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Tax practitioners brace for gambling income surge
As sports wagering becomes more accessible, tax practitioners must prepare for clients with gambling income. TIGTA recently reported that around 150,000 individuals who won over $15,000 failed to file tax returns on those earnings. Tax practitioners need to emphasize that all gambling winnings are taxable, regardless of how they are reported. Casual gamblers should report…
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PwC scandal triggers big split risk for consulting giants in Australia
An Australian parliamentary inquiry has made more than 40 recommendations to reform the audit and consulting industry, following a major scandal involving PwC that saw the Big Four firm misuse confidential tax briefings to shape tax strategies for clients ahead of the introduction of new laws in 2016. It calls for key partnerships to be…
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Over 25% of workers fear AI will diminish or replace their role
A new report from Grant Thornton has found that 28% of U.S. employees are concerned at the prospect of of their jobs being reduced or replaced by artificial intelligence (AI). Fears surrounding AI and automation are among a host of challenges facing today’s workers, who are also coping with increased burnout, global conflicts, post-pandemic inflation,…
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Washington voters reject capital gains tax repeal
Washington voters have decisively rejected Initiative 2109, aimed at repealing the capital gains tax, with 63.2% opposing the measure. The tax, which imposes a 7% levy on profits exceeding $262,000 from long-term asset sales, was enacted in 2021 and upheld by the state Supreme Court. Proponents of the tax argue that its repeal would jeopardize…
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Apple’s tax credit eases €13bn bill
Apple is set to record a U.S. foreign tax credit of $4.8bn, which will help mitigate the impact of a €13bn ($14.2bn) tax obligation to Ireland following a recent EU court ruling. The total amount owed to Ireland is $15.8bn, but this will be reduced by the foreign tax credit and a decrease of $823m…
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PwC Australia under police scrutiny
Police have launched an investigation into PwC Australia’s Sydney office as part of a tax scandal inquiry. Chief executive Kevin Burrowes informed partners to anticipate law enforcement presence at the site to review files. The investigation, which began in 2023, focuses on historical tax matters and individuals who have departed from the firm. According to…
