-
Grant Thornton appoints 56 partners, principals, and MDs
Grant Thornton US has admitted its annual class of new partners and principals and promoted a group of professionals to managing directors. Grant Thornton Advisors LLC, which provides non-attest services, admitted nine new principals and promoted 22 to managing director. At the same time, Grant Thornton LLP, which provides attest services, admitted 13 new partners…
-
IRS advocates PINs as ID theft prevention measure
The IRS and its Security Summit partners are reminding tax professionals and taxpayers about the IRS Identity Protection PIN program and the IRS online accounts that protect against tax-related identity theft. IRS Commissioner Danny Werfel urges people to sign up for both IP PINs and the Online Account to protect their valuable information and avoid…
-
AICPA provides recommendations on domestic content bonus credit
AICPA has provided recommendations to the Department of the Treasury and the IRS on interim guidance in Notice 2023-38 as updated by Notice 2024-41. The guidance describes certain rules that Treasury and the IRS intend to include in proposed regulations regarding the domestic content bonus credit (DCBC) requirements and related recordkeeping and certification requirements. AICPA’s…
-
Bill to expand CTC, restore tax breaks fails in Senate
A bill to expand the child tax credit (CTC) and restore some tax breaks for businesses failed to advance in the Senate on Thursday on a 48-44 vote. Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. The $79bn legislation would have expanded CTC eligibility among…
-
Senate Majority Leader Schumer plans vote on Tax Relief Act
Senate Majority Leader Chuck Schumer (D-NY) plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week. The $78bn bill, which has been stalled in the Senate, aims to revive various tax breaks and increase penalties for tax-related offenses. While the bill is not expected to pass,…
-
Study shows lowering foreign taxes of U.S. multinationals unlikely to benefit domestic workers
Policies that lower the foreign taxes of U.S.-based multinational corporations are unlikely to benefit domestic workers, according to a recent academic study. The study, from researchers at the Wharton School of the University of Pennsylvania, Grinnell College, and Stanford University, examined the impact of two different provisions: the 1997 “Check-the-Box” regulations and the 2004 “repatriation…
