Doeren Mayhew acquires Kaplan Merzlak

Doeren Mayhew, a Top 60 Firm based in Troy, Michigan, is adding Kaplan Merzlak PC, a firm in West Bloomfield, Michigan. Kaplan Merzlak PC has been providing accounting, tax and consulting services to privately held companies and high-net-worth individuals for over 35 years. Shareholders Jeffrey Kaplan and Eric Merzlak will join the Doeren Mayhew leadership team and continue to service […]

Chief justice temporarily stops release of Trump tax returns

Chief Justice John Roberts temporarily blocked a House committee from getting Donald Trump’s tax returns, issuing an interim order that gives the U.S. Supreme Court more time to consider the former president’s bid for a lengthier delay. The House Ways and Means Committee had been set to get six years of tax returns as soon as Thursday after a federal […]

IFRS Foundation completes IRCC roster

The IFRS Foundation has finished filling out a new advisory body focused on finding ways to integrate sustainability standards into the general accounting literature. The new advisory body, the Integrated Reporting and Connectivity Council, is meant to complement the foundation’s recently formed International Sustainability Standards Board, which produces standards for environmental, social and governance-based reporting, with an initial focus on […]

IASB amends standards for long-term debt covenants

The International Accounting Standards Board updated its standards Monday to improve the information provided by companies about their long-term debts with covenants. The amendments to International Accounting Standard 1, Presentation of Financial Statements, require a company to classify debt as non-current only if it can avoid settling the debt in the 12 months after the reporting date. However, the IASB […]

Tax cuts may add to state budget pressures

The majority of states will be able to absorb the impact on their revenue if they cut taxes this year, even if they face a mild recession next year, but a small number of states with more wide-ranging tax reduction packages could see budgetary pressure, according to a new report. The report, released Monday by Fitch Ratings, found that a […]

Estimates of the tax gap keep growing

The estimated gross U.S. tax gap increased to $496 billion annually for tax years 2014 through 2016, a rise of over $58 billion from the prior estimate — and the Internal Revenue Service estimates the gross tax gap will rise to $540 billion for 2017-2019.  “The increase in the tax gap estimates reflects that the IRS needs to do more, […]

How good they think their tools are can impact auditor judgment

When using tools that they perceive to be more sophisticated than others, auditors are more likely to bias their judgments in favor of what they believe their supervisors want, in contrast to when they are not using these solutions, according to a recent study published in the Journal of Emerging Technologies in Accounting. Researchers studied a pool of 84 external […]

20 Days to a Better Firm: Throw money at them

Money may not be able to buy love, but it can certainly pique people’s interest, and it can definitely encourage them to stick around — a lesson that both the biggest firms and the top workplaces in the accounting profession have been heeding. It’s becoming well understood across the field that basic salaries need to be competitive from the start, […]

SEC cracks down on excessive executive pay

The Securities and Exchange Commission adopted rules this week requiring public companies to claw back erroneously awarded incentive-based compensation received by their current or former executives only months after issuing a set of rules on pay versus performance. The final rules on pay versus performance require an issuer to file the policy as an exhibit within its annual report and […]

Douglas O’Donnell named acting IRS commissioner

Treasury Secretary Janet Yellen picked Douglas O’Donnell as the new acting commissioner of the Internal Revenue Service on Friday. O’Donnell has been deputy commissioner for services and enforcement at the IRS since April 2021 and is succeeding IRS commissioner Charles Rettig, whose term ends on Nov. 12.  “I want to thank Commissioner Rettig for his tireless service to the American […]

Trump loses latest bid to block tax returns from House panel

A federal appeals court rejected former President Donald Trump’s request to reconsider a ruling that his tax returns must be disclosed to a congressional committee. The order from the U.S. Court of Appeals for the D.C. Circuit clears the way for the House Ways and Means Committee to get Trump’s financial documents, although the former president could still try to […]

IRIS acquires Thomson Reuters payroll product

IRIS Software, a provider of business software, announced the acquisition of myPay Solutions from Thomson Reuters, which enables outsourced payroll and associated banking and tax services via CPA firms to small and midsized businesses across the U.S. “We are thrilled to welcome myPay Solutions to the IRIS family and are proud of this latest milestone as we continue to supercharge […]

‘Tomorrow ousts today’

‘At a meeting of 60 or so technology executives and thought leaders held at the headquarters of the American Institute of CPAs recently, one of the execs described her company’s origins thus: “It was way back when dinosaurs roamed the earth,” she said. “Right around 2014.” In the pin-drop silence that followed, you could hear the whir of internal calendars […]

Preparing a company to go public

Private companies looking to go public will need to be ready to prepare periodic financial reports, demonstrate effective internal control over financial reporting and manage investor relations, among other things.  If they’re not ready, companies may face many challenges meeting these requirements, including problematic IT systems integration, high maintenance costs of IT infrastructure, as well as a lack of efficiency […]

In the blogs: Happy now?

Robocalling the IRS; year-end pay adjustments; ready to quit; and other highlights from our favorite tax bloggers. No bots about it Procedurally Taxing (https://procedurallytaxing.com): Getting the IRS on the horn can feel like banging your head against a wall of sand, and the agency has begun to fight one of the problems of the phone issue: robocalls by companies allowing their […]

IAASB proposes changes in audit evidence standard

The International Auditing and Assurance Standards Board is looking for feedback on a set of proposed changes to its fundamental standard for audit evidence. The current version of International Standard on Auditing 500, Audit Evidence, deals with an auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate evidence to draw reasonable conclusions on which to base the […]

IRS and AICPA call for crackdown on bogus ERC claims

The Internal Revenue Service is asking whistleblowers to report on fraudulent claims for the Employee Retention Credit, as so-called “ERC mills” continue to encourage applications for the tax credit from businesses that may not qualify for the pandemic relief program, which was available for 2020 and 2021. Last week, the IRS warned employers to be wary of third parties who […]

Tax changes mean you might take home more of your paycheck

The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans. That’s the largest increase to the standard deduction since the tax system was first indexed to inflation in 1985, and will reduce the amount of income subject to taxes for […]