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The Internal Revenue Service recently published an update to Publication 5146, Employment Tax Returns: Examinations and Appeal Rights, explaining the procedures IRS auditors use to conduct employment tax examinations and an employer’s rights and responsibilities during and after the examination process. While there were no significant changes in the latest version of the publication, at […]
The Association of Chartered Certified Accountants has released a new report calling for more professional skepticism on the part of auditors. The ACCA’s report recommends market participants consider cognitive bias—the behavioral drivers that could influence decision making—more actively and take steps to minimize its impact on audit quality. The report advises standard-setters to design auditing […]
A pair of accounting professors has written a paper proposing a way to communicate accounting complexity. The new measure would use interactive tags in Extensible Business Reporting Language, or XBRL, format, the technology now required by the Securities and Exchange Commission for financial filings. The professors, Rani Hoitash of Bentley University, and Udi Hoitash of […]
Right Networks, which provides cloud-hosting services for accountants and small to medium-sized businesses, has reached a milestone 100,000 users. Founded in 2002, Right Networks hosts on-premise software being used by firms and businesses so the data and functions can be accessed any time, as in with cloud-based applications. Cloud hosting also removes the need for […]
Sage kicked off the first day of Sage Summit 2017 by addressing its partners, outlining both what they could expect from the software company over the next few years and what those partners, resellers and accountants were anticipating in their own businesses, based on Sage-commissioned research. Sage executives presented these survey findings while explaining that […]
The Governmental Accounting Standards Board released a pair of implementation guides with questions and answers explaining several GASB standards. Implementation Guide No. 2017-1, Implementation Guidance Update—2017, discusses a broad range of issues, including the standards on pensions, cash flow statements, financial reporting entities, investments, fund balances, external investment pools, and tax abatements. The guide also […]
The Institute of Internal Auditors has published a new guide to help auditors deal with the challenges of “big data,” the huge volumes of structured and unstructured information that’s being generated at a fast pace by today’s systems. The IIA’S Global Technology Audit Guide: Understanding and Auditing Big Data discusses how the internal audit function […]
(Bloomberg) President Donald Trump’s economic team says it won’t be satisfied until Americans workers earn more—and aggressive tax cuts are essential for those fatter paychecks. But with unemployment at its lowest rate since before the financial crisis, the world’s biggest economy may already be nearing top speed. That means a big fiscal boost resulting from […]
After the crush of busy season is over, it’s the perfect time to get out and have meaningful discussions with your clients. Discussions that go beyond the technical, or the project that you’ve recently working on with them. Questions that probe wants, fears, pains and builds rapport on a personal level. Get an update on […]
The omnibus appropriations bill passed Thursday by Congress includes a number of priorities and directives for the Internal Revenue Service. The spending bill, which funds the government through the end of September, includes $11.2 billion for the IRS, including money for the Tax Counseling for the Elderly Program, Low-Income Taxpayer Clinics, Volunteer Income Tax Assistance […]
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