The Internal Revenue Service has issued a draft version of Form 8995, Qualified Business Income Deduction Simplified Computation, for 2019, on which taxpayers that take a QBI deduction report computation of the deduction.
Informal power, which is separate from a person's job title, affects how much a person is able to get things done. Here are ways to determine whether you have informal power and suggestions for improving your standing.
Wells Fargo has made several updates to its internal auditing operations and created teams dedicated to matters including board-level governance and audit services. Richard Chambers, president and CEO of The IIA, said the changes appear to be aligned with industry standards.
The US Treasury Department has dismissed as "flawed" a European Commission blacklist of jurisdictions, including Puerto Rico and the US Virgin Islands, that the commission says aren't doing enough to fight money laundering and financing of terrorism. The Treasury says it "does not expect US financial institutions to take the European Commission's list into account."
Maintaining your sense of curiosity when reviewing a client's tax return can help you uncover potential financial planning opportunities. Start by asking clients questions about such topics as charitable contributions, mortgage terms and their insurance coverage, for example. For free tools and resources to help you start planning conversations with tax clients, check out this resource hub and download the free Personal Finance Scorecard (available to all AICPA members courtesy of the AICPA PFP Section).
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