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There has been a lot of interest in 401(h) plans after an earlier article we wrote, but also many questions. Most of the questions about 401(h) plans have revolved around the fact that this is a benefit for retirees only. Most people want to know if there is anything that can be done for pre-retirement […]
Today, December 28, is National Download Day, according to the internet powers that be (most likely the gaming industry). According to National Day, which keeps track of the various national days declared by individuals, companies or otherwise, by far the most popular downloads between Christmas and New Year’s are game apps, followed by shopping, and […]
Of all the niches that accountants work with, nonprofit organizations present some of the most unique challenges — but they also have some of the strongest relationships with their outside advisors. Among the industry sectors covered as part of Accounting Today’s 2018 Small Business Accounting Insights Survey, nonprofits were among the highest scorers in terms […]
Most of the organizational processes that are connected to leadership and management were invented and created in the early years of the 20th century by people that were born in the 19th century. In the current competitive environment, where change is the new normal, the ability of any accounting firm to continue and lead in […]
The Internal Revenue Service has issued final regulations implementing the centralized partnership regime, allowing the IRS to audit large partnerships, such as hedge funds and private equity firms, more easily. The Bipartisan Budget Act of 2015 replaced the partnership audit rules under a 1982 law, the Tax Equity and Fiscal Responsibility Act, also known as […]
The Internal Revenue Service is offering business taxpayers some safe harbors related to the state and local tax deduction that was limited under the Tax Cuts and Jobs Act. Timothy Fadek/Bloomberg The IRS released Revenue Procedure 2019-12, which provides safe harbors under section 162 of the tax code for certain payments made by a C […]
The Internal Revenue Service isn’t always making sure small businesses who claim the research tax credit against their payroll taxes are eligible to claim it and are claiming the correct amount, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the PATH Act of 2015 made the […]
The Treasury Inspector General for Tax Administration released a report on the results of this past filing season, indicating mixed success for the Internal Revenue Service. Image: Bloomberg News The report was released to the public at a time when the IRS is dealing with a partial government shutdown that threatens to delay next filing […]
Developments over the course of the year pointed toward a radical change in the direction of the traditional audit service, driven by broad technology trends in general, and spearheaded by the American Institute of CPAs in particular. In June, the institute launched its OnPoint PCR tool, aimed at improving prep, comp and review engagements, while […]
The Institute of Internal Auditors is beginning to re-evaluate the “Three Lines of Defense” model for risk management that has been around for more than two decades with an eye toward updating it for the 21st century. The IIA’s existing position paper, “The Three Lines of Defense in Effective Risk Management and Control,” was last […]
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