Massachusetts Society of CPAs, AICPA team up for “Bridging the Gap” diversity and inclusion series; NJCPA opens nominations for Ovation Awards; and more CPA news. | IRS sees spike in data breaches for tax pros this year → | | By Michael Cohn 2 min read | | The Internal Revenue Service urged tax professionals and taxpayers to use the free, multi-factor authentication feature offered on tax prep software, as nearly two dozen firms reported data thefts so far. | |
| AAA announces 2020 Accounting Hall of Fame inductees → | | By Sean McCabe 3 min read | | The American Accounting Association will honor five "thought leaders from a breadth of practice and educational backgrounds" at the organization's annual meeting in Atlanta this August. | |
| Tax-prep analyst sees more free filers hampering revenue growth → | | By Andres Guerra Luz 2 min read | | Tax-preparation software companies face headwinds for the revenue they get from each tax return this year due to the combined effect of a rising mix of free filings and lower need for services that assist do-it-yourself filers, according to Morgan Stanley. | |
| Zuckerberg backs digital tax that could boost Facebook’s bill → | | By William Horobin 2 min read | | Mark Zuckerberg for the first time said he supports efforts to create a global digital tax that would ultimately raise the amount Facebook Inc. pays to foreign countries, in a move that may boost efforts to put a new levy in effect by year-end. | |
| White House proposes folding PCAOB into SEC by 2022 → | | By Michael Cohn 2 min read | | The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022. | |
| Senate Democrats introduce bill to eliminate GILTI tax loophole → | | By Michael Cohn 2 min read | | Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, and Sen. Sherrod Brown, D-Ohio, have introduced legislation to block the Treasury Department from providing a way for multinational corporations to choose the lowest available tax rate. | |
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