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Many firms fire staff after tax season. The reason being that they feel they needed to get through tax season and those who are not good are let go as soon as practical. I did it differently. If someone was no good, I let them go when I realized that. If that left me shorthanded […]
Mandatory rotation of auditing firms and engagement partners doesn’t necessarily foster greater professional skepticism, according to a new academic study. The study polled 233 pairs of auditors and their contact persons at client firms (mainly CEOs or CFOs) on their attitudes towards mandatory rotation and found that trust and professional skepticism can work hand in […]
Following Donald Trump’s election and the retention of Republican control in both houses of Congress, suddenly the prospects for tax reform in 2017 went from doubtful to fairly likely. The House tax reform blueprint from June 2016 was dusted off as a starting point for serious tax reform discussions. Trump had some tax proposals from […]
Economic confidence has rebounded in the first quarter of the year, according to a survey of accountants around the world by the Association of Chartered Certified Accountants and the Institute of Management Accountants. The improvement in the ACCA and IMA Global Economic Conditions Survey is mostly driven by the U.S., where respondents hope a combination […]
The Internal Revenue Service has released a revenue procedure that provides guidance on several aspects of the Protecting Americans from Tax Hikes Act of 2015, including the expensing of section 179 property, the additional first-year depreciation deduction, and the qualified Indian reservation property depreciation provision. Revenue Procedure 2017-33 details some of the tax rules surrounding […]
President Donald Trump will release a tax plan for individuals and businesses next week that may not include every component that will go into final legislation, said a senior White House official. The plan — which Trump said will be released Wednesday — will contain the administration’s priorities, and it will finally reveal the president’s […]
The Tax Code became too expensive and burdensome under former President Barack Obama’s administration, making a review of 2016 and 2017 tax rules necessary, according to Treasury Secretary Steven Mnuchin. And although President Donald Trump’s administration is already pushing for a comprehensive overhaul of the U.S. Tax Code in legislation (see Trump’s tax plan – […]
The IRS has expanded options for taxpayers who live abroad and need to get an Individual Taxpayer Identification Number to file U.S. taxes. International U.S. taxpayers can now visit a U.S.-based certified acceptance agent, or a CAA located abroad. There are acceptance agents in Australia and New Zealand, Canada, many European countries, Hong Kong, India, […]
As more and more accounting software solutions make the home in the cloud, firms and their clients are working to adapt to a new way of doing business. This webinar looks at the latest trends, as well as best practices for making the most of the cloud. Register
More and more, technology is being applied in ways that are likely to completely reshape how audits are approached, staff and completed. This webinar will look at the trends that are changing this core product of the accounting profession, including what’s happening now and what’s up for the future. Register
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