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16+ hour, 2+ min ago (462+ words) The One Big Beautiful Bill Act makes the opportunity zone program permanent and also introduces some changes in the real estate investor tax breaks, creating a new category for qualified rural opportunity funds and requiring states to designate opportunity zones every 10 years. States will need to adjust to the new designation cycle, and there may be some confusion at first. Under the original legislation that created opportunity zones, the Tax Cuts and Jobs Act of 2017, the zones were designated a single time and set to expire. The OBBBA creates a permanent, recurring cycle to ensure OZs stay relevant given current economic conditions." The upcoming changes are prompting investors to hold off until Jan. 1, 2027 to start raising capital for their projects, or even start their projects, she noted. "We've also seen people timing their gain recognition to be later in 2026 so…...

19+ hour, 58+ min ago (152+ words) Small business accounting platform Xero plans to shift third party app developers from a revenue share commercial model to a new tiered pricing structure based on API usage and connections. The change is scheduled for March 2026. The new pricing is a flat monthly fee based on tier and includes a set allotment of data consumption via the Xero APIs." PrimeGlobal member firms' total revenue increased 19% year-over-year to $6.4 billion. The One Big Beautiful Bill Act makes the opportunity zone program permanent and also introduces some changes in the real estate investor tax breaks. The deal will expand the Top 10 Firm's footprint to South Florida and its existing presence on the East Coast. The agency's Criminal Investigation unit also identified 112% more tax fraud from the previous year. Scenes from an Italian restaurant; blue Hawaii; you're gonna be soooory;" and other highlights of…...

20+ hour, 13+ min ago (184+ words) The association of over 300 independent accounting and advisory firms, with 1,271 office locations across 120 locations and over 53,000 staff, released its latest Annual Impact Report. In the past year, member satisfaction increased to 88% and its Net Promoter Score improved to +43. Across a five-year period, PrimeGlobal added over 300 office locations (35%), expanded its network into 19 more countries (19%) and increased its combined firm revenues 114%. PrimeGlobal member firms' total revenue increased 19% year-over-year to $6.4 billion. The One Big Beautiful Bill Act makes the opportunity zone program permanent and also introduces some changes in the real estate investor tax breaks. The deal will expand the Top 10 Firm's footprint to South Florida and its existing presence on the East Coast. The agency's Criminal Investigation unit also identified 112% more tax fraud from the previous year. Scenes from an Italian restaurant; blue Hawaii; you're gonna be soooory;" and other highlights of…...

22+ hour, 33+ min ago (1046+ words) President Donald Trump promised Americans big tax refunds next year. Many filers " particularly those who could most use the financial boost " may soon be disappointed." "Your sort of typical W-2 worker with no kids will see very little change year-over-year," said Adam Michel, director of tax policy studies at the libertarian Cato Institute. He estimates slightly more than half of taxpayers fall into that group. That disconnect between Trump's public promises and the reality for many Americans threatens to create a political liability for congressional Republicans ahead of midterm elections focused squarely on voters' concerns about affordability. Trump has called affordability concerns a "hoax," but economic data suggests otherwise." Consumer sentiment is hovering near its lowest level on record, and Americans' views of their personal finances are the worst since 2009. Meantime, wage gains have slowed to a crawl and job prospects…...

22+ hour, 50+ min ago (564+ words) Partners at firms that have chosen to remain independent are now asking whether a firm's internal buyout multiple should be adjusted. Some believe the multiple should be increased to reflect the additional value that could be captured by selling externally to private equity or through a traditional sale to another independent CPA firm." CPA firm partners have invested heavily in their careers. They've typically earned a great living and look forward to a comfortable retirement." The value they have built in their practice can significantly impact how comfortable that retirement will be. We polled CPA firms to explore how buyouts are changing in response to PE, and the results were mixed. Some firms have responded by increasing their buyout multiples or adjusting related terms. Others have reduced their buyout multiples or modified their plans, in order to keep retirements affordable…...

1+ day, 1+ hour ago (423+ words) Baker Tilly, a Top 10 Firm based in Chicago, plans to acquire Berkowitz Pollack Brant Advisors + CPAs, a Top 75 Firm based in Miami. The deal will expand Baker Tilly's footprint to South Florida and its existing presence on the East Coast." Berkowitz Pollack Brant dates back to 1980 and specializes in real estate taxes and advising high-net-worth individuals and families in the U.S. and overseas. Its multilingual team speaks nearly a dozen languages and will increase Baker Tilly's ability to serve clients with cross-border needs. BPB founder and executive chairman Richard Berkowitz hailed the combination. "We are enthusiastic about combining our complementary cultures with the sixth largest firm in America," he said in a statement. "Our team will have expanded resources to assist our clients in accomplishing their goals, and we will have enhanced opportunity to recruit outstanding professionals to grow our firm....

1+ day, 14+ hour ago (465+ words) Even as some of its agents were called away to support other federal operations, IRS Criminal Investigation had a banner year in Fiscal 2025, identifying $10.59 billion in financial crimes " almost 16% more than in 2024. As part of that, according to its'Fiscal Year 2025 Annual Report, IRS-CI uncovered $4.5 billion in tax fraud, an astonishing 111.8% more than the year before. It also issued 25% more search warrants, and referred 14% more cases for prosecution by the Department of Justice. While the unit spent the majority of its time (almost 64%) on tax crimes, it also investigated narcotics-related crime, cybercriminals, and bank fraud, among other areas. Team members played major roles in the federal government's efforts at policing Washington, D.C., and Memphis, Tennessee, and some also assisted Immigration and Customers Enforcement in their activities this year. "Our work plays an integral role in shutting down criminal networks that try to…...

3+ day, 12+ hour ago (741+ words) Malden, Massachusetts: Tax preparer Yves Isidor, of Somersville, Massachusetts, has been sentenced to 18 months in prison for filing false returns for clients. Isidor caused a loss to the United States of $443,000. He was also ordered to serve a year of supervised release. Wilmington, Delaware: Domenico Mazzella, owner and operator of a local Italian restaurant, has pleaded guilty to a multiyear scheme to evade taxes. Mazzella pleaded guilty to four counts of tax evasion and 12 counts of failure to collect, account for and pay over trust fund taxes. He has agreed to pay $549,370.39 in restitution to the IRS. He faces up to five years in prison for each of the 16 counts of conviction. Honolulu: Four individuals from Hawaii have been convicted for their roles in a tax refund fraud scheme. To prevent the IRS from recovering the fraudulently obtained refunds, the…...

3+ day, 18+ hour ago (225+ words) Camp Hill, Pennsylvania-based Regional Leader Brown Plus announced that it will add Lancaster-based Ross Buehler Falk & Co. LLP, effective Jan. 1. The move is expected to boost Brown Plus' presence in Central Pennsylvania and the Lancaster area, where RBF has been serving clients since 1985. Financial terms of the deal were not disclosed, but it is expected to increase Brown Plus' headcount to 166 team members, with 22 principals. RBF partners Sean Smith and Jeffrey Groff will join Brown Plus as principals, while MP Jeffrey Bleacher will be retiring." RBF's Lancaster office will remain open until the end of the 2026 tax season, after which it will combine with the current Brown Plus Lancaster office. The Regional Leader will add Lancaster-based Ross Buehler Falk & Co. effective Jan. 1. CPA Firm Management Association appoints board of directors; EY names new Louisville office managing partner; and more news…...

3+ day, 18+ hour ago (341+ words) The Internal Revenue Service is reminding taxpayers who finalized an adoption this year or who started their adoption process before 2025 that they may qualify for the Adoption Tax Credit, adding that changes to the credit come in the wake of One Big Beautiful Bill Act. The credit can be claimed for eligible expenses related to international, domestic, private and public foster care adoptions. The maximum Adoption Credit that taxpayers can claim on their 2025 return is $17,280 per eligible child. Among recent changes: Taxpayers who adopt their spouse's child can't claim this credit, nor can taxpayers who carry out a surrogate parenting agreement.Taxpayers can also use the Interactive Tax Assistant to'determine their eligibility. Eligible expenses include "reasonable and necessary" adoption fees, court costs and legal fees, adoption-related travel expenses such as meals and lodging, and other expenses directly related to the…...