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3 days ago | 
news.bloombergtax.com | Laura Mahoney |David Hood |Andrea Vittorio
New details showing California cities have given $831.6 million to an array of companies through decades-long tax-sharing deals are fodder for changes to the rules that give rise to them. The data, posted Monday by the California Department of Tax and Fee Administration, shows for the first time how much businesses have received in local taxes from cities where they have warehouses, offices, or headquarters.
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2 weeks ago | 
news.bloombergtax.com | Andrea Vittorio |David Hood
House Republicans’ deal to raise the limit on how much state and local tax payments people can deduct from their federal income taxes won’t have as broad of an effect as lawmakers who negotiated it hope. Speaker Mike Johnson (R-La.) said Wednesday that members from New York, New Jersey, and California—high-tax states most susceptible to the SALT limit—agreed to an increase from the current $10,000 cap to $40,000 for taxpayers earning $500,000 or less annually.
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3 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio |Amelia Gruber Cohn
Financial reporting of large segment-level expenses was a prominent topic in conversations between Wall Street’s regulator and firms last year, according to an Ideagen Audit Analytics report. Segment reporting accounted for 18% of US Securities and Exchange Commission comment letter conversations related to financial filings in 2024, the white paper published Tuesday said.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio
Businesses including Bank of America Corp. and Big Four audit firms told the US accounting standards board to hold off on standardizing metrics like free cash flow and adjusted net income that are ubiquitous in corporate earnings reports.
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1 month ago | 
news.bgov.com | Jorja Siemons |Andrea Vittorio
Businesses including Bank of America Corp. and Big Four audit firms told the US accounting standards board to hold off on standardizing metrics like free cash flow and adjusted net income that are ubiquitous in corporate earnings reports.
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1 month ago | 
news.bloombergtax.com | Andrea Vittorio
House Republicans are pushing a plan to dismantle the US audit board and send its watchdog duties to the Securities and Exchange Commission as part of a federal budget-cutting process. It’s not the first GOP attempt to rein in the Public Company Accounting Oversight Board, but this time it comes against the backdrop of the Trump administration’s sweeping drive to cut regulations and downsize government. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible.
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1 month ago | 
news.bloomberglaw.com | Kim Dixon |Martha Mueller Neff |Andrea Vittorio
Related Stories Tax Writers in Congress See Fundraising Boost as Tax Cliff Looms April 18, 2025, 8:45 AM UTC Congress Is Prioritizing SALT Break That Few Americans Claim (1) April 17, 2025, 9:10 PM UTC IRS Workforce Cuts to Impede Progress on AI, Modernization April 16, 2025, 4:12 PM UTC ‘America Last’ Corporate Tax Policies Can End With This Congress April 8, 2025, 8:30 AM UTC What the Changing IRS Workforce Means for Taxpayers (Podcast) April 2, 2025, 5:08 PM UTC Before leaving for a...
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio
The Trump administration’s tariffs on international imports are set to ripple throughout US companies’ financial statements as executives and accountants alike grapple with trade policy whiplash. Accountants are advising companies to maintain strong financial guardrails and consistent reporting judgment as they assess the tariffs’ impact on key economic estimates and gauge whether they need to disclose the significance to investors.
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1 month ago | 
news.bloombergtax.com | Andrea Vittorio
States that partnered with the IRS to offer a free tax-filing platform are seeing little demand for the program so far this year. The IRS’s Direct File program, first tested in 2024, became available to more than 30 million taxpayers across 25 states for this tax filing year.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
Federal spending cuts that triggered a layoff announcement at Deloitte LLP have not yet reached Big Four firms with smaller public sector consulting practices but they have placed the industry on guard. The US government has canceled 63 of Deloitte’s federal contracts for professional services, collectively worth $4 million, since Jan. 20, the first day of President Donald Trump’s new administration.
