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KPMG opened the KPMG Ignition Center — Chicago, the firm’s seventh and largest center dedicated to innovation. The 30,000-square-foot Ignition Center, located on the 68th floor of the Aon Center, focuses KPMG’s capabilities across signal sensing, design thinking, data and analytics, artificial intelligence, strategy, business process and technology. The CPA Endowment Fund of Illinois, the […]
Low-income and minority taxpayers were more likely to use extra-fee tax preparation offerings like refund advances and refund transfers, according to a report Friday from the Government Accountability Office, and tax preparers often didn’t present them with information about the fees ahead of time. Andrew Harrer/Bloomberg The GAO report, and recent disclosures about a provision […]
Nearly half of Americans fail to check whether their tax preparer includes their Preparer Tax Identification Number and signs their return, putting them at risk of being scammed, according to a new survey. More millennials are liable to this compared to Generation X and Baby Boomers. The online survey of 1,270 adults by YouGov and […]
Sen. Ron Wyden, D-Ore., and Ben Cardin, D-Md., introduced legislation Thursday to require minimum standards for paid tax preparers and rescind Preparer Tax Identification Numbers of incompetent and fraudulent practitioners. The bill represents the latest effort to regulate the tax prep industry. The IRS began rolling out a Registered Tax Return Preparer program in 2010 […]
We hear a lot in the news about the accounting firm of the future, but what really hits home is your accounting firm of the future. So many CPA partners and owners would like to see their firms remain independent and become a potential home for others. To secure the future succession—and success—of your firm, […]
Higher education; tough stains; don’t Betta on it; and other highlights of recent tax cases. Jersey City, N.J.: Preparer Cesar Cruz, 76, has been sentenced to a year and a day in prison for preparing false returns for clients. Cruz, who previously pleaded guilty, was also sentenced to a year of supervised release and ordered […]
A new report urges against the taxation of robots, with the warning that any such policy would stifle innovation — an oft-used argument against taxation of most tech-related capital goods. However, the rise of robots has not had the clear-cut, expected results the world might have hoped for, complicating the tax question. The report, issued […]
Internal Revenue Service Commissioner Charles Rettig testified before the Senate Finance Committee on Wednesday about the 2019 tax season, his first as head of the IRS, as the agency managed to open filing season on time despite the recent government shutdown. “I am pleased to report that the 2019 filing season opened on time on […]
There is a revolution underway in major accounting firms, at least for the ones who take up the challenge to meet the shifts occurring beneath their feet. For decades, the profession has operated on a foundation of expanding billable hours for increasingly complex yet still largely compliance-focused work. And while compliance work will remain a […]
The Internal Revenue Service has come under criticism from lawmakers complaining about the agency’s disproportionate number of tax audits of low-income taxpayers who claim the Earned Income Tax Credit and other refundable tax credits, as opposed to higher-income taxpayers. A recent series of articles in ProPublica found that EITC recipients, who on average tend to […]
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