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Congress enacts permanent ban on state and local internet taxes

Congress on Thursday passed the Trade Facilitation and Trade Enforcement Act of 2015, H.R. 644, which would make permanent the “moratorium on states and localities taxing Internet access or placing multiple and discriminatory taxes on...

IRS Detects Attack on Electronic Filing PIN App

The Internal Revenue Service said Tuesday evening that it recently identified and halted an automated attack upon its Electronic Filing PIN application on IRS.gov . Using personal data stolen elsewhere outside the IRS, identity thieves used...

Obama Budget Includes Tax Increases and Tax Preparer Regulation

The Obama administration released its fiscal year 2017 budget containing a number of tax increases on high-income taxpayers, oil and foreign income, along with tax breaks for the middle class and small businesses, plus a provision giving the...

Due date for estate basis reporting postponed once again

The IRS on Thursday further delayed the due date for statements required under Sec. 6035(a)(3)(A) reporting the value of an estate’s assets from Feb. 29, 2016, to March 31, 2016 (Notice 2016-19). The extra time is designed to give taxpayers...

Investors Increasingly Wary of Volatile Markets

Turbulent markets continue to trouble investors, prompting financial advisors to rank "managing market volatility" as their top concern for Q1 2016. The 123.8 reading on the Advisor Top-of-Mind Index (ATOMIX) survey is the highest ranking since...

Obama's Final Budget Proposal Includes Sweeping Tax Changes

It’s unlikely that a sharply divided Congress will send President Obama off with parting gifts, but that didn’t stop the nation’s leader from including a “wish list” in the proposed budget for his final year in...

Global CFO Survey Shows Crash in Business Confidence

Falling income is the biggest concern for global businesses, according to a new global survey of finance professionals. Nearly half of businesses (46%) reported a decline in earnings in the fourth quarter of 2015 in the final Global Economic...

Tech CFOs See Lower Valuations But More Deals

Forty percent of CFOs surveyed by BDO plan to pursue deals in 2016 and nearly all see M&A activity at least matching last year's record pace. Most technology CFOs expect tech business valuations to cool off this year but nearly all of them...

Financial performance reporting among priorities as FASB sets agenda

FASB decided Wednesday to perform research on six topics for consideration of possible accounting standard setting, according to a news release from the board. Four issues will be added to its research agenda and included in an agenda discussion...

IRS Systems Outage Shuts Down Tax Processing

The Internal Revenue Service said Wednesday evening its tax-processing systems have suffered a hardware failure and that tax processing could be affected into Thursday. “The IRS experienced a hardware failure this afternoon affecting a...