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Category: Tax News And Info
IRS has more than $1B in refunds waiting for 2014 non-filers
Procrastinating clients may have money waiting: Some $1.1 billion in unclaimed federal income tax refunds await an estimated 1.4 million taxpayers who didn’t file a 2014 federal income tax return. To collect, the IRS said, these taxpayers must file their 2014 federal return no later than this year’s deadline. Texas, California, Florida and New York […]
Audit firms goof more after lowering fees and providing non-audit services
When auditing firms, under pressure to lower their fees, push non-audit services, their clients’ financial statements tend to contain more errors, according to new research from the University of Notre Dame. The study found increased rates of client financial misstatement among audit firms that increase their focus on providing non-audit services in the face of […]
Finding your ‘why’
I clearly remember that day when I received the envelope in the mail. After taking a deep breath, I opened it—I passed. I finally had those three letters after my name: “CPA.” This was back in the fall of 1999, five years after graduation. A success after five failed attempts. The credential seemed important, so […]
Tax Fraud Blotter: Fuel for fraud
Bogus W-2s; dependents, complete with numbers; underreporting supplemental money; and other highlights of recent tax cases. Carney’s Point, N.J.: Marilyn Crespo, 50, has pleaded guilty to one count of filing a false corporate tax return for tax year 2009, admitting that she signed false returns for shell companies resulting in $286,742 in fraudulent refunds. According […]
IRS will now give tax pros information on closed investigations about themselves
The Internal Revenue Service’s Office of Professional Responsibility said it is changing its procedures for how it handles investigations of tax practitioners who may have violated Circular 230 rules, giving them information about the exact nature of the allegations, even if the investigation has been closed. The change was prompted by an unidentified practitioner who […]
Woodard Events files for Chapter 11
Woodard Events LLC, the organizer of the Scaling New Heights conference on accounting technology, has filed for Chapter 11 bankruptcy protection, but the head of the company, Joe Woodard, says the filing is about debt management, and that the company will hold its signature conference this year, and continue its other activities. “Even though the […]
No business development goals means no practice growth
Goal setting is a powerful and satisfying tool used in many aspects of our lives. We set academic goals for school and professional goals for attaining certification or getting a promotion. We set personal goals as well, including reaching a certain weight, salary or other measurement of success. These goals give us clarity, energy and […]
Two tax seasons at once
With just a month of early returns under their belt, practitioners are already facing issues and uncertainty regarding the Tax Cuts and Jobs Act. “It’s almost like dealing with two tax years at the same time during busy season,” said Mark Azar, a partner in the Atlanta CPA firm Smith Howard. “We’re having conversations with […]
Corporate tax departments not so diverse
Only 46 percent of corporate tax professionals consider diversity and inclusion to be important, according to a new survey. The survey of more than 400 tax and accounting professionals by Bloomberg Tax surveyed people who work at both accounting firms and corporate tax and accounting departments. A 76 percent majority of corporate accounting department respondents […]
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