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Recall I reported earlier in the year that the IRS issued IR-2022-183 warning against third parties improperly computing the ERC. Then, the IRS issued a "renewed warning" in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
View MoreInternal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology. On a good day, one can call the IRS and only wait on hold for an hour or two before speaking to an agent who may request a form be faxed. A tax professional may have spent half their workday by the time the situation is resolved or a plan of action has been established.
View MoreAs we navigate an environment with rapidly changing technological advancements, the audit world will need to integrate artificial intelligence (AI) into its approach to enhance accuracy, efficiency and insight.
View MoreAccording to a spring 2023 survey for Accounting Today's Top 100 Firms and Regional Leaders report, the country’s leading accounting firms identified 20 major problems they'll be dealing with in the future. Staffing, and staffing-related issues, make up the top five spots out of the 20 identified. This two-part article series takes a deep dive into the challenges the CPA profession is facing related to talent recruitment and retention.
View MoreThe Gramm-Leach-Bliley Act (GLBA) was passed by Congress in 1999 with bipartisan support. A component of the GLBA, its Safeguards Rule, was first established in 2003, and required organizations defined as “financial institutions” to establish measures to keep their customers’ private information secure.
View MoreSitting on an airplane to Phoenix, the flight attendants just finished their demonstrations of the air masks. “In case of an emergency, please put on your own mask first before assisting others, including children.” I know we have all heard this analogy before when it comes to taking care of ourselves, but have we truly given any thought to what that actually means?
View MoreDisclosures are an important and necessary component of financial reports. Disclosures support financial statements with relevant and necessary information. Disclosures are one of the primary means of understanding and explaining the numbers on the face of the financial statements.
View MoreIn response to the financial crisis of 2008, the U.S. Congress passed the Dodd-Frank Act in 2010 to provide more protections to investors and consumers.
View MoreIn August 2022, the American Institute of CPAs released proposed revisions to the Statements on Standards for Tax Services for public comment.
View MoreThe IRS recently announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.
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