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Biden mocks Trump Media share drop in broadside over tax plan

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President Joe Biden lambasted Donald Trump’s economic platform in a broadside that included mocking the drop in shares of his political rival’s media company.

“If Trump’s stock in Truth Social, his company, drops any lower, he might do better under my tax plan than his,” Biden said Tuesday at a campaign event in his birthplace of Scranton in swing-state Pennsylvania.

Trump Media & Technology Group Corp., the parent of the former president’s social media platform, Truth Social, continued to slide Tuesday, extending losses after a sharp drop Monday. The shares soared last month as the company wrapped up a lengthy merger process, boosting Trump’s wealth as investors sought to show support for his reelection bid. But the stock has since slumped as the company took its first steps toward allowing Trump and other insiders to capitalize on their stakes.

Joe Biden talks to union workers in Philadelphia in June.
Joe Biden talks to union workers in Philadelphia in June.

Mark Makela/Getty Images

Biden’s comments, timed to follow Tax Day, sought to highlight differences between his tax and economic agenda and Trump’s, according to Biden’s campaign. Trump oversaw tax cuts for the wealthy and corporations while in the White House. 

Biden is calling for a 25% minimum income tax for billionaires and for increasing the minimum tax paid by major US and multinational corporations — and says that under his plans, Americans making under $400,000 won’t pay more in federal taxes.

“President Trump has built multiple businesses including a global real estate empire, employed thousands of workers, and gave it up to serve the country he loves as president,” Karoline Leavitt, a Trump campaign spokeswoman, said in a statement.

The president contrasted his economic agenda with Trump’s, saying his policies were influenced by the lessons he learned growing up in Scranton, while Trump’s reflected the interests of the wealthy.

“When I look at the economy, I don’t see it through the eyes of Mar-a-Lago, I see it through the eyes of Scranton,” Biden said, referencing Trump’s estate in Palm Beach, Florida.

“He and his rich friends embrace the failed trickle-down policies that have failed working families for more than 40 years,” Biden continued. “Scranton values or Mar-a-Lago values? These are the competing visions for our economy that raise questions of fundamental fairness at the heart of this campaign.”

Biden’s campaign is seeking to capitalize on Trump’s absence from the trail. Trump is in New York for a trial over alleged hush money payments, the first of four criminal cases he faces in an unprecedented situation for a former president. Trump’s legal woes have united Republicans behind him but threaten to be a distraction in the general election.

Steel deal

Biden’s economic message is being tested in Pennsylvania, where Nippon Steel Corp.’s contentious deal for United States Steel Corp. — headquartered in Pittsburgh — has rankled union allies and where persistent unease over the state of the economy has magnified voter concerns about his agenda.

Biden on Wednesday will meet with some 200 steelworkers in Pittsburgh, speaking at the historic headquarters of the United Steelworkers, which is seeking concessions from Nippon Steel.

During a press conference with Japanese Prime Minister Fumio Kishida last week, Biden reiterated his support for U.S. workers who oppose the deal but stopped short of again calling for the company to remain American—owned. 

White House press secretary Karine Jean-Pierre told reporters Tuesday that Biden is committed to steelworkers. “He’s a union guy,” she said.

Trump has vowed to block the sale. Navigating the situation is a particular challenge for Biden, who has won support from major union leaders but faces a tougher task courting rank-and-file labor workers.

Key battleground

Trump carried Pennsylvania in 2016 before Biden narrowly flipped the state in 2020 to clinch the presidency. 

Even though data show positive signs for the economy, Biden has struggled to translate that into gains with voters. A March Bloomberg News/Morning Consult poll showed Biden and Trump tied in Pennsylvania with 45% support each. The poll, which surveyed voters in seven swing states, found that even though they saw a brightening economic picture, they trusted Trump more on kitchen-table issues.

“Pennsylvania families are suffering from historic inflation, unaffordable gas prices, and record high housing costs. It’s no wonder why Pennsylvanians will vote to make America affordable again and elect President Trump in November,” Republican National Committee Chairman Michael Whatley said in a statement.

White House officials point to a boom in manufacturing jobs and investment and say wages are growing faster than prices. 

Still, Biden’s challenges in Pennsylvania are a troubling sign for Democrats. A crucial Senate contest this year is expected to pit Democrat Bob Casey Jr. against Republican challenger David McCormick, the former hedge fund executive who has Trump’s backing.

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Accounting

IRS accelerates ERC claims processsing

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The Internal Revenue Service says it has processing underway on some 400,000 claims for the Employee Retention Credit, representing about $10 billion of eligible claims.

Work on the claims for small businesses and others is ongoing as the agency continues to wade through claims from the complex — and at times misused — pandemic-era credit. A significant number of the ERC claims came in during what the IRS calls “a period of aggressive marketing” by promoters, leading to a large percentage of improper, ineligible claims.    

“In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in,” said IRS Commissioner Danny Werfel in a statement, “and we continue working to refine our models to identify more eligible claims.”    

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IRS Commissioner Daniel Werfel testifying at a Senate Finance Committee hearing

The claims being processed include eligible and ineligible claims, with most being processed for approval. Checks are being mailed for eligible claims with refunds.

The ERC program increasingly became the target of aggressive marketing well after the pandemic ended. Some promoter groups called the credit by another name, such as a grant, business stimulus payment, government relief or other names. The IRS is continuing to work denials of improper claims, intensifying audits and investigating potential fraud and abuse. 

Last month, the agency opened a supplemental claim process to help third-party payers and their clients resolve incorrect ERC claims, and warned that its second Employee Retention Credit Voluntary Disclosure Program ends Nov. 22.

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Accounting

Intuit steps up, and other accounting technology stories you may have missed

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Intuit launched an all-in-one accounting solution for mid-market businesses, LiveFlow raised $13.5 million to modernize accounting, a host of developments in AI, and other technology stories you may have missed in the last month and how they’ll impact your clients and your firm. 

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Accounting

AICPA & CIMA names Mark Koziel as next CEO, succeeding Barry Melancon

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Allinial Global president and CEO Mark Koziel has been tapped as the next president and CEO of the Association of International Certified Professional Accountants, succeeding longtime chief Barry Melancon, who is retiring at the end of this year.

Koziel has extensive experience at the AICPA, having worked in various roles there for over 14 years, most recently as executive vice president of firm services. He left for Allinial Global in 2020 to head the association of independent accounting and advisory firms but had long been seen as a potential successor to Melancon. Melancon announced his retirement in May at the spring meeting of the AICPA’s governing Council and a search process began for the next head of the AICPA & CIMA. Koziel will step into the role in January after a handover period.

“I am excited and honored to be appointed CEO of the world’s largest accounting membership body,” Koziel said in a statement Wednesday. “I look forward to playing a key role in leading the organization and the profession to new heights. The profession is well positioned to expand and continue to evolve the value it brings serving the public interest and addressing the challenges faced by economies, business, and society. I cannot wait to start working closely with members, candidates, volunteers, and staff to do just that and drive our great profession forward.”

Mark Koziel at Engage 2018

Mark Koziel at AICPA Engage 2018

Koziel began his accounting career in 1991 at the firm Lumsden McCormick in Buffalo, New York, later joining Dopkins & Co. and Joe Slade White & Co., two other firms in the area. 

Melancon has been leading the American Institute of CPAs since 1995 and spearheaded its expansion into the Association of International Certified Professional Accountants, the AICPA & CIMA, after a deal with the U.K.’s Chartered Institute of Management Accountants in 2017. He has long been ranked by his fellow accountants as the most influential person in the accounting profession.

“Serving the profession over the last 30 years has been a great honor, and I have been fortunate to have played a part in its transformation,” Melancon stated. “I am thrilled to see Mark appointed to the role, knowing his passion and vision for the profession and AICPA & CIMA. Mark will do a fantastic job.”

The board of directors of the AICPA & CIMA announced Koziel’s selection Wednesday after an extensive search process.

“We are delighted to announce Mark as our new CEO for the Association,” said Simon Bittlestone, CIMA president and chair of the Association, in a statement. “The appointment follows an open and extensive global search that attracted a strong pool of candidates from around the world. Mark is a dynamic, values-led leader with extensive experience and knowledge of our profession. The board looks forward to working with him in leading our members, candidates, and the profession into the 2030s and beyond. I would like to thank Barry Melancon ahead of his retirement for his leadership of AICPA & CIMA and lifelong commitment to advancing the accounting and finance profession — a remarkable 30 years of dedication.”

AICPA chair and co-chair of the Association Carla McCall, added, “In a strong field of applicants, Mark was the standout candidate because of his knowledge, understanding, experience, and vision for the profession and the organization. These are transformative times for our profession. I look forward to working with Mark to seize the opportunities in front of us.”

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