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☆ What the new IRS guidance on crypto tax reporting means for investors
▼ + stars: | 2024-07-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.

Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S

☆ Tax pros brace for ‘tidal wave’ of crypto tax scrutiny from the IRS. What investors need to know
▼ + stars: | 2024-03-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency. The IRS announced it hired two former crypto executives to beef up its digital currency service, reporting, compliance and enforcement programs. "Everybody's been waiting for the tidal wave of this enforcement activity," said James Creech, an attorney and senior manager at accounting firm Baker Tilly. More from Personal Finance:IRS targets wealthy 'non-filers' with new wave of compliance letters4 red flags for an IRS tax audit — and how to avoid the 'audit lottery'IRS aims to close 'inequity gap' for unpaid taxes. These actions will trigger a "significant amount" of crypto enforcement, said Hylton, who is a former IRS commissioner for the agency's small business and self-employed division.

Persons: Everybody's, James Creech, Baker Tilly, Eric Hylton, John Doe, Hylton Organizations: IRS, Finance, Alliantgroup

☆ IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
▼ + stars: | 2024-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. The tax gap, or the difference between taxes owed and paid, was an estimated $688 billion for tax year 2021, the IRS reported in October. Instead, profits flow through to the business owners' tax returns. Other 'red flags' for higher earnersIn addition to complex partnerships, the IRS is watching for other "red flags" from higher earners, according to Hylton. Another area of for increased audits could be estate and gift tax returns, particularly those using "aggressive valuation discounts" for assets, Hylton said.

Persons: Daniel Werfel, Chip Somodevilla, Danny Werfel, Werfel, Eric Hylton, Hylton, Colin Walsh, Baker Tilly, Baker Organizations: Senate, IRS, Alliantgroup Locations: U.S, Hylton, Puerto Rico

☆ U.S. food companies go deal hunting as pandemic growth fades
▼ + stars: | 2023-09-08 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

Last month, Campbell Soup (CPB.N) struck a $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O). Reuters GraphicsReuters Graphics Reuters Graphics"Large food companies need to add more new concepts, new flavor profiles and new food items because their old brands - though still growing - are not growing at a meaningful rate," Milani said. Packaged food companies "are now faced with some difficult comparisons on organic (sales) and are seeking some strategic, category-specific M&A targets that will propel them through the next few years," Henry said. "Most of the large cap packaged food companies have ... diligently reduced their debt and improved their balance sheet (through the pandemic)...so they have the risk capacity and risk appetite to pursue large-scale acquisitions," CFRA Research analyst Arun Sundaram said. "These packaged food companies need to continue finding ways to stay relevant ... And so one of the easiest ways to do that is through M&A."

Persons: Brendan McDermid, Campbell, There's, Michael Milani, Baker Tilly, Milani, Kraft Heinz, Sarah Henry, Henry, Mills, Luca Zaramella, Hershey, J.P, Morgan, Arun Sundaram, Deborah Sophia, Arun Koyyur Organizations: Campbell Soup, New York Stock Exchange, REUTERS, Sovos, Unilever, Mars, Reuters Graphics Reuters, Reuters, Logan Capital Management, PepsiCo, Mondelez, Barclays, Hostess Brands, Thomson Locations: New York, U.S, North America, dealmaking, Bengaluru

☆ What the pro-business tax agenda is chasing in a changing Congress
▼ + stars: | 2022-12-11 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +3 min

Main Street could find itself stuck in gridlock next year in terms of advancing pro-business tax objectives. For House Republicans, legislative priorities are likely to include extending business-friendly provisions of The Tax Cuts and Jobs Act, passed by the Trump Administration in 2017. Even so, a divided Congress means that major pro-business legislative changes will be difficult to enact. Rather, tax and policy professionals expect House Republicans to focus on a number of positioning moves next year — ones that will establish their pro-business agenda ahead of the 2024 presidential election. "There are a host of provisions in the tax code that businesses would like to see changed or revised," said Rochelle Hodes, a principal in Crowe's Washington National Tax office.

☆ Нацбанк занимает вакансии. Кому отдадут должности вице-президентов?
▼ + stars: | 2020-11-17 | by ( ) newsmaker.md time to read: +6 min

Глава Нацбанка Октавиан Армашу обратился 16 ноября к спикеру парламента Зинаиде Гречаной с просьбой рассмотреть на ближайшем пленарном заседании две кандидатуры на должности вице-президентов НБМ. Как известно, назначение новых вице-президентов Нацбанка — одно из условий заключения кредитного соглашения с МВФ. Позже в Нацбанке NM официально подтвердили информацию об этих кандидатах. Александр СавваТретий кандидат на должность вице-президента Нацбанка — глава Единого депозитария ценных бумаг Александр Савва. Отметим, что назначение новых вице-президентов Нацбанка — одно из последних двух условий, которые Молдова пока не выполнила для заключения кредитного договора с МВФ.

Persons: Ernst, Young Baker Tilly, Victoriabank, Young, Baker Tilly, Октавиан Армашу, Зинаида Гречаной, Константин Шкендре, Майе Пыркэлаб, Владимир Плахотнюк, Андриан Канд, Александр Савва, Армашу, Константин ШкендраШкендра, Аурел Чинчлей, Андриан Канду, Шкендры, Шкендра, Шкендру, Олег Воронин, Воронин, Шкендре, Виктор Фуртунэ, Майя ПыркэлабВторой, Майя Пыркэлаб, Ион Стурзу, Пыркэлаб, Канд, Канду, Плахотнюк, Владимир Головатюк, Головатюк, Александр СавваТретий, Кристина Харю, Савва Organizations: ACI Partners, Нацбанк, НБМ, ДПМ, Единый депозитарий ценных бумаг, МВФ, Партия социалистов, Нацкомиссия, Ассоциация банков Locations: ., Procreditbank, Шкендры, Молдова

Maia Pîrcălab, lucrează de aproape trei ani la BNM, fiind în prezent şefa Departamentului Reglementare şi Autorizare din cadrul autorităţii bancare. Candidatul este specialist în domeniul de audit financiar-bancar și supraveghere bancară, cu o experiență de muncă de peste 18 ani. A activat la Ernst & Young și a fost director executiv al Baker Tilly Klitou and Partners SRL din Moldova. Potrivit demersului guvernatorului BNM, Șchendra întrunește cerințele speciale prevăzute de lege pentru numire. În prezent trei funcţii de viceguvernator a BNM sunt vacante.

Persons: Constantin Șchendra, Aureliu Cincilei, Maia, Ion Sturzu, Maia Pîrcălab, Șchendra, Ernst & Young, Baker Tilly Klitou Organizations: ACI, Baker Tilly Klitou and, Banca Naţională, Banca, a Moldovei Locations: BNM, Republicii Moldova, Moldova

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