 2020-2021 test window will not start on May 1,” the IRS said in a statement Wednesday. “Those candidates who already
0 Comments
General Electric reported Wednesday a steep declines in first-quarter revenue and earnings as the industrial giant took a hit amid the coronavirus pandemic.  The company posted a total revenue of $20.524 billion, which represents a year-over-year decline of 8%. GE Industrial profits fell 46% year over year to $1.096 billion from $2.017 billion. On an
0 Comments
This week’s map looks at another barrier to business and consumer recovery: capital stock taxes. These taxes impair economic growth in the best of times, but during an economic contraction they are particularly harmful to businesses struggling to remain viable. As many businesses may need time to return to profitability after the crisis, states should
0 Comments
The federal government initially reacted to the coronavirus crisis by enacting three legislative responses: first, the Coronavirus Preparedness and Response Supplemental Appropriations Act, then the Families First Coronavirus Response Act, and finally, the Coronavirus Aid, Relief, and Economic Security, or CARES, Act, all of which provide a mix of myriad benefits. And at press time,
0 Comments
Getty Images If you received a stimulus check for a deceased relative, you should think twice before spending that money. Treasury Secretary Steve Mnuchin told The Wall Street Journal that he expects families who receive those checks to return the money. “You’re not supposed to keep that payment,” Mnuchin told the paper. “We’re checking the
0 Comments
With the economy reeling from the coronavirus pandemic, accountants find themselves in an unprecedented position to help create a new normal for both themselves and their clients. We asked the leaders of several CPA state societies to share how they are seeing their members respond to these challenging times, what guidance they are providing them,
0 Comments
Cyber-safety at home; next for PPP and other relief; IDs not confidential; and other highlights from our favorite tax bloggers. What a tool Intuit Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Tax professionals will want to know about a new web tool allowing quick registration for Economic Impact Payments. Launched by the U.S. Treasury Department and the IRS,
0 Comments