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Building a firm in isolation limits growth potential. No business — accounting and tax practices included — can succeed and grow without establishing relationships. Aligning with other practices and business professionals has become more critical than ever before. Some of the benefits of developing mutually beneficial strategic partnerships include: Boost trust and credibility as prospects […]
The American Institute of CPAs’ Auditing Standards Board issued an attestation standard for when auditors perform examination engagements with clients. The AICPA’s Standards for Attestation Engagements (SSAE) No. 21 adds a new section to the AICPA Professional Standards, designated as AT-C section 206, Direct Examination Engagements. SSAE No. 21 allows practitioners to offer an opinion, […]
The Internal Revenue Service published final regulations for Achieving a Better Life Experience, or ABLE, accounts for disabled Americans. ABLE accounts aim to help people with disabilities and their families save and pay for disability-related expenses. While the contributions aren’t deductible, distributions such as earnings are tax-free to the designated beneficiary if they’re used to […]
The Public Company Accounting Oversight Board has imposed a $250,000 penalty on Marcum LLP and its Marcum Bernstein Pinchuk unit over audits of Chinese companies and prohibited the firm from auditing clients in China for three years. The order, which the PCAOB posted last week, said the firm violated PCAOB rules and auditing standards for […]
The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic. Trump’s tax law eliminated the deduction for so-called entertainment expenses — golf outings, cruises and concert […]
It’s no secret that, for years, health care costs have been on the rise, reflecting a massive burden for employers and employees alike. According to the Kaiser Family Foundation, the average premium for employer-sponsored family coverage has increased approximately 54 percent since 2009. In 2019, the average annual premium for employer-sponsored health insurance was $7,188 […]
Each year, Accounting Today recognizes the 100 Best Firms to Work For in the U.S. — and then picks the 10 Best Firms for Women from among those based on the responses of their female staff to a comprehensive employee survey. View the full report here, and see below for a quick introduction to these […]
Details: Grassi Co., a Top 100 Firm based in New York, is acquiring Levine, Caufield, Martin Goldberg PC, a firm in Needham, Massachusetts, expanding Grassi’s footprint into the Boston metropolitan area, effective Oct. 1. As part of the deal, LCMG partners Bruce Levine, Sherri Martin and S. Bernard Goldberg and principal Thomas Kreckler have joined […]
Democratic presidential nominee Joe Biden released his 2019 tax returns hours before the first debate with President Donald Trump, showing that he paid $299,346 in income taxes in 2019. According to documents released by Biden’s campaign Tuesday, the former vice president and his wife, Jill, got a refund of $46,858 after paying $346,204 in income […]
The Internal Revenue Service has asked a watchdog to investigate the tax system’s security after the New York Times disclosed that its reporters had reviewed more than two decades of President Donald Trump’s tax information. IRS Commissioner Chuck Rettig asked the Treasury Inspector General for Tax Administration to look at whether the agency’s system to […]
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