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The House Ways and Means Oversight Subcommittee held a hearing this week to look at reforming the way the Internal Revenue Service resolves taxpayer disputes and appeals. One of the witnesses at Wednesday’s hearing was Chastity Wilson, vice chair of the AICPA’s IRS Advocacy and Relations Committee and a principal at CliftonLarsonAllen’s National Tax Office. […]
In the wake of a variety of accounting scandals that cost investors billions of dollars, the Sarbanes-Oxley Act was introduced in 2002 to provide assurance about the accuracy and completeness of financial statements. The intent of the regulation was to prevent the collapse of equities and restore investors’ confidence in the markets. While a perfect […]
White House legislative director Marc Short said Friday that the administration is determined to release the outlines of tax plan negotiated with GOP leaders by the end of the month, even as the Senate’s chief tax writer signaled that the document might not carry that much weight. Senate Finance Chairman Orrin Hatch of Utah said […]
Rep. Lloyd Doggett, D-Texas, along with 30 other members of Congress, has introduced a bill to provide tax relief to victims of Hurricanes Harvey and Irma, in addition to the relief granted in recent weeks by the Internal Revenue Service. The bill would make sure that qualifying individuals and families in the Hurricane Harvey and […]
The Internal Revenue Service is giving tax-exempt organizations in the parts of Texas, Florida, Puerto Rico and the U.S. Virgin Islands affected by Hurricanes Harvey and Irma more time to file their returns. The relief applies to tax-exempt organizations in the Hurricane Harvey and Hurricane Irma disaster areas that have a filing due date after […]
Tax reform notwithstanding, the tax research providers Bloomberg BNA and Thomson Reuters both released their predictions Thursday for the annual inflation-adjusted tax rates that the Internal Revenue Service is likely to announce in the coming weeks. The projected tax rates are based on changes in the consumer price index that were also released Thursday by […]
Theft from prep help; neither snow nor rain nor the law; and other highlights of recent tax cases. Lawrence, Mass.: Former preparer Rafael Huertas Jr., 32, has pleaded guilty to fraud, and money laundering in connection with stealing thousands of dollars in state income tax refunds for himself and others by filing false returns. Huertas […]
Exxon Mobil Corp.’s attempt to use “accountant-client privilege” to avoid handing over audit documents in a politically charged climate-change probe was dealt a final blow by New York’s top court. The finding on Tuesday affirms a 2016 ruling that Exxon must comply with a subpoena by New York Attorney General Eric Schneiderman, who is investigating […]
Developing a pipeline of CPA candidates is critical, now more than ever. In July, the American Institute of CPAs responded to this need by announcing the acquisition of the Accounting Pilot and Bridge Project (APBP), a training program developed by Dr. Dan Deines of Kansas State to bring higher-quality accounting curriculum to high school educators […]
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