Sir Richard Branson stands on the floor of the New York Stock Exchange (NYSE) ahead of Virgin Galactic (SPCE) trading in New York, U.S., October 28, 2019. Richard Branson Virgin Galactic IPO NYSE Virgin Galactic took a step closer to completing development of its space tourism system on Saturday, successfully flying its first spaceflight in […]

Evan Spiegel, CEO of SNAP Inc. Stephen Desaulniers | CNBC Snap CEO Evan Spiegel on Friday said the social media company is happy to pay Apple’s 30% commission rate on in-app transactions. “We really feel like Snapchat wouldn’t exist without the iPhone and without the amazing platform that Apple has created,” Spiegel said on TechCheck. […]

US President-elect Donald Trump along with his son Donald, Jr., arrive for a press conference at Trump Tower in New York, as Allen Weisselberg (C), chief financial officer of The Trump, looks on. Timothy A. Clary | AFP | Getty Images The longtime chief financial officer of the Trump Organization, Allen Weisselberg, is under criminal […]

Evan Spiegel, CEO of SNAP Inc. Stephen Desaulniers | CNBC Snap said Thursday that its social media app Snapchat has reached 500 million monthly active users. This is a significant milestone for Snap, a company that refused multi-billion dollar acquisition offers by Facebook before it went public in 2017 and survived an ill-fated redesign in […]

Director of the Centers for Disease Control and Prevention (CDC) Dr. Rochelle Walensky testifies during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Centers for Disease Control and Prevention on May 19, 2021 in Washington,DC. Jim Lo Scalzo | AFP | Getty Images Centers for Disease Control and Prevention […]

In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process these payments, […]

A lawsuit against the IRS’s requirement that taxpayers using certain microcaptive insurance arrangements and their material advisers must report the arrangement to the IRS is not barred by the Anti-Injunction Act and therefore may proceed, the Supreme Court ruled Monday. In a unanimous decision, the Court in CIC Services, LLC, No. 19-930 (U.S. 5/17/21), reversed […]

News Practice & Procedures By Alistair M. Nevius, J.D. With taxpayers continuing to face challenges related to the COVID-19 pandemic and the IRS facing a backlog of 29 million tax returns that need manual processing, the AICPA on Monday urged the IRS to implement “fair, reasonable, and practical” penalty relief measures to mitigate the pandemic’s […]

News Practice & Procedures By Dave Strausfeld, J.D. The AICPA welcomed the Biden administration’s recent request for congressional legislation to give the IRS the authority to regulate paid tax preparers who are currently unregulated. The Biden proposal, included in the recently released American Families Plan, requests Congress to pass legislation authorizing the IRS to regulate […]

With Notice 2021-26, the IRS explained on Monday that dependent care assistance program balances carried forward under temporary COVID-19 relief provisions retain their exclusion from participating employees’ gross income and wages. Dependent care assistance programs, authorized by Sec. 129, allow exclusion from gross income of employee amounts paid or incurred by the employer for dependent […]