DAILY BRIEFING

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June 23, 2021

Prepared for Voornaam

Expect sales taxes to proliferate post-pandemic

By Roger Russell       3 min read

Taxing jurisdictions are less anxious about revenue — but they’ll be more focused on sales tax than before. View story →

IRS offers online tools for managing Child Tax Credit payments

By Michael Cohn       4 min read

The Internal Revenue Service opened a portal to enable families to monitor and manage their monthly advance payments of the expanded Child Tax Credit.  View story →

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IRS offers tool to register for monthly child tax credit →

The Internal Revenue Service and the Treasury Department introduced an online tool that enables families to register for monthly payments of the expanded Child Tax Credit.

Transformative tax proposals in Treasury’s Green Book

By Roger Russell       6 min read

Tax experts dissent the Biden budget proposal in search of planning opportunities. View story →

PCAOB hits pause on setting up new outside advisory groups

By Michael Cohn       2 min read

The Public Company Accounting Oversight Board is reassessing its plans to reestablish its outside advisory groups after the latest bout of turmoil at the audit firm regulator. View story →

What private companies get wrong about internal controls

By Kirsten Vosen       3 min read

The thoughtful development of a formalized internal control framework can help with effective management of risk.  View story →

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H&R Block’s Wave unit plans new AR abilities

By Michael Cohn       5 min read

The tax prep giant's financial technology innovation arm is adding new accounts receivable features to its bookkeeping software. View story →

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In the blogs: Meet the parents

By Jeff Stimpson       2 min read

A new holiday; VAT questions; give parents credit; and other highlights from our favorite tax bloggers. View story →

AICPA seeks applicants for 2021-22 student scholarships

By Sean McCabe       2 min read

The American Institute of CPAs is offering more than $125,000 through the CPA Exam Scholarship and the COVID-19 Student Hardship Grant. View story →

A record buyout is just the start as wealthy flee U.S. tax hike

By Melissa Karsh, Michelle F. Davis and Devon Pendleton       5 min read

A combination of high valuations on companies and potentially higher taxes in the future is proving to be a potent motivator for selling private companies. View story →

White House officials head to Hill for infrastructure talks

By Erik Wasson and Jenny Leonard       3 min read

Top administration aides are set to meet with a group of senators trying to come up with an infrastructure compromise. View story →

Oil companies at risk of stranded assets without better financial reporting

By Michael Cohn       4 min read

U.S. oil and gas companies, along with their investors, may not be doing enough to reflect the impacts of the climate crisis in their financial reports.  Read story →

IRS offers guidance on depreciating residential rentals

By Michael Cohn       2 min read

The service has posted new procedures to explain how a change in tax law last year potentially affects the depreciation of residential rental property.  Read story →

KPMG faces $21M fine for H.I.G. Capital conflict

By Todd Gillespie and Ellen Milligan       1 min read

KPMG U.K. Ltd. faces a 15 million pound ($21 million) fine after it committed “gross misconduct” over a conflict of interest when it advised bed manufacturer Silentnight and the private equity firm that bought it in 2011. Read story →

Fraud likely to increase post-pandemic

By Michael Cohn       5 min read

Anti-fraud professionals are anticipating a rise in fraud this year after seeing it go up since the beginning of the COVID-19 pandemic last year. Read story →

Art of Accounting: Staff career management

By Edward Mendlowitz       3 min read

Staff should have well-rounded experience for their first three or four years and then should look for an area to specialize in. Read story →

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Building the modern tax department of the future: Embracing technology to drive your business

Wednesday, June 23, 2021 2:00 PM EDT

Tax reform, specific tax work-streams, acquisitions, keeping up with changing business activity and macro changes related to politics and the economy has put even more strain on corporate tax departments.  Learn More →

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Top 200 growth industries from 2021 to 2026

These 200 industries are poised to grow over the next 5 years, though several are facing a slew of risks. Learn More →

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Helping nonprofits navigate the future

Tuesday, July 27, 2021 2:00 PM EDT

Few clients need their accountants’ help more than nonprofit organizations, which face a host of constraints and new expectations even in the best of times – but with the COVID-19 pandemic having seriously impacted their ability to both fulfill their core missions and raise much-needed funds, nonprofits need help more than ever. Learn More →

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