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Operating as usual
I mean we are tired, it would be nice to have a robot to help us out
If you thought this administration or any other would target auditing the wealthy and large corporations then think again. Low-Income workers (making below $25k/year) are 5 times more likely to be audited than taxpayers with income between $250k-$1million. Much like the Employee Retention Credit which the government approved and then withdrew after companies had already received a portion of it and relied on it to keep their businesses operational, the Earned Income Tax Credit is now coming under scrutiny because once again the government promised more than they can deliver. The IRS is simply targeting low-income tax payers because they are easier to audit while those with high incomes escape examination.
“Giant accounting firms embed top lawyers inside the government to draft tax rules that benefit their clients”
This is happening in other countries as well. Not to mention the big accounting firms have a monopoly on audits of big corporations, resulting in audits that can’t be trusted with an end result of major downfalls of huge corporations which negatively impact lives of employees and the economies where these corporations exist. Go research the downfall of every major corporation and you will find they all have something in common, one of the big accounting firms handled their audits. These big accounting firms are corrupt, should not be trusted, and have no business involving theirselves in writing tax laws in any country.
The Treasury is asked to investigate its hiring of lawyers from big accounting firms. The request was sent by Senator Elizabeth Warren and Representative Pramila Jayapal after a New York Times report on the revolving door between the department and the biggest accounting firms.
Theodora Fonteneau Rutherford attended Howard University, graduating summa cm laude in 1923, at the top of her class in the School of Commerce and Finance. The following year, she was the first black student to earn a master's degree in accounting at Columbia University. Her thesis title was "An accounting system for a small school or college". Fonteneau was unable to qualify as a Certified Public Accountant (CPA) after school, because she could not meet New York's experience requirement; no firm would hire a black woman accountant, even with Fonteneau's academic credentials. When there was a rule change in 1958, she became the first black CPA in West Virginia, and the first black woman member of the West Virginia Society of Public Accountants.
IRS Temporarily Halts These 10 Scary Taxpayer Letters Got a CP-80 Unfiled Tax Return Notice? A CP501 Balance Due Notice? You can probably disregard it.
In 1902 Maggie L. Walker becomes the first female African American bank president after she founds the St. Lukes Penny Savings Bank.
Starting in the city of Richmond Virginia, Maggie Walker was teacher, entrepreneur, activist and so much more. For most of her life, she worked for the Independent Order of St. Luke. She started at the age of fourteen and rised through the ranks to eventually become the Right Worthy Grand Secretary – the highest position. At St. Luke, she published a newspaper, The St. Luke Herald where she served as editor. Then, she chartered the St. Luke Penny Savings Bank and served as the bank’s first president, making her the first African American woman to charter a bank in the United States.
Eventually, the bank merged with two other Richmond banks to become The Consolidated Bank and Trust Company, which grew to serve generations of Richmonders as an African-American owned institution.
Walker was the first American woman to become a self-made millionaire. She also started a line of African American hair care products, headed an insurance company, owned of a department store, and ran for governor of Virginia.
The following nine individuals who met in December 1969 were determined to "make a difference" and let their voices be heard: Ronald Benjamin, Earl Biggett, Donald Bristow, Bertram Gibson, Kenneth Drummond, Richard McNamee, Frank Ross, George Wallace, Michael Winston
The national and local programs offered are designed to support the overall goals and objectives of the Association. These programs provide support to, and create opportunities for, professionals and students seeking levels of accomplishment in the fields of accounting and finance. Today, through the efforts of NABA and other interested groups, there are now over 200,000 African-Americans participating in the field of accounting, of which over 5,000 are CPAs. As a leader in the business community, NABA continues to create opportunities for the purpose of enlarging the pipeline of African-Americans into every level of accounting and finance.
Find some additional reading here via Wikipedia.com to more fully understand the existing challenges that necessitated the creation of NABA;
NABA was established in 1969 by nine African American accountants in New York City, and for forty years has addressed the systematic challenges faced by minority accounting professionals. In 1969, there were 100,000 people who held the Certified Public Accountant (CPA) designation–only 150 of them were African American. That same year, the American Institute of Certified Public Accountants—the professional body that awards CPAs—passed a resolution on the lack of diversity in the accounting profession and established the Minority Initiative Committee, which along with NABA, continues to study and provide solutions that eliminate the barriers to success in the profession by people of color. Today, through the efforts of NABA, the AICPA, and other interested groups, there are more than 200,000 African Americans participating in the field of accounting, of which more than 5,000 are CPAs.
HAPPY GROUNDHOGS DAY Punxsutawney Phil, emerged from his tree stump this morning and saw his shadow — which according to folklore means there will be six more weeks of winter. Good news for those of you that love cold weather.
Groundhog Day has its roots in the ancient Christian tradition of Candlemas, when clergy would bless and distribute candles needed for winter. The candles represented how long and cold the winter would be. Germans expanded on this concept by selecting an animal—the hedgehog—as a means of predicting weather. Once they came to America, German settlers in Pennsylvania continued the tradition, although they switched from hedgehogs to groundhogs, which were plentiful in the Keystone State.
1940 Major R. R. Wright, the founder of Citizens and Southern Bank, stands outside its doors. Wright created Citizens and Southern in response to the failings of other Black-owned banks. He kept his bank small, and it was one of the few to re-open after President Franklin Delano Roosevelt's bank moratorium.
HAPPY CHINESE NEW YEAR!
Show us how you are celebrating by posting a picture in the comments!
Wishing everyone a Happy and Prosperous Lunar New Year's Ever! Enjoy a good Chinese New Year break!
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Troy O'Callaghan, CPA is a full-service Accounting firm licensed in TX, with a broad range of services for individuals and small companies.
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