Author: Editor

An aerial view of properties cleared of wildfire debris which burned in the Eaton Fire on July 03, 2025 in Altadena, California.Mario Tama | Getty Images News | Getty ImagesThe California state legislature passed a bill Monday that ensures homeowners, not lenders, receive at least some of the interest on insurance payouts for homes destroyed or damaged by natural disasters.The legislation comes after thousands of homeowners lost their residences in January’s historic wildfires in Southern California. Following such a loss, insurers send checks typically made out jointly to both the homeowner and the mortgage lender or servicer. The lender will then deposit…

The Internal Revenue Service is preparing to open the 2026 Compliance Assurance Process program application period for public companies with at least $10 million in assets.The annual CAP program is scheduled to run this year from Sept. 3 to Oct. 31, 2025, and it comes at a time when the Trump administration and Republicans in Congress recently passed the One Big Beautiful Bill Act, which extends and expands tax breaks for large corporations.If they’re accepted into the program, the IRS said it will inform applicants in February 2026.CAP originated 20 years ago, back in 2005, and boasts real-time issue resolution…

Not everyone wants an inheritance. Popular reasons for rejecting a windfall include avoiding tax hits,  preserving government benefits, managing family dynamics, giving to charitable causes and using generation-skipping estate planning strategies.Those instances, and the process involved with taking the counterintuitive step of disclaiming assets that might otherwise flow to a surviving spouse or the next generation in an estate plan, require documentation, frequent family discussions and alternatives in the event of an unexpected death or illness, said Miklos Ringbauer, founder of Los Angeles-based MiklosCPA.But the “why” and “how” of turning down that wealth in order to aid clients’ long-term estate goals…

As more tariffs take effect on goods imported into the U.S., a specific accounting method could have major implications for how American retailers calculate the impact.A tariff adds to the cost of an imported item when it’s received and paid for when it crosses a border. While there’s debate over who pays that tariff — the manufacturer, the retailer, the consumer or some combination — the hit will likely show up in retailers’ bottom lines.But a specific accounting practice, called retail inventory method accounting, or RIM, can make profitability appear stronger than it is in the short term.”Retail inventory method accounting…

The Internal Revenue Service is disputing claims that spread on social media last week about $1,390 stimulus checks being mailed to taxpayers.An IRS official who asked to remain anonymous confirmed to Accounting Today that the rumors are false and pointed to a post pinned to the top of the IRS’s own official @IRStaxpros page on X, saying, “#IRS Warning: Watch out for stimulus check scams. The Recovery Rebate Credit has expired. Monitor http://irs.gov/alerts for more.”Rumors about the stimulus checks have gained some credibility because the IRS itself was advertising earlier this year the impending end to availability of unclaimed refunds…