Experts read the tea leaves in the American Rescue Plan and other early hints of the administration’s revenue proposals. | IRS audits of millionaires plunged 72% → | | By Michael Cohn 3 min read | | Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report. | |
| BDO becomes first Xero Global Partner → | | By Ranica Arrowsmith 2 min read | | Xero will become BDO’s preferred accounting solution for its business, services and outsourcing clients in the small to medium business space. | |
| Treasury clears states to cut taxes — but not with stimulus → | | By Laura Davison 3 min read | | The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions. | |
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