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 […]

Travelers wearing face shields and protective masks walk with their luggage inside Tom Bradley International Terminal at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., on Thursday, Aug. 13, 2020. Bing Guan | Bloomberg | Getty Images Late-summer getaways helped lift air travel during the Labor Day weekend but the coronavirus pandemic has […]

Sundar Pichai and Tim Cook Source: Reuters; Apple Italy’s competition authority announced Monday it’s looking into cloud storage services run by Apple, Dropbox and Google after hearing several complaints about allegedly unfair commercial practices. The Competition and Market Authority said it has launched six total investigations into Google Drive, Apple’s iCloud and DropBox.  The agency is […]

Virgin Galactic’s spacecraft Unity reaches space for the first time. Source: Virgin Galactic Virgin Galactic plans to conducts its next crewed spaceflight test on Oct. 22, according to documents the company filed with the Federal Communications Commission on Tuesday. The flight will be the first of two that the space tourism company has planned to complete […]

Getty Images Grocery chain Giant Eagle turned one of its stores into a checkout-less shopping experience. A handful of Price Chopper stores in Missouri are offering shoppers access to an app that can scan items and tally up their order, allowing them to skip the checkout line. Wegmans piloted a self-checkout app at three stores prior […]

SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, March 2, 2019. Mike Blake | Reuters Shares of Tesla dropped more […]

Hoteliers and prospective visitors hope Fort Lauderdale’s all-important beach, the local tourist industry’s most valuable asset, will be open for the Labor Day weekend. Thus far, officials say, it will be. Amy Beth Bennett| Sun Sentinel | Tribune News Service via Getty Images The United States is headed for a new phase of the coronavirus […]

Metromile CEO Dan Preston Winni Wintermeyer Ford is giving new car buyers a way to save money on insurance now that millions of Americans are working from home and driving less than they were before the coronavirus hit the U.S. The automaker said Thursday it is partnering with start-up insurer Metromile to give drivers easier access […]

News Foreign Income & Taxpayers By Dave Strausfeld, J.D. The IRS on Tuesday finalized regulations that provide additional guidance on the base-erosion and anti-abuse tax (BEAT) (T.D. 9910). The BEAT final regulations retain the basic approach and structure of the proposed regulations (REG-112607-19) that were issued in December 2019, with certain revisions. Like the proposed […]