KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – OCTOBER 2024

1. Apple, Google lose multibillion dollar tax fights with EU 

Apple Inc. lost its court fight over a €13 billion ($14.4 billion) Irish tax bill and Google lost its challenge over a €2.4 billion fine for abusing its market power, in a double boost to the European Union's crackdown on Big Tech. Read More 

2. Harris has Trump on defense in sharp-elbowed presidential debate 

Democrat Kamala Harris and Republican Donald Trump sparred through their first debate, with the former president often on the defensive over abortion rights, the January 6 insurrection and on foreign policy. Read More 

3. Presidential debate touches on taxes 

The debate Tuesday night between Vice President Kamala Harris and former President Donald Trump in Philadelphia included little discussion about taxes, but pointed to at least some of their economic policies. Read More 

4. November's election is shaping up to be critical to tax planning 

The nearing November elections will be determinative for tax outcomes, say observers. That's not just due to the presidential election, according to Rochelle Hodes, Washington National Tax Office principal at Top 25 Firm Crowe. "It's not just the presidential election," she said. "Both houses of Congress are also at stake and might tip either way." Read More 

5. Tax inflation adjustments expected to shrink 

Inflation's impact on the Tax Code will continue to shrink, according to Bloomberg Tax & Accounting's 2025 Projected U.S. Tax Rates. Read More 

6. Trump pledges no taxes on overtime 

Republican Donald Trump pledged to eliminate taxes on overtime pay at a rally days after a shaky debate performance, as the presidential nominee looked to turn the page with a new populist tax cut proposal. Read More 

7. IRS proposes rules on tribal general welfare benefits 

The Treasury Department and the Internal Revenue Service issued a Notice of Proposed Rulemaking on Friday to implement Section 139E of the Tax Code, created by the Tribal General Welfare Exclusion Act of 2014, excluding from gross income the value of any tribal general welfare benefit. Read More 

8. Trump tariffs would help pay for tax cuts, Vance says 

Former President Donald Trump's agenda of higher tariffs on U.S. imports would help offset his expanding tax-cut proposals if he's reelected in November, according to his running mate, Ohio Senator JD Vance. Read More 

9. House passes taxpayer privacy bill 

House lawmakers passed the Taxpayer Data Protection Act, voting to stiffen the penalties for making an unauthorized disclosure of tax information to prevent the future theft and disclosure of Americans' private tax information in the wake of disclosures about the tax returns of former President Donald Trump and prominent billionaires like Elon Musk and Jeff Bezos. Read More 

10. IRS issues warning about Offer in Compromise 'mills' 

The Internal Revenue Service cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often produce no results. Read More 

11. U.S. investigating SAP, Carahsoft for possible price-fixing 

German software developer SAP SE, product reseller Carahsoft Technology Corp. and other companies are being probed by U.S. officials for potentially conspiring to overcharge government agencies over the course of a decade.  Read More 

12.  NCCPAP approves new board 

The National Conference of CPA Practitioners finalized the new slate of officers and directors for the 2024-25 term.Read More 

13. IFRS Foundation publishes guide to ISSB standards 

The International Financial Reporting Standards Foundation published Wednesday a guide for preparers voluntarily applying standards by the Internationally Sustainability Standards Board. Read More 

14. SEC charges tech CEO with $30M fraud 

The Securities and Exchange Commission announced fraud charges Tuesday against Baba Nadimpalli, co-founder and former CEO of SKAEL Inc., a San Francisco-based private technology company that developed business automation software. Read More 

15. FinCEN releases BOI toolkit for small biz 

The Treasury Department's Financial Crimes Enforcement Network has created an online toolkit to help small business owners comply with the new beneficial ownership information reporting requirements. Read More 

16. CFOs cautious as election looms 

CFOs seem to be cautious ahead of the U.S. election in November, with 58% saying the result of the election will be extremely or very consequential for their organization, according to a survey released Wednesday by Deloitte. Read More 

About Entigrity    

Entigrity™ is a reliable offshore staffing partner for 850+ accounting and CPA firms, 200+ CFOs & businesses across the US, Canada, and the UK, positioning itself among the top outsourced accounting firms. With a flexible and transparent model, the company enables firms of all sizes to acquire skilled accounting, bookkeeping, and tax preparation staff. As a pioneer in offshore accounting, Entigrity ensures precise alignment with the hiring needs of accounting firms, providing staff under your control and management and minimizing concerns about compliance, payroll taxes, overheads, or benefits.  

Trusted by 40+ of the top 200 US accounting firms, we specialize in supplying highly skilled personnel from India. We have 39 global offices across India. We are GDPR compliant, ISO 27001:2013, and SOC 2 Type II certified. We are now "Great Place to Work Certified™," "KPO Organization of the Year," and "Dream Companies to Work For" among accounting industries. Entigrity is also recognized as a platinum partner by the Institute of Management Accountants (IMA). The company is strategically partnered with Boomer, a BDO Alliance USA and Abacus Alliance member. 

Christopher Rivera

Director, Client Relations

Christopher Rivera, Chris serves as a Director of Client Relations and Business Development at Entigrity. He is an expert at leading and managing teams actively from the front. His expertise in sales, training, coaching, mentoring and influencing combined with his competitive nature makes him a strong leader.  Chris has traveled through the length and width of the country and has spoken with more than five thousand CPAs, understanding their challenges and limitations. On the grounds of that, he can now easily provide opinions and solutions that can be immensely helpful to the professionals. He has also represented Entigrity at a number of major accounting conferences and networking events.