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It's About Time: Welcome to the 'Now' Economy and Smart Warehouses

Supply chain and fleet management expectations are growing as customer become more impatient to get their deliveries. Like the petulant Veruca Salt , we all "want it now!" We've become spoiled by Amazon's two-day turnarounds, though it seems like not that long ago we were fine with waiting six to

Survey: Accountants' Global Confidence at All-Time Low

Economic confidence around the world has plunged to a new low point, according to a new survey of accountants by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). The quarterly Global Economic Conditions Survey found that confidence among

IRS Waives Penalties for Underwithholding, Underpayment

The U.S. Internal Revenue Service (IRS) announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who

TAX: No Decision on Opening Date for Tax Season

The Virginia Department of Taxation (TAX) said Wednesday that it will not be participating in the U.S. Internal Revenue Service’s (IRS) soft launch and an opening date for individual tax return and business tax return filing (corporate, pass-through entity and fiduciary) has not been decided. The

Navigating the New Estate and Gift Tax Rules Under the TCJA

With the beginning of the year upon us, it may be time to review your current estate plan. In 2018, the estate tax exclusion was raised to $11,180,000. With portability that amount is doubled to $22,360,000. In 2019, the amount is increased to $11,400,000, with portability the amount is doubled to

Supreme Court Agrees to Hear Major Estate Case

The U.S. Supreme Court has agreed to hear a case about whether the due process clause of the Constitution prohibits a state from taxing an out-of-state trust based on the in-state residence of the beneficiary. While the question in the case, North Carolina Department of Revenue v. The Kimberley Rice

How to Make Inclusivity More Than Just a Buzzword

Most leaders would say they value diversity in their organizations. Some do so for strategic reasons, perhaps to mirror their diversifying customer base; others value diversity because it is the right thing to do. Yet for many companies, gaps can appear between rhetoric and action. And even those

What the Government Shutdown Means for Taxpayers

The partial federal government shutdown continues to affect government agencies, including the U.S. Internal Revenue Service (IRS). Last year, in preparation for the shutdown, the IRS released a Fiscal Year 2019 Lapsed Appropriations Contingency, allowing the IRS to continue processing certain tax

IRS Announces Free File Launch

The U.S. Internal Revenue Service (IRS) announced the opening of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year, including active-duty military personnel. The program is opening before the regular filing

FASB Issues Staff Q&A Document on Estimating Credit Loss Reserves

The Financial Accounting Standards Board (FASB) staff issued a question-and-answer document that addresses particular issues related to the weighted average remaining maturity (WARM) method for estimating the allowance for credit losses as required in Accounting Standards Update No. 2016-13 (PDF),