This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants.Read More

This series of frequently asked questions (FAQs) provides answers to questions we are hearing from our members about the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA). ALERT: The IRS announced in Rev. Proc. 2020-23 that BBA partnerships, which are normally prohibited from filing an amended return after they have filed...Read More

This series of frequently asked questions (FAQs) provide guidelines for tax practitioners to consider when preparing a written document retention policy for their firm.Read More

The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world’s largest firms.Read More

The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.Read More

The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories’ agreement that exempted shipping industry income from tax.Read More

Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.Read More

The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.Read More

Experts speaking at the UN’s Economic and Social Council’s annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.Read More

The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.Read More