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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 […]
Accounting is an age-old profession. CPA firms still leverage the proven practices and processes that have been developed and refined after decades of trial and error, risk/benefit calculations, and business modeling exercises. And yet, the rapid pace of technology innovation and its impact on the accounting industry cannot be ignored. Disruption to business models, operations, […]
Traditional CPA firms are facing extreme financial pressure to pay staff and partners a competitive salary. Expenses are rising, competition is fierce, and margins tend to be shrinking. Over the years, firms have expanded into various management and technology consulting areas as well as financial services to address the issue. Firms have had great success […]
Like many things, accounting performed on computers has come a long way in the last 50 years, especially recently. While many firms and clients are still using desktops, an increasing number are using those PCs to connect with applications and storage located elsewhere. And the exact location of this “elsewhere” has become less important than […]
The IRS has issued guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). These rules, in Revenue Procedure 2019-08 and as amended by the Tax Cut and Jobs Act, generally apply to tax years beginning after 2017. Sec. 179 allows taxpayers to deduct the cost of certain property as an […]
Members of the New Jersey Society of CPAs offered personal stories and career advice to over 3,000 local high school students as part if its “Career Awareness Program.” Speakers visited 115 high schools across the state. Attendees heard personal stories on how members became CPAs, as well as the numerous career opportunities that exist for […]
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