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This Week in Accounting & Taxes: Week 1

August 3, 2018

Quick summary: Manafort's bookkeeper & tax preparer testify, GAO says one in five people will underwithhold this year, and states rush to address Supreme Court sales tax decision.

 

On Thursday, the court overseeing Paul Manafort's trial heard from Manafort's bookkeeper and tax preparer. Heather Washkukhn, the managing director at NKFSB, testified she was unaware of any foreign accounts Manafort might have had, and that he has paid for millions for personal luxury expenses. While she was aware of international transfers to his accounts, she attributed it to his work overseas. Next, Philip Ayliff, the previous managing principle of CPA firm KWC took the stand and testified that he had inquired about international accounts or transactions with regards to tax treatment and reporting and was repeatedly told that no accounts/transactions existed.

 

The Government Accountability Office released a report this week that 21% of individuals will underwithhold this year thanks to changes mandated by the Tax Cuts and Jobs Acts. Additionally, the report called on the IRS to documents the process involved in the agencies determination of the rates and amounts for withholdings released earlier this year.

 

Finally, multiple states have already taken steps towards enacting sales tax legislation similar to South Dakota's in light of the "South Dakota v. Wayfair, Inc" Supreme Court decision. Chief among these include North Dakota, Massachusetts, Hawaii, and Kentucky. For additional information, tools, or news on sales tax, we suggest visiting the Sales Tax Institute website at https://www.salestaxinstitute.com/.

 

 

 

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