Author: Editor

Natasa Adzic/stock.adobe.com While the ebb and flow of risks facing the tax preparer varies from year to year, one factor remains relatively constant: Tax engagements generate the most frequent litigation among professional liability claims — although this litigation isn’t necessarily the most severe. This is due in part to the multiple dates, thresholds and differing rules at play over a wide swath of taxing jurisdictions.H.R.1, or the One Big Beautiful Bill Act, is the biggest issue and opportunity for CPA firms this year, according to Deb Rood, a CPA and risk control and consulting director for CNA, the endorsed underwriter…

Jack Antonoff speaks on stage at “Up Close & Personal” In My Studio With…Jack Antonoff at The Village Recording Studio on Aug. 11, 2025 in Los Angeles, California.Unique Nicole | Getty ImagesAcclaimed music producer Jack Antonoff is rejecting claims by Live Nation Entertainment CEO Michael Rapino that concert tickets are still “underpriced.”The CEO’s comments came at the CNBC Sport and Boardroom Game Plan conference last week, when he said, “In sports, I joke it’s like a badge of honor to spend [$70,000] for Knicks courtside. … When you read about the ticket prices going up, it’s still an average concert…

Some cannabis companies are getting around the tax problems they typically face by setting up employee stock ownership plans.Darren Gleeman, managing partner of MBO Ventures, has a patent pending for an ESOP methodology that effectively makes the 280E tax liability irrelevant when an owner sells 100% of their company to the employees by way of the ESOP structure. His firm first implemented an ESOP with a multistate operator called Theory Wellness and has since executed the cannabis industry’s inaugural ESOP transactions, making it probably the only investment bank focused on cannabis ESOPs. “Cannabis companies are really choked with tax, and they’ve…

President Donald Trump issued an executive order on Thursday giving his approval for a sale of TikTok’s US business to a buyer consortium.Vice President JD Vance said Thursday that the deal would value TikTok US at “around $14 billion.”The exact make-up of the new consortium has not yet been revealed. Trump said on Thursday that Oracle and Larry Ellison would be part of the deal, which would include “four or five world-class investors.””Oracle is playing a very big part,” Trump said on Thursday.He added that Michael Dell and Rupert Murdoch would be involved in the deal.Vance referred to the buyers…

A Costco store in Richmond, California, US, on Thursday, May 29, 2025. David Paul Morris | Bloomberg | Getty ImagesCostco on Thursday topped Wall Street’s expectations for quarterly earnings and revenue as the warehouse club posted double-digit gains in both membership income and its e-commerce business.Unlike many other retailers, the company does not share an annual outlook.On the company’s earnings call, CFO Gary Millerchip said the retailer has worked hard to offset higher tariff costs. In some cases, it has introduced new items from its Kirkland Signature private-label brand as alternatives to goods hit by tariffs, he said. About a…

The International Federation of Accountants has named Thomas Müller-Marqués Berger as the new chair of the International Public Sector Accounting Standards Board, succeeding Ian Carruthers, who has chaired the IPSASB for 10 years.Berger has been global head of International Public Sector Accounting Standards for Ernst & Young GmbH, also known as EY Germany, as well as chair of the Public Sector Group of the Fédération des Experts-comptables Européens. He also serves on the European Commission and Eurostat European Public Sector Accounting Standards Task Forces. He’s also a member of the EU Advisory Group on Accounting Standards and a member of…

The Treasury Department reported it has made significant progress on modernizing information systems at the Internal Revenue Service and signed agreements with a number of third party contractors to help deliver the improvements.The Treasury said Tuesday it has entered into a series of Blanket Purchase Agreements with several technology providers. All the tools have been vetted by the Federal Risk and Authorization Management Program, or FedRAMP, which provides a standardized approach to security assessment, authorization and monitoring of cloud products. Earlier this year, the Treasury Department announced a “strategic pause” on technology modernization efforts amid budget and staffing cuts at…

FBI and other law enforcement officials investigate a vehicle parked near the building allegedly used by the gunman, following a shooting near an Immigration and Customs Enforcement detention facility in Dallas on Wednesday. Aric Becker/AFP via Getty Images hide caption toggle caption Aric Becker/AFP via Getty Images The gunman who fired at an ICE immigration detention facility in Dallas researched Department of Homeland Security facilities and the fatal shooting of conservative activist Charlie Kirk ahead of Wednesday’s deadly attack, FBI Director Kash Patel said Thursday. The gunman — whom the Associated Press, citing a law enforcement official, identified as 29-year-old…

GMC SUVs parked outside a GMC Buick dealership in Edmonton, Alberta, Canada, on March 22, 2025. Artur Widak | Nurphoto | Getty ImagesDETROIT — Uncertainty surrounding U.S. regulations on tariffs, electric vehicles and other auto-related issues have given new car sales a surprising boost heading into the fourth quarter, according to a new industry analysis.Cox Automotive on Thursday raised its 2025 new vehicle U.S. sales forecast to 16.1 million from a previous range of 15.6 million to 15.7 million due to stronger-than-expected demand so far this year. That would be up from roughly 16 million vehicles sold domestically in 2024.Cox…

The US housing market is waking up.After years of stalled activity, the market seems to be gaining new momentum as lower borrowing costs draw prospective buyers from the sidelines.The average 30-year fixed mortgage rate cooled to around 6.26% in the last week, according to Freddie Mac, down 150 basis points from its peak in mid-2023.Lower home prices are also helping. The median home-sale price eased to $410,800 in the second quarter, down 7% from its peak in late 2022.”Affordability conditions have improved for four straight months, with lower mortgage rates and stronger income growth boosting prospective buyers’ purchasing power,” Edward…