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For years, accounting firms have relied on firm partners to use their personal and professional connections, charisma, and contacts to “make it rain” — to bring in new business and revenue that would enable the firm to grow and succeed. Today, the growth of the internet and the rapid evolution of information technology has changed […]
Big Four firm EY launches its worldwide corporate responsibility program; and Illinois firm Scheffel Boyle donates 34 care packages to active U.S. service members.
Consumers in 2019 were more likely to say plans to hike taxes on the wealthy would harm economic growth than they were in prior years, despite it being a key campaign pledge for nearly every Democratic presidential candidate, according to a new University of Michigan survey. About 43 percent of consumers surveyed in the final […]
The American Institute of CPAs has written a letter to the Internal Revenue Service and the Treasury Department asking them to issue a notice clarifying that reporting relief on certain reporting under Section 465 will also apply to S corporations. Last month, the IRS and the Treasury released Notice 2019-66, which delays some of the […]
In a recent PwC study, Financial Services Technology 2020 and Beyond: Embracing Disruption, PwC advises public accounting firms to prepare for significant changes to their revenue in the near future. Specifically, the study predicts that due to advancements in financial technology, 28 percent of the banking and payment business, and 23 percent of the insurance, […]
Katz, Sapper Miller appoints first CIO; Reynolds, Bone Griesbeck announces next MP; and more personnel news.
The Internal Revenue Service opened its Free File program on Friday, more than two weeks before the official start of tax season, with changes that should make it easier for taxpayers to find the free versions of tax prep software from vendors who have been accused of misleading consumers into paying for the products. In […]
BKD and MBAF each relocate NYC offices; AAM celebrates 30 years with new logo and Facebook Live event; and more CPA news.
Thomson Reuters has introduced a new product, GoSystem Tax RS, which provides virtual currency organization for 1040 preparation. While legislation around cryptocurrencies have been slow, the IRS has introduced a new question on the 1040 form around whether an individual has invested in cryptocurrency. Now there is no way around it: Cryptocurrency investments must be […]
Many dark money groups that raise funds for political and social causes and don’t pay taxes aren’t notifying the Internal Revenue Service of their intent to operate as tax-exempt organizations under section 501(c)4 of the Tax Code and haven’t been penalized, according to a new report. The report, from the Treasury Inspector General for Tax […]
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