Author: Editor

Business owners who employ their children in a reasonable but limited capacity at their firms can rake in tax savings and start their kids’ first retirement accounts in the process.But the entrepreneurs and their financial advisors or tax professionals must ensure they’re diligently keeping the kids’ employment records, complying with some variation in state-level rules for business entities and addressing any other potential ramifications, according to Miklos Ringbauer, of Los Angeles-based MiklosCPA, and Kevin Thompson, CEO of Fort Worth, Texas-based RIA firm 9i Capital Group.READ MORE: 24 tax tips for self-employed clientsKey benefits of hiring your childFor instance, Ringbauer usually…

Top 10 firm RSM announced the launch of myRSM Tax, an artificial intelligence-powered tax technology ecosystem, a suite of proprietary platforms that work together to reduce manual processes, accelerate insight generation and ensure transparency from fund administrators to founders. “Our new AI-powered tax platform represents the next phase in our digital strategy,” said Matt Bradvica, tax digital strategy leader and partner at RSM. “It’s not just a tool—it’s a transformation. By integrating generative AI into our core tax workflows, we’re building on our strengths to deliver even faster and more strategic results for our clients.”The suite offers compliance and reporting…

President Donald Trump and his allies are pursuing an alternative strategy to defend against mounting court orders blocking his policies: Raise the financial stakes for those suing the administration.Republicans want to force people suing the U.S. to post financial guarantees to cover the government’s costs if they win a temporary halt to Trump’s policies but ultimately lose the case. A measure in the House’s “big, beautiful” tax-and-spending bill would condition a judges’ power to hold US officials in contempt for violating their orders to the payment of that security. A new proposed version of the bill announced by Senate Republicans on…

AICPA chair Lexy Kessler looks ahead at the challenges and opportunities —often one and the same — that are facing the profession, and what accountants need to do to be ready for them.Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Dan Hood (00:03):Welcome to On the Air with Accounting Today I’m editor-in-chief Dan Hood. With the accounting profession changing as rapidly as it does, it’s always good to have a chance to share the perspectives of those who are leading into…

Senate Republicans plan to unveil key details of their version of President Donald Trump’s giant economic policy bill as soon as Monday, with the party pushing to enact the $3 trillion tax package by July 4.Republican lawmakers are slated to return to the U.S. Capitol to receive a briefing on the legislation Monday afternoon. The bill text, which could be released later that day, will represent a major breakthrough for the GOP as it seeks to continue to advance the centerpiece of Trump’s economic agenda.Finance Committee Chairman Mike Crapo has toiled for weeks to forge a compromise between four factions…