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While you may have “nanny taxes” covered for your clients who have hired household help, wage laws can cause serious compliance problems — including fines, payment of back taxes with interest, and potentially legal action by the employee — for these families. It may seem simple: Your client tells you how many hours an employee […]
Ahh, busy season. Chances are you’re lamenting how disorganized your clients are this time of year. You’re wondering how they can get through life when they’re such procrastinators about sending in the simple forms and statements you need to do your job. Bloomberg Sure, most clients don’t enjoy the tax preparation process, but when you […]
Time is always a precious commodity for a tax professional, especially during filing season. Many clients bring you old notices and IRS issues during the busiest time of year. Many of these notices require a contact to the IRS. In fact, the IRS gets most of their phone calls during the busy season when taxpayers […]
Recognizing risk; the price of conformity; Desmond’s confirmation; and other highlights from our favorite tax bloggers. A relaxing pace Summing It Up (http://blog.freedmaxick.com/summing-it-up): Seems like a day never goes by without a story about a large, reputable organization in hot water for a failure of management to recognize and manage a risk. The news is […]
OneStream Software has released the latest version of its SmartPCM platform, OneStream XF 5.0. The software is a corporate performance management solution, including financial close, consolidation and reporting capabilities, for mid-sized or very large corporations. This is the fifth generation of OneStream XF, which can be deployed in the Cloud or on-premise. The update adds […]
The Public Company Accounting Oversight Board has posted three pieces of guidance from its staff on the PCAOB’s new requirements that companies disclose critical audit matters, or CAMs, in their audit reports. The PCAOB’s recent standard, AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, requires […]
The Internal Revenue Service isn’t doing enough to flag over $74 million in potentially erroneous claims for the Excess Social Security Tax Credit, according to a new report. Andrew Harrer/Bloomberg The report, from the Treasury Inspector General for Tax Administration, found the IRS paid more than $74 million in potentially erroneous Excess Social Security Tax […]
A fresh twist on the well-known IRS-impersonation phone scam now finds criminals faking calls from the Taxpayer Advocate Service, an independent organization within the IRS. As with other IRS-impersonation scams, thieves make unsolicited calls to intended victims fraudulently claiming to be from the tax service, according to a warning issued by the agency. Callers spoof […]
The Greater Orlando Chapter of the National Association of Black Accountants is set to host its annual Accounting Careers Awareness Program at the University of Central Florida from July 14-19, 2019. The Accounting Careers Awareness Program is NABA’s signature pipeline program, raising awareness of accounting career opportunities among high school students from underrepresented ethnic groups. […]
A pair of Republican and Democratic senators has introduced bipartisan legislation to fix one of the technical problems in the Tax Cuts and Jobs Act that has kept many retail and restaurant businesses from renovating and repairing their buildings. Senators Pat Toomey, R-Pa., and Doug Jones, D-Ala., introduced the Restoring Investments in Improvements Act on […]
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