Michael Cohn

2 weeks ago | accountingtoday.com | Michael Cohn

The tax reconciliation bill making its way through Congress is expected to add trillions of dollars to the national debt, but the Trump administration hopes to offset the cost through income from tariffs. Accountants are helping worried companies deal with the possible fallout. "Obviously, tariffs create a lot of uncertainty," said Tom Alongi, a partner and U.S. national manufacturing practice leader at UHY, a Top 50 Firm based in Farmington Hills, Michigan.

2 weeks ago | accountingtoday.com | Michael Cohn

The Public Company Accounting Oversight Board released a publication Wednesday to assist smaller firms with the vagaries of auditing accounting estimates as the board comes under threat of being eliminated. The publication, "Audit Focus: Auditing Accounting Estimates," gives auditors a set of reminders and good practices about accounting estimates, which can be a challenging part of financial statements.

2 weeks ago | financial-planning.com | Michael Cohn

Lack of awareness, fear of mistakes and penalties, and the cost of filing are preventing many families from claiming millions of dollars in tax credits, according to a new study. The , released Tuesday by the New Practice Lab at New America, surveyed over 5,000 respondents to learn why so many households fail to claim the Child Tax Credit, the Earned Income Tax Credit and other tax breaks that could help them. Awareness gaps were a big barrier.

2 weeks ago | accountingtoday.com | Michael Cohn

Lack of awareness, fear of mistakes and penalties, and the cost of filing are preventing many families from claiming millions of dollars in tax credits, according to a new study. The report, released Tuesday by the New Practice Lab at New America, surveyed over 5,000 respondents to learn why so many households fail to claim the Child Tax Credit, the Earned Income Tax Credit and other tax breaks that could help them. Awareness gaps were a big barrier.

2 weeks ago | accountingtoday.com | Michael Cohn

The Senate Finance Committee questioned Billy Young, President Trump's nominee for Internal Revenue Service commissioner, about his plans for the beleaguered agency and promotion of dubious "tribal tax credits" and Employee Retention Tax Credits during a long-awaited confirmation hearing Tuesday after a series of acting commissioners temporarily held the role.