March 30, 2022

In the blogs: Sales afurl

Return of an audit; transforming tax proposals; virtual guidance; and other highlights from our favorite tax bloggers. Keeping busy National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A once-hot trend is about to appear again: the Earned Income Tax Credit audit. HBK (https://hbkcpa.com/insights/): Idaho has joined the ranks of states that have adopted single-sales factor and market-based sourcing for taxing multistate income. CPA Growth […]

Accounting 0 3 min read
March 29, 2022

Bulk Laundry Detergent for Your Business Needs

If you buy something through our links, we may earn money from our affiliate partners. Learn more. Whether you run a hotel, a laundry business or you just need detergent for your regular home use, buying bulk laundry detergent is worth considering since it is among the most used essentials. There are tons of detergents in the market. Some come […]

Management 0 5 min read
March 29, 2022

Facts & Figures 2022: How Does Your State Compare?

How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax data, explore our state tax maps, the […]

Accounting News 0 1 min read
March 29, 2022

Carl Icahn is expanding his animal-welfare campaign to Kroger, after first targeting McDonald’s

In this article KR MCD Carl Icahn Adam Jeffery | CNBC Carl Icahn is expanding his animal-welfare campaign to the nation’s largest supermarket chain, Kroger, after the famed activist investor initially targeted McDonald’s. Icahn has submitted a plan to nominate two candidates to Kroger’s board, the Cincinnati-based company said in a release Tuesday. Kroger said it first heard from Icahn […]

Investing 0 1 min read
March 29, 2022

Are Tax Rebates a Good Way to Provide Relief from Rising Prices?

States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. It’s unsurprising that many policymakers have jumped at the chance to apply surpluses to meet the genuine needs of many residents—but good intentions do not always make for good policy.  Tax rebates, gas tax holidays, and other temporary tax expedients have the potential to add […]

State Tax 0 5 min read
March 29, 2022

SEC climate proposal would expand auditors’ roles

The Securities and Exchange Commission’s proposed rule for climate-related disclosures would involve accountants and auditors more heavily in their clients’ efforts to provide assurance on sustainability reporting. Last week, the SEC unveiled a heavily anticipated proposed rule that would require public companies and other issuers to start including climate risk disclosures in their registration statements and periodic reports (see story). […]

Accounting 0 15 min read
March 29, 2022

JAKKS Pacific (JAKK) and Wingstop (WING): 3/29/2022 Bull & Bear

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Investor Tips 0 16 sec read
March 29, 2022

The bond market is flashing a warning sign a recession may be coming. Here’s why

David Dee Delgado | Getty Images News | Getty Images The bond market is flashing a warning sign for the U.S. economy. That harbinger is called an “inverted yield curve.” These inversions in the bond market have been reliable predictors of past recessions. Part of the yield curve inverted on Monday. An economic downturn isn’t assured, though. Some economists think […]

Personal finance 0 4 min read
March 29, 2022

FASB expands hedge accounting standard

The Financial Accounting Standards Board issued an accounting standards update Monday aimed at better aligning hedge accounting with an organization’s risk management strategies. The update builds on the hedging standard that FASB released in 2017 that also tried to better align the economic results of risk management activities with hedge accounting. That standard upped the transparency around how the results […]

Accounting 0 2 min read
March 29, 2022

Tesla Spikes Higher on Stock Split News

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Investor Tips 0 13 sec read
March 28, 2022

Analyzing Recent Tax Trends Among EU Countries

In recent years, EU countries have undertaken a series of tax reforms designed to maintain tax revenue levels while supporting investment and economic growth. In general, tax reforms focused on reducing individual and corporate income tax rates while increasing environmental or wealth taxes. However, as summarized here, not all tax reforms were created equal. Poorly designed fiscal policy and tax […]

Accounting News 0 7 min read
March 28, 2022

Biden’s 2023 budget includes $14.8 billion for Social Security. Here’s what changes that could bring

U.S. President Joe Biden speaks during an event at the Royal Castle, amid Russia’s invasion of Ukraine, in Warsaw, Poland, March 26, 2022. Aleksandra Szmigiel | Reuters President Joe Biden’s proposed budget for 2023 aims to give the Social Security Administration more funding to improve services. Some groups say the increase doesn’t go far enough. Biden wants to ramp up […]

Personal finance 0 3 min read
March 28, 2022

TaxBit and TaxAct: Crypto Tax Filing Made Easy

As cryptocurrency investments become more mainstream, many taxpayers wonder how they can quickly and accurately report digital currency transactions on their tax returns. Enter your newest tax-filing duo: TaxAct® and TaxBit. What crypto means for your taxes The IRS classifies cryptocurrencies, NFTs, and other digital assets as property for tax purposes. As property, a taxable event is recognized when you […]

Taxes 0 2 min read
March 28, 2022

Treasury Greenbook proposes to raise taxes on corporations and wealthy

The Treasury Department released its “Greenbook” Monday detailing the tax proposals in the Biden administration’s budget, including plans to raise the corporate tax rate to 28% and levy taxes on the unrealized capital gains of “extremely wealthy” individuals. The Greenbook followed the release Monday by President Biden of his administration’s $5.8 trillion budget request for fiscal year 2023, which calls […]

Accounting 0 4 min read
March 28, 2022

House prices are going up. Here’s when you should increase your budget, and when to stick to your original price

Mikolette | E+ | Getty Images Prior to the pandemic’s red-hot housing market, there was a simple profile that constituted an “A” buyer, according to Brian Copeland, a realtor in Nashville, Tennessee. “Four years ago, an ‘A’ buyer was someone who was pre-qualified for a loan, had 3% down and could go out this weekend and buy a home,” said […]

Personal finance 0 5 min read
March 28, 2022

As many as 1.2M stimulus payments may have been mistakes

Of the 175 million advance Recovery Rebate Credits issued by the Internal Revenue Service in 2021, more than 1.2 million payments worth $1.9 billion may have gone to ineligible people, according to a new report. The report from the Treasury Inspector General for Tax Administration also found that as many as 644,705 individuals who are eligible for payments worth a […]

Accounting 0 1 min read