Many thousands of individuals and businesses felt the wrath of Hurricane Ian and Hurricane Fiona in September, including many tax professionals and their tax clients, making it impossible to meet the Oct. 17 and other impending tax deadlines. The Internal Revenue Service has granted relief by extending the time certain individuals and businesses have to file their returns and pay […]
The International Public Sector Accounting Standards Board, New York, announced its 2023 board members: Nor Yati Ahmad, Malaysia; Andrew van der Burgh, South Africa; and Jona Wala, Kenya; and reappointed board members: Kamira Muriel Sanchez Nicosia, Panama; Scott Showalter, United States; and Patricia Siqueira Varela, Brazil. Lisa Daniels was appointed vice chair of growth and strategy at KPMG, New York. […]
The Public Company Accounting Oversight Board has named Barbara Vanich as its chief auditor after she served as acting chief auditor for nearly two years. Vanich was named acting chief auditor in November 2020 after serving as deputy chief auditor, associate chief auditor and special advisor. She has been working for the PCAOB since 2009. Before then, she was an […]
CohnReznick, a Top 25 Firm based in New York, has been helping government authorities make sure the funds for large-scale infrastructure projects don’t go astray as spending on such projects ramps up after passage of a federal law last year. Earlier this year, the firm announced it was partnering with GuidePost Solutions on acting as integrity monitors for the $18 […]
The Internal Revenue Service is boosting the amount that Americans can plow into their 401(k) plans next year amid a surge in inflation. The contribution limits for the popular tax-deferred retirement savings accounts will rise by $2,000 to a maximum of $22,500 in 2023, reflecting the change in the headline consumer price index, the IRS said Friday. It’s the biggest […]
The National Association of Tax Professionals announced a partnership with Verito, which offers managed hosting and IT solutions specific to tax and accounting firms. This partnership allows NATP members to receive discounted services from Verito. NATP members receive either a first-year 10% discount on managed IT or a waiver of the initial setup price for managed hosting ($150 value). … […]
The Department of Justice announced that Massachusetts men Eric Meiggs, 24, and Declan Harrington, 22, have been sentenced to two years in prison for stealing cryptocurrency through “SIM swapping” and other hacking techniques. SIM swapping is essentially a way to get around two-factor authentication systems that send a code to access an account. In this scheme, someone tricks a cell […]
While corporate sustainability reporting continues to grow amid demands from investors and regulators, problems persist with the reliability of the information and the role of accounting firms in vetting the disclosures. KPMG released the latest edition of its global Survey of Sustainability Reporting: Big shifts, small steps, on Tuesday. The report found that all of the top 100 U.S. companies […]
Oracle announced the release of its new Oracle B2B Commerce solution, meant to integrate and automate end-to-end business-to-business transactions. “To complete a deal, trading partners need to work through many manual interactions and each step in the process adds time and inefficiencies, introduces the possibility of human error, and takes buyers and sellers away from more strategic work,” said Rondy […]
Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-38 details the annual adjustments for tax year 2023, with filing in 2024, including: Standard deduction. For married couples filing jointly — $27,700, up $1,800 from the prior year; for single and married filing single — $13,850, up […]
People work for money, but they often live for recognition — being singled out for praise for a job well done is a powerful reward, and one the Best Firms to Work For employ frequently to make their staff feel valued. These sorts of rewards are often handed out by the firm’s leadership. At Duckett Ladd Dental CPAs in Missouri, […]
The Internal Revenue Service is partnering to fight fraud against charities, businesses and individuals during Charity Fraud Awareness Week. Charities lose an estimated 5% of their revenue each year to fraud, according to the Fraud Advisory Panel, a U.K.-based organization that’s organized the event that runs this week to discuss fraud and share best practices. “Unfortunately, natural disasters, like Hurricane Ian, […]
Do people really move because they think their state income taxes are too high? It’s been a longstanding debate. Finally, a recent report from the Tax Foundation provides some compelling evidence that yes, they do. The right-leaning group analyzed data from the Internal Revenue Service that compares the addresses for tax returns filed for tax years 2018 and 2019. These are returns that were […]
Two common misconceptions I hear all the time are that the finance team only looks for ways to reduce spending, and that we’re always saying “No” to new initiatives, like adding new software. Neither are true. While the finance team should question budget requests and determine ROI, the main focus should be to drive revenue, not necessarily cut costs. Ultimately, […]
With inflation still running high, companies are looking for advice from the accountants about how to cope with rising costs. The U.S. Bureau of Labor Statistics reported Thursday that the Consumer Price Index for All Urban Consumers rose 0.4% in September on a seasonally adjusted basis after climbing 0.1% in August. Over the last 12 months, the all items index […]
Banking depositors perceive failures at financial institutions as failures on the part of auditors, reducing their assessment of the credibility of an auditing firm, according to a new study. The study, which appears in the Accounting Review, a publication from the American Accounting Association, found negative perceptions of an audit firm that worked with a collapsed bank can lead to […]
Deloitte has revamped its Audit Committee Guide, with new tools and resources on committee requirements, oversight responsibilities and strategies for promoting effectiveness, along with questions that committees can consider asking to drive discussions. The online guide, which was released in September after last being updated in 2018, aims to help veteran and new audit committee members alike, along with people […]
Payroll solutions provider Paychex announced the appointment of John Gibson as its new president and CEO. He will be the fourth to hold those titles in the company’s 50-year history. Gibson joined Paychex as senior vice president of service in May 2013. In December 2021, he was promoted to president and chief operating officer, leading the daily operations of the […]
The contest to lead the House tax-writing committee should Republicans win control of Congress in November may signal whether the GOP will maintain its traditional Wall Street-friendly stance or pivot more to Trump-style populist tax and trade policies. The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and […]
The Internal Revenue Service is sending out letters this week to more than 9 million potentially eligible families who didn’t previously claim economic impact payments or tax credits. The IRS said Thursday it will sending out the letters to millions of families who haven’t claimed the Earning Income Tax Credit, the Child Tax Credit, the Recovery Rebate Credit or other […]