DAILY BRIEFING

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July 9, 2021

Prepared for Voornaam

Variety is the spice of the IRS’s latest Dirty Dozen

By Jeff Stimpson      

The service has released its annual list of the 12 worst tax scams. View story →

A turn for the worse in IRS treatment of the R&D credit

By Julio Gonzalez       4 min read

The IRS needs to clarify that service firms qualify for the credits, writes Julio Gonzalez. View story →

RELATED

IRS gives tax-exempt status to Christian political group after backlash →

The Internal Revenue Service agreed to grant tax-exempt status to Christians Engaged, a nonprofit that urges Christians to pray for elected officials and vote, after coming under pressure from conservatives.

A diverse and inclusive profession starts with understanding

By Jody Padar       4 min read

Accounting firms and other businesses are losing out on talent because minorities are limited in their opportunities. View story →

IRS gives tax-exempt status to Christian political group after backlash

By Michael Cohn       4 min read

The Internal Revenue Service agreed to grant tax-exempt status to Christians Engaged, a nonprofit that urges Christians to pray for elected officials and vote, after coming under pressure from conservatives. View story →

Newly merged Value Reporting Foundation moves forward on standards

By Michael Cohn       7 min read

The group formed by SASB and the IIRC is developing ESG standards as financial regulators press for improved reporting. View story →

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How do you solve the shortage of succession plans? Make one

By Glenn Friedman, Wendy Valentino       4 min read

Take a look around your own firm to see if an uncomfortable number of senior staff are on the cusp of retirement. Who will replace them?  View story →

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Tax Fraud Blotter: Down the drain

By Jeff Stimpson       6 min read

Very inventive; that’s Sick; sweet charity; and other highlights of recent tax cases. View story →

For Ballmer, joining the $100B club comes with tax scrutiny

By Scott Carpenter       3 min read

The former Microsoft CEO was cited in a ProPublica story that showed how billionaires use ownership of sports teams to lower their tax obligation. View story →

Global tax deal will survive Europe digital-tax plan, OECD says

By William Horobin and Maria Tadeo       2 min read

The European Union’s plan to propose a new digital-services tax is unlikely to undermine global talks aimed at eliminating such levies, according to the head of the international group spearheading the discussions. View story →

Steinhoff struggles to resolve claims after accounting scandal

By Janice Kew       2 min read

The South African-Dutch-German retailer may soon release a revised proposal to resolve more than $8 billion of legal claims after a previous deal recently fell through. View story →

KPMG expands ESG services

By Michael Cohn       6 min read

KPMG has been increasing its efforts to provide environmental, social and governance services to clients through a new initiative called KPMG Impact. Read story →

IRS offers clarity around transportation grants

By Jeff Stimpson       1 min read

The service has answered important questions for transport companies about the taxability and deductibility of some COVID-19-related relief funds. Read story →

IRS plans weekend events to help families with Child Tax Credits

By Michael Cohn       3 min read

The Internal Revenue Service is planning to host events this weekend in a dozen cities to help people who usually don’t file a tax return register for monthly Advance Child Tax Credit payments. Read story →

Sage X3 software vulnerability found, addressed

By Ranica Arrowsmith       2 min read

Sage will automatically apply the fixes for customers as part of its standard maintenance.  Read story →

Xero celebrates 15 years, launches 'Xero Day'

By Ranica Arrowsmith       2 min read

July 6 will serve annually as a day to celebrate Xero's community, and as a day of donation and support for various charities.  Read story →

RESOURCES

WEB SEMINAR

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 →

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