Michael Cohn

The majority of states are considering a company to have tax nexus if just a single employee is telecommuting from their state, according to a new survey, which could have wide implications for businesses as more of their employees work from home during the COVID-19 pandemic.

The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.

The proposed drafts aim to provide more clarity for partners on how to figure their U.S. income tax liability.

The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.

IFAC, the IAASB and IESBA will remain involved in setting standards, but with changes in governance and composition.

Companies that don’t receive tax services from their auditing firms to avoid compromising auditor independence could end up paying more in taxes, at least temporarily, according to a new academic study.

A group of five national tax authorities has been working together for the past two years on cooperating in the fight against tax crimes, with one man pleading guilty last week in Germany to fraud charges involving cryptocurrency.

Managing cash flow has become the top priority for financial professionals as their businesses have seen significant drops in cash flow, revenue and profits amid the COVID-19 pandemic, according to a new survey.

Startup Breakaway Bookkeeping & Advising is building a network of finance professionals to act as virtual CFOs for small-business clients.

The Sustainability Accounting Standards Board and the Global Reporting Initiative announced a collaborative work plan to provide more clarity on how their two sets of standards can be used together.

Deloitte has opened a legal business services practice in the U.S., expanding a line of business it has offered abroad.

The controls over the pseudonym program used by Internal Revenue Service employees to protect their identities could be improved, according to a recent report.

The American Institute of CPAs’ Auditing Standards Board released an updated standard for auditing accounting estimates and disclosures to deal with the increased volatility of the economy this year in the midst of the novel coronavirus pandemic.

The Senate and House passed bipartisan legislation to help nonprofits remain financially viable during the COVID-19 pandemic.

The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations.

The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.

The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.

The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.

The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.