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Tariffs will hit low-income Americans harder than richest, report says | Accounting Today
President Donald Trump's tariffs would effectively cause a tax increase for low-income families that is more than three times higher than what wealthier Americans would pay, according to an analysis from the Institute on Taxation and Economic Policy.
IAASB tweaks standards on working with outside experts | Accounting Today
The International Auditing and Assurance Standards Board is proposing to tailor its standards to align with recent additions to the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants on using the work of external experts.
Trump says millionaire tax would push wealthy to leave US | Accounting Today
President Donald Trump said that imposing a higher tax rate on millionaires would spur the country's richest to leave the U.S., downplaying an idea that is under discussion in some Republican circles as a way to pay for an economic package.
Grant Thornton unites firms in US, UAE, Luxembourg, Cayman | Accounting Today
Grant Thornton Advisors is merging together more of the international firms in its network, adding firms in the United Arab Emirates, Luxembourg and the Cayman Islands to the ones it combined in the U.S. and Ireland in January.
Trump 'attack' on IRS risks $1T revenue hit, says Summers | Accounting Today
Former Treasury Secretary Lawrence Summers said that the Trump administration's moves to downsize the IRS, along with other changes, are likely to incentivize reduced tax-payment compliance — potentially costing the federal government $1 trillion in lost revenues over a decade.
Democrats take aim at Puerto Rico tax perks for crypto | Accounting Today
Democratic lawmakers on Monday introduced a bill to block investors from using Puerto Rico as a cryptocurrency tax haven — a proposal unlikely to advance without Republican support and as Congress prioritizes extending the 2017 tax cuts.
Millionaire tax would generate about $400B in revenue | Accounting Today
A Republican proposal to impose a tax hike on millionaires offers to generate about $400 billion over a decade, according to two new estimates provided to Bloomberg News, providing fresh revenue to partially offset the cost of the party's multitrillion-dollar tax package.
Trump officials weigh Earth Day move against green groups | Accounting Today
White House officials are preparing executive orders that would strip some environmental nonprofits of their tax-exempt status, setting up a possible Earth Day strike against organizations seen as standing in the way of President Donald Trump's push for more domestic oil, gas and coal production.