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The Financial Accounting Standards Board is moving forward with a proposed accounting standards update to reclassify the stranded tax effects from the Tax Cuts and Jobs Act of 2017, although at least one investor group has some concerns. At a FASB meeting last week, the board discussed the feedback it received on the proposed accounting […]
A few accountants recently called me to vent about being shorthanded and asked for suggestions on how they could get through tax season without turning down any business or dropping clients. There are many reasons how they ended up in this situation, but it really doesn’t matter. What matters is how they can get their […]
In 2001, the IRS implemented its first-time penalty abatement program to reward taxpayers who had a good compliance history. The FTA program removes certain late-payment and late-filing penalties for individuals, businesses and employers who have a clean compliance history. Since its inception in 2001, many taxpayers haven’t taken advantage of this waiver. In 2012, the […]
Accountants are no longer the number-crunchers working away in a dusty office at the back of the building. The accountants of today are decision and measurement experts—and masters of technology—who know more about the business than almost anyone. It sounds cheesy, but the information accountants deal in (how well your business is doing) is the […]
The Internal Revenue Service, fresh off its success in uncovering U.S. assets hidden in Swiss banks, has assigned elite criminal agents to investigate whether Bitcoin and other cryptocurrencies are being used to cheat the taxman. A new team of 10 investigators is focusing on international crimes. In addition to following undeclared assets that are flowing […]
The bipartisan budget deal signed into law Friday by President Trump contains 36 tax extenders that had expired at the end of 2016 and makes them retroactive to 2017. The deal includes many tax breaks for industries such as motorsports, horse racing, renewable energy, rum, and movie, TV and theater production (see Tax extenders added […]
Red Wing Software has released a data importing tool for its CenterPoint Accounting and Payroll products. The CenterPoint Data Importer allows customers to import customer records, accounts receivable transactions, general journal entries, employee records and more. The new tool can be installed as a custom option. Current customers can install the option by either following […]
The Association of Certified Fraud Examiners appointed a new CEO and president, Bruce Dorris, succeeding longtime leader Jim Ratley, who will be retiring. Dorris, a former prosecutor who specialized in cases involving white collar crime, has been vice president and program director at the ACFE. He is both a CFE and CEO and joined the […]
More than 100 members of the Georgia Society of CPAs recently visited the state capitol building in Atlanta to press lawmakers about the issues of most importance to accountants. The GSCPA holds an annual CPA Day when members visit the Gold Dome capitol in Atlanta. This year, it occurred on Jan. 25. The GSCPA is […]
It’s probably not surprising that the inner workings of the way tax returns are turned into tax refunds are opaque to most taxpayers – it’s a complicated process, after all. In the absence of knowledge, however, many taxpayers substitute guesses, rumors, wishful thinking and worse, buying into a set of myths that end up having […]
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