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The Public Company Accounting Oversight Board began requiring firms last year to disclose the names of engagement partners who participated in audits, but a new academic study questions whether the new requirement will actually benefit investors. The study, which appears in the spring issue of Behavioral Research in Accounting, a journal published by the American […]
The Internal Revenue Service spelled out new information reporting requirements Thursday for some life insurance contracts under the recently enacted Tax Cuts and Jobs Act. The new requirements will apply to reportable death benefits paid, along with reportable policy sales, that were made after Dec. 31, 2017. The IRS provided transitional guidance Thursday postponing any […]
Bloomberg The Internal Revenue Service would be required to hire a chief information officer to overhaul its aging computer systems, under a bill passed last week by the House that’s expected to come before the Senate. Lawmakers in the House voted overwhelmingly last Wednesday to approve a package of legislation to “redesign” the IRS, including […]
Intuit reported a 6 percent increase in sales of its TurboTax Online consumer tax prep software, and a 4 percent increase in total TurboTax units sold during tax season this year, compared to last year. Intuit said Wednesday it now expects revenue growth of 12 to 13 percent for fiscal year 2018 in its Consumer […]
A group of lawmakers on the House Ways and Means Oversight Subcommittee are asking the Internal Revenue Service’s acting commissioner, David Kautter, to explain why the IRS’s systems crash occurred on Tax Day, April 17. The systems crash prevented last-minute filers and their tax preparers from sending in their tax returns for much of the […]
One day in 2014, a small firm in Littleton, Colorado, faced a disaster. Geris Zebarth’s servers, as well as its backup servers, completely failed, and for several hours, it looked like every scrap of data on every client had been irrevocably lost. Enter Mike Stefanski. At the time, Stefanski was an IT contractor for Geris […]
Deloitte Consulting LLP has announced plans to collaborate with Amazon Web Services (AWS) on Internet of Things (IoT) analytics solutions focused on tracking an organization’s most important assets. These solutions are hoped to help clients mitigate supply chain complexity, costs and potential risks by using AWS technologies to analyze large amounts of asset location data. […]
You had to get up pretty early to get admitted to last week’s Supreme Court hearing on the Wayfair case. “I was on line at 4:53 a.m.,” said Jamie Yesnowitz, principal and SALT National Tax Office leader at Grant Thornton. At issue was the Supreme Court’s 1992 decision in Quill, which established the physical presence […]
An overwhelming majority of small business owners don’t understand how the Tax Cuts and Jobs Act will affect them, according to a new survey of the self-employed. The survey, by the National Association for the Self-Employed, found that 83 percent of small business owners didn’t have a complete understanding of the impact the new tax […]
AccountantsWorld has expanded its Expert Webinar Series this year, featuring 16 industry leaders, including a dozen of the Top 100 Most Influential People named by Accounting Today. This year is the 10th year AccountantsWorld has offered the Expert Webinar Series to help accountants receive insights from industry experts to manage and grow their practices and […]
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