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1+ day, 14+ hour ago (139+ words) Wolters Kluwer adds AI integrations, enhancements for TaxWiseOnline; EY announces EY.ai Tax Labs service; Vertex launches Configuration Agent for MS Dynamics 365; and other accounting tech news and updates. The American Institute of CPAs has sent a letter to the Multistate Tax Commission recommending changes in a proposed approach to sourcing of partnership income. The American Accounting Association is calling on the Department of Education to reverse course after proposing to remove accounting from its definition of "professional degree" programs. A recently released book explains a framework for improving a company's profitability. The IRS and the Treasury are asking for comments on regulations they plan to propose for a new tax credit for donating to organizations that give scholarships. Grant Thornton Advisors has expanded its rapidly growing multinational platform by merging in Kevane Grant Thornton in Puerto Rico....

2+ day, 2+ hour ago (252+ words) With the rising real estate cost, especially in metropolitan areas, the trend of purchasing a property jointly is increasing. Under co-owning a property, two or more persons are equal owners, though it brings an intriguing aspect to the tax planning concerning capital gains. One of the confusions that remains among joint property owners is the exemption from capital gains. Experts clarified News18 that Sections 54 and 54F under the Income Tax Act, remain available for co-owners but in proportion to their ownership share. Rai said that under Section 54F, the exemption depends on each co-owner's net consideration invested, and any violation of conditions'like purchasing additional property'affects only that individual's claim, not the others. Anurag Goel, Director, Goel Ganga Development explained that if two partners sell a property held in common and later on buy new residential property exclusively with their respective shares of the…...

2+ day, 14+ hour ago (1000+ words) For many global companies, accounting and tax data have long been compartmentalized, tracked in legacy systems, governed by local teams and reviewed retrospectively. This model is no longer sustainable. From 2026 onward, IFRS 18 will introduce a restructured income statement format, while mandatory e-invoicing and e-reporting regimes will push tax data into real-time transmission. At the same time, the OECD's Pillar 2 global minimum tax rules will begin to take effect and require multinationals to calculate and disclose effective tax rates by jurisdiction. These reforms will have a big impact on how global companies present their financial performance, manage their taxes and assess risk across their organizations. Once the flow of data to the outside world begins, it will be hard to stop. This new structure is designed to bring greater comparability to income statements, but may also reveal discrepancies in how companies…...

3+ day, 2+ hour ago (494+ words) Income Tax Refund Delay 2025: Many taxpayers are still waiting for their income tax refunds, even as the payouts this year have been delayed longer than usual for some people. Though a large number of taxpayers have already received it, some refunds are pending due to claims that were identified as "red flags" by the income tax department"s system. A total of 6.97 crore ITRs were filed by taxpayers in the assessment year 2025-26. Why the Delay In Some Refunds This Year? CBDT Chairman Ravi Agrawal has said the income tax department is reviewing cases involving questionable deduction claims, which has slowed down the release of some refunds. He noted that legitimate refunds are expected to be cleared by December. According to Agrawal, certain refund applications were flagged as "high-value" or "red-flagged" by the system because of the nature of deductions claimed....

3+ day, 14+ hour ago (325+ words) Grant Thornton Advisors has expanded its rapidly growing multinational platform by merging in another firm in the network, Kevane Grant Thornton in Puerto Rico. The move will mark the 17th firm added to the platform since the Chicago-based Top 10 Firm received a private equity investment from New Mountain Capital last year, and split the firm into Grant Thornton Advisors on the non-attest side and Grant Thornton LLP on the attest side when it completed a merger deal with GT Ireland in January." Another private equity firm, Cinven, acquired a 60% stake in Grant Thornton U.K. in April, and in September acquired a stake in Grant Thornton Germany."Both New Mountain Capital and Cinven, are reportedly looking at either buying a stake in Grant Thornton India or merging them into their platforms. Financial terms of the deal with Kevane Grant Thornton Puerto Rico were…...

3+ day, 14+ hour ago (194+ words) The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income. "We understand the complexity of partnership structures, special allocations, and related-party transactions and their effect on the ability of states to tax partnership income and the determination of how partnership income is sourced," said the AICPA letter." The American Institute of CPAs has sent a letter to the Multistate Tax Commission recommending changes in a proposed approach to sourcing of partnership income. The American Accounting Association is calling on the Department of Education to reverse course after proposing to remove accounting from its definition of "professional degree" programs. A recently released book explains a framework for improving a company's profitability. The IRS and the Treasury are asking for…...

3+ day, 15+ hour ago (349+ words) The American Accounting Association, a group of accounting scholars and educators, is calling on the U.S. Department of Education to reverse course after the department proposed to remove accounting and other traditional professions from its definition of "professional degree" programs in a bid to reduce student loans. However, the AAA believes the omission of accounting from the definition carries significant consequences for students, academic institutions and the future of the accounting profession." Under OBBBA's revised student-loan framework, graduate students in DOE-recognized "professional degree" programs would be able to access borrowing levels up to $50,000 annually. On the other hand, students in programs not recognized as professional (including accounting) would be limited to $20,500 annually starting next July. The AAA is urging the DOE to review and revise the classification of accounting programs within the OBBBA regulatory framework; and engage the accounting academic and…...

3+ day, 16+ hour ago (115+ words) A recently released book explains a framework for improving a company's profitability." The IRS and the Treasury are asking for comments on regulations they plan to propose for a new tax credit for donating to organizations that give scholarships. Grant Thornton Advisors has expanded its rapidly growing multinational platform by merging in Kevane Grant Thornton in Puerto Rico. The Regional Leader is expanding its presence in Western Michigan, effective Jan. 1, 2026. The American Institute CPAs, the National Association of State Boards of Accountancy and state CPA societies voiced their objections to a government proposal. The Financial Accounting Standards Board issued a new accounting standards update aimed at improving its existing hedge accounting guidance....

3+ day, 16+ hour ago (324+ words) The Internal Revenue Service and the Treasury Department are asking for comments on regulations they plan to propose for a new tax credit under the One Big Beautiful Bill Act for donating to organizations that give scholarships to low-income and middle-income K-12 students attending qualified private and parochial schools. In Notice 2025-70, which the IRS and the Treasury issued Tuesday, they requested comments on the new tax credit for individual contributions to "scholarship-granting organizations." The nonrefundable tax credit provides up to $1,700 per year and is on a dollar-for-dollar basis for tax years starting after Dec. 31, 2026. For contributions to an SGO in a state or the District of Columbia to be eligible for the new tax credit, the state will need to first choose to participate by providing the IRS with a list of the SGOs located in the state that satisfy the…...

3+ day, 19+ hour ago (421+ words) As the chart below shows, since 2023, job satisfaction for female CPAs in tax, audit and CAS has improved by more than twice as much for female CPAs than it has for male CPAs in those areas, with female CPAs now reporting slightly higher job satisfaction than for male CPAs (6.79 vs. 6.75 on a scale of 10). Clearly the data supports some positive impact from efforts to improve female job satisfaction in the workplace. Erin Daiber, CEO of Well Balanced Accountants, a consultancy specializing in firm culture, told me recently that several studies she's familiar with confirm what she's seeing in the marketplace about substantial improvement for female accounting professionals. Daiber said the data presents "solid evidence" that investment in workplace culture and employee engagement is working, and highlights opportunities for greater impact." Personally, I have noted some other important trends in three…...