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February 2, 2023

Accounting News Roundup: ‘Become an accountant. There is plenty of business for all of us.’ | 01.19.18

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With Tax Savings, Some Employers Will Boost 401(k) Contributions [WSJ]
Visa, Nationwide, and AutoNation are among the companies boosting their matching contributions. This seems like a silver lining in the new tax law since Americans are notoriously bad savers.

The Downmarketing Of Tax Shelters [TPC]
“An accountant friend now has a stock answer to clients who ask, ‘what should I do’ in the wake of the TCJA. His reply: ‘Become an accountant. There is plenty of business for all of us.'”

When Trading in Bitcoin, Keep the Tax Man in Mind [NYT]
It’s all fun and games until tax compliance rolls around: “Every time you transfer a cryptocurrency, you might trigger a gain and pay a tax,” says one tax lawyer and accountant.

Cadillac Tax, Proposed Delay Don’t Pass Smell Test [CFO]
The only thing more ridiculous than the exemption of employer-paid health benefits are the games Congress is playing with the ACA’s excise tax on the most expensive plans: “The occasion of this rant is a proposal by House Republicans, made late Tuesday night, for emergency temporary funding to keep the federal government running through Feb. 16. While it’s arguably preferable for the government to continue operating than to shut down, illogically attached to the proposal is a further two-year delay in the implementation of the Affordable Care Act’s infamous ‘Cadillac tax.'”

Brought to you by Accountingfly

The featured job of the week is a Tax Accountant with Edwards, Largay, Mihaylo & Co in Phoenix, Ariz.

Previously, on Going Concern…

A new Deloitte anthem is sweeping the globe.

Jason Bramwell interviewed some controllers about how they keep learning even when they’re swamped.

From the archives: Man Who Claimed $23 Worth of Vegetables Triggered an IRS Audit, Explains His Rationale

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