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Treasury Moves Forward with Database on Corporate Ownership
WASHINGTON (AP) — Tens of millions of small U.S. companies will be required to provide the government with details on their owners and others who benefit from them under a regulation finalized Thursday that’s intended to peel back the layers of ownership that can hide unlawfully obtained assets. The Treasury Department said it was moving to create a database that will contain personal information on the owners of at least 32 million ...
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ESG and Cybersecurity Compliance Are Every Employee’s Concern
The following opinion piece was written by Wharton legal studies and business ethics lecturer Leeza Garber, Esq., and Allison Jegla, global director of impact at 100 Women in Finance. In late spring 2022, the Securities and Exchange Commission (SEC) charged an elite investment adviser for “misstatements and omissions” about Environmental, Social, and Governance (ESG) considerations related to its managed mutual funds. This same ...
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A $2 Trillion Fraud with Employee Retention Credits Puts Financial Advisors on Edge
This story has been updated with comments from the IRS. Larry Pon was driving home from the gym following a workout in Redwood City, California, when the too-good-to-be-true barrage began. He was glued to a local sports radio station, digesting the latest baseball disaster for the San Francisco Giants. But over the course of an hour, he heard four different commercials from four different companies advertising a lucrative tax break for small ...
Read MoreSenate Passes Reconciliation Bill
Early Sunday morning (8/7/22), the Senate approved the Inflation Reduction Act of 2022 (H.R. 5376) by a 51-50 party-line vote, with Vice President Harris casting the tie-breaking vote. The House is expected to take up the measure later this week. The Senate considered dozens of amendments but only two were adopted, one amending the book minimum tax to prevent certain small and mid-sized businesses from being subject to the 15 percent minimum ...
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Key Tax Provisions in the Senate Reconciliation Bill
By a vote of 51 to 50, the U.S. Senate on Sunday passed a budget reconciliation bill, H.R. 5376, now known as the Inflation Reduction Act of 2022. The bill contains numerous tax provisions, including a 15% corporate minimum tax, expanded eligibility for premium tax credits, and numerous clean energy credits. The Senate vote, in which no Republicans joined the Senate's 48 Democrats and two Independents and with the resulting tie broken by Vice ...
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