Author: Editor

Find the subcontractor; think ‘Vandelay Industries’; seen the light; and other highlights of recent tax cases.Orlando, Florida: Eduardo Anibal Escobar, Carlos Alberto Rodriguez and Adelmy Tejada, all of Orlando, were sentenced for conspiracy to commit wire fraud and conspiracy to commit tax fraud.Escobar was sentenced to four years and nine months in prison, Rodriguez to 40 months and Tejada to 18 months in prison plus six months of home detention. Each pleaded guilty on April 3. The court ordered the defendants to pay $36,957,616 in restitution to the IRS for unpaid payroll taxes and a total of $397,895 in restitution…

The Internal Revenue Service has provided guidance on how to deal with the restoration of full expensing of research and development costs under the One Big Beautiful Bill Act.The OBBBA, which President Trump signed into law on July 4, rolls back the requirement under the Tax Cuts and Jobs Act of 2017 to amortize R&D costs over five years starting in 2022 instead of being able to deduct them fully in the first year. Revenue Procedure 2025-28 instructs taxpayers on how to make various elections, file amended returns, or change accounting methods for research or experimental expenditures as provided under section…

The Public Company Accounting Oversight Board announced today that it is postponing the effective date for QC 1000, A Firm’s System of Quality Control, by one year to Dec. 15, 2026.The decision also postpones the other new and amended standards, rules and forms adopted by the PCAOB on May 13, 2024, as well as the related rescission date of certain rules and standards that are currently in force. The decision to postpone the effective date came from various sources reporting that some firms have encountered challenges when implementing QC 1000-compliant quality control systems that, “as a practical matter, may be…

Ulta Beauty on Thursday raised its full-year forecast, after reporting growth in all major categories and topping Wall Street’s quarterly sales expectations.The beauty retailer said it expects net sales of between $12 billion and $12.1 billion, up from its previous range of $11.5 billion and $11.7 billion, representing an increase from last fiscal year’s net sales of $11.3 billion. It expects earnings per share of $23.85 to $24.30, up from its previous range of $22.65 to $23.20.It expects comparable sales, a metric that takes out one-time factors like store openings and closures, to grow between 2.5% to 3.5%, up from…

Gap’s fiscal second-quarter revenue came in lighter than expected on Thursday but sales at Banana Republic far exceeded expectations as the brand’s turnaround begins to show results. The specialty apparel company behind Old Navy, Athleta, Banana Republic and its namesake banner saw comparable sales rise 1% during the quarter, weaker than the 1.9% rise that analysts had expected, according to StreetAccount. Overall revenue also missed expectations, while earnings per share came in better than estimates. Gap’s stock fell in after-hours trading.While Gap, Banana Republic and Old Navy all saw comparable sales rise during the quarter, Athleta dragged down the company’s overall performance…