Accounting, Audit & Advisory

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The Truth About Public Accounting, Part III: The 'A' In PCAOB Stands For 'Accounting' - Going Concern
goingconcern.com Mar 5, 2021
A tax switch on IRAs and 401(k)s could hurt high earners
accountingtoday.com Mar 2, 2021
A projected switch in calculating retirement plan benefits from a deduction to a credit could have significant implications for high-net-worth taxpayers, if enacted as initially proposed. During a recent Senate hearing, Treasury Secretary Janet...
What I Learned From Failing the FAR Exam Twice
goingconcern.com Mar 2, 2021
Before working in my current position as a senior tax associate, I was helping people to make the world a better place in a different way, as a manager for a Montessori preschool. I valued my relationship with the staff and children, but my...
IRS offers guidance on employee retention credit and PPP eligibility
accountingtoday.com Mar 2, 2021
The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program. The guidance in Notice 2021-20 echoes the information the IRS...
IRS faces delays, risks for tax season amid pandemic
accountingtoday.com Mar 1, 2021
The Internal Revenue Service needs to take action to avoid processing delays this filing season due to the COVID-19 pandemic, according to a new government report. The report, released Monday by the Government Accountability Office, pointed to the...
Lawmakers tell IRS to stop sending incorrect tax delinquency notices
accountingtoday.com Feb 22, 2021
Two leaders of Congress’s main tax committee are questioning why the Internal Revenue Service keeps sending notices to taxpayers about missing returns when it’s still catching up on unprocessed mail. House Ways and Means Committee chairman Richard...
Less than half of accountants say the profession is equitable
accountingtoday.com Feb 22, 2021
The accounting profession is struggling to build a fully equal and inclusive workplace — and that is causing diverse professionals to leave firms altogether, according to a new report. Co-authored by the Institute of Management Accountants and the...
What does it mean to be a ‘highly automated’ firm?
accountingtoday.com Feb 22, 2021
Lawmakers ask IRS to extend tax season until July 15
accountingtoday.com Feb 18, 2021
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15. Lawmakers on the tax-writing committee in Congress wrote a letter to...
Democrat bills would help the IRS go after wealthy, corporations
accountingtoday.com Feb 18, 2021
House Democrats are proposing two pieces of legislation that would increase tax audits of high earners and corporations and provide more funding for the Internal Revenue Service. Rep. Peter DeFazio, D-Oregon, reintroduced the IRS Enhancement and...
IRS continues to face mail backlog amid pandemic
accountingtoday.com Feb 18, 2021
The Internal Revenue Service is still dealing with a backlog of unprocessed mail from 2020, hurting its efforts to provide help with COVID-19 relief payments and this year’s tax season. A group of Republicans on the House Ways and Means Oversight...
3 Ways Accountants Can Get Awesome Results In the Value Pricing Era
goingconcern.com Feb 18, 2021
The move toward value pricing marks the dawning of a new era for accountants and accounting firms, where financial and professional advancement opportunities abound. No longer constrained by the billable hour, earning potential for accountants is...
IRS warns of ghost tax preparers
accountingtoday.com Feb 17, 2021
The Internal Revenue Service issued a warning Wednesday to taxpayers to beware of unethical “ghost” tax preparers who don’t sign tax returns for clients. The IRS has released similar warnings in tax seasons in recent years as the phenomenon has...
The Not-So-Secret Way to Get an Elijah Watt Sells Award
goingconcern.com Feb 15, 2021
Since 1923, the Elijah Watt Sells Award has recognized the extraordinary achievements of the top-performing CPA exam candidates each year, a rare and hard-earned reward for above-average scores. The few, the proud, the … wait, wrong slogan. Have...
House panel clears $1,400 stimulus payments, family tax credits
accountingtoday.com Feb 12, 2021
The House Ways and Means Committee advanced legislation that would infuse households with hundreds of billions of dollars of cash through direct payments and tax credits, a key plank of President Joe Biden’s COVID-19 relief package. The panel on...
IRS gets set for Friday’s delayed start to tax season
accountingtoday.com Feb 11, 2021
The Internal Revenue Service is girding for the official start of tax season Friday as taxpayers and preparers deal with tax breaks related to COVID-19 and questions about stimulus payments. The IRS recently updated its annual Publication 17 guide...
Nonprofits, businesses receiving PPP could face surprise audits
accountingtoday.com Feb 10, 2021
Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt. A single audit is...
IRS warns of e-file identity theft scam
accountingtoday.com Feb 10, 2021
The Internal Revenue Service alerted tax professionals Wednesday about a dangerous new phishing scam in which a cybercriminal is sending emails claiming to come from the IRS in an effort to steal Electronic Filing Identification Numbers (EFINs)....
Grandma wins $19M case against J.P. Morgan and 2 advisors (her grandsons)
financial-planning.com Feb 10, 2021
A wealthy grandmother won a $19 million arbitration award against J.P. Morgan Securities and two former brokers — her grandsons — over alleged unauthorized trading in her accounts. The ruling came 18 months and 43 hearing sessions after retail...
IRS wrongly told 100,000+ taxpayers it was reducing their stimulus payments
accountingtoday.com Feb 8, 2021
The Internal Revenue Service mistakenly sent letters to many taxpayers saying it would be reducing their Economic Impact Payments to pay off the taxes they owed. More than 109,000 taxpayers received such letters in the form of a Notice CP21C, even...
New IRS form lets self-employed claim sick and family leave credits
accountingtoday.com Feb 8, 2021
A new federal form from the Internal Revenue Service aims to help the self-employed claim sick and family leave tax credits under the Families First Coronavirus Response Act. Eligible self-employed individuals will determine their qualified sick...
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