Month: May 2020

New online portal tool P3 was launched to help CPA firms and clients navigate and document the Paycheck Protection Program loan process. Founded by Atlanta-based AGL CPA partners Jay Robbins and Bradley Sienkiewicz, P3 is a centralized location for CPA firm clients to upload supporting documentation for PPP loan forgiveness and view the percentage of
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The diversity of transactions that occur in the crypto ecosystem touch almost all parts of the U.S Internal Revenue Code. However, the Tax Code contains no reference to “virtual currency” or “crypto currency.” Instead, you will find myriad technical rules that can be hard to understand, or lead to the wrong answer when viewed in
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Mohamed El-Erian told CNBC on Tuesday that there was “good news across the board” on the coronavirus battle as U.S. stock surged. Appearing on “Squawk Box,” the chief economic advisor at Allianz said he is encouraged by developments on a potential Covid-19 vaccine and the lack of a dramatic spike in new cases as states moved to reopen
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On May 26, 2020, thought leaders Gary Boomer, Allan Koltin and Gary Shamis shared their insights on the new challenges facing accounting firms and their leaders, and the steps they should be taking to survive the pandemic and thrive in its aftermath. Watch their conversation above, and then join us for a four-part live series
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The Internal Revenue Service collected nearly $3.4 trillion through more than 160 million individual and business tax returns during fiscal year 2018. For all this revenue, approximately 991,000 returns were examined, representing less than 1 percent of all tax returns filed. The number of examinations conducted to uphold enforcement has been declining year over year
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This summer for the first time, taxpayers will be able to electronically file their Form 1040-X, “Amended U.S. Individual Income Tax Return.” Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years, the agency said, adding that it’s also been an ongoing request from the tax
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Note: Below is an excerpt of our full report. To see more, click the download link above. Introduction The digitalization of the economy has been a key focus of tax debates in recent years. Political debates have focused on the differences between taxing physical business operations and virtual operations. These debates have intersected with multiple layers of tax policy including
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