DAILY BRIEFING

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June 28, 2021

Prepared for Voornaam

IRS turns to data analytics to track crypto tax evasion

By Michael Cohn       13 min read

The Internal Revenue Service is focusing on cryptocurrency tax evasion with virtual currencies like Bitcoin and nonfungible tokens, employing data analytics to uncover transactions that crypto users assumed were hidden. View story →

On the move: MarksNelson adds new partner

By Danielle Lee      

Sikich opens new offices in Indianapolis and Milwaukee to support flexible work model; NJCPA recognizes 2021 Lifetime Leader; and more CPA news.  View story →

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Tech news: FloQast releases request management tool for monthly close, and more

By Ranica Arrowsmith      

Biller Genie adds customization features to AR software, and Cloud at Work is now Oasis Solutions’ exclusive Sage hosting provider. View story →

Firms giving back: BKD invests millions in staff, charities

By Sean McCabe      

Friedman announces an annual donation to the Council of Urban Professionals; and the Massachusetts Society of CPAs commits $25K to accounting education. View story →

Does your firm suffer from outrage constraints?

By Benjamin Alarie       4 min read

Clients howl if invoices rise past a certain level, yet your firm’s services can suffer if it holds back in fear of their indignation. Here’s how to strike the right balance. View story →

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New bill would crack down on conservation easement tax abuses

By Michael Cohn       3 min read

Congress reintroduced legislation to prevent abuses of a tax break that’s supposed to protect public lands, but is often used as a tax shelter.  View story →

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Biden infrastructure win ramps up fight over economic agenda

By Nancy Cook and Jennifer Epstein       6 min read

The $579 billion infrastructure deal is a win, yet the bipartisan plan faces hurdles in Congress that reflect challenges to the president's broader economic agenda. View story →

IRS releases data on activities during COVID

By Michael Cohn       3 min read

The service released a Data Book Thursday highlighting its work this past fiscal year, particularly in response to the pandemic. View story →

Tax Fraud Blotter: Smoked out

By Jeff Stimpson       5 min read

Faster than a speeding fraud; significant adjustments; register schmegister; smoked out; and other highlights of recent tax cases. View story →

Biden, senators get $579B bipartisan infrastructure deal

By Erik Wasson, Laura Litvan and Jennifer Epstein       5 min read

The cost of the expenditures would be offset by a variety of revenue-raising provisions, including stronger enforcement of tax collections from the wealthy.  View story →

Dead banker’s aides guilty over secret Credit Suisse stash

By Gaspard Sebag       3 min read

Late M&A banker Jean-Marc Forneri’s Swiss lawyer and wealth manager were found guilty of helping him conceal assets and dodge taxes in a French crackdown on those who facilitate financial crime. Read story →

Accountants support global vaccine effort

By Michael Cohn       3 min read

IFAC signed an agreement with two global health groups to improve accounting practices in the public health sector. Read story →

FASB asks for feedback on future standards agenda

By Michael Cohn       2 min read

Having completed many of its major current projects, the board is looking for suggestions on what to work on going forward. Read story →

Tax season: A learning experience for all concerned

By Roger Russell       6 min read

The IRS, tax preparers and taxpayers all scrambled to keep up with a rapidly changing situation this year. Read story →

COVID exposed need for IRS funding: ETAAC

By Jeff Stimpson       2 min read

The advisory committee’s annual report to Congress highlights the dangers of cutting the service’s budget. Read story →

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Tax legislation update and tips for generating client engagements and revenues in 2022

Tuesday, July 13, 2021 2:00 PM EDT

Get a head start on next tax season by learning what types of planning might be in store for you and your clients heading into 2022, including a review of all COVID-19 relief provisions, the SECURE Act and the CARES Act. Learn More →

SPONSOR CONTENT FROM WOLTERS KLUWER

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