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The number of tax refunds issued so far this tax season is down almost 5 percent compared to last year, an indication that many Americans didn’t withhold enough from their paychecks and could face bills from the IRS. The IRS issued more than 10.8 million tax refunds through the week ending in Feb. 7, according […]
Tax-preparation software companies face headwinds for the revenue they get from each tax return this year due to the combined effect of a rising mix of free filings and lower need for services that assist do-it-yourself filers, according to Morgan Stanley. “A simplified tax code and greater free file scrutiny likely pushes the mix of […]
There seems to be a national trend of accounting firms getting into the software business. This is usually in an effort to grow revenue by selling additional products and services to an existing client base. That’s usually harmless unless the firm is customizing the software or receiving a commission from the software provider, especially if […]
The Internal Revenue Service, along with its Security Summit partners at state tax authorities and tax prep companies, urged tax professionals and taxpayers Friday to use the free, multi-factor authentication feature offered on tax preparation software products, as nearly two dozen tax practitioner firms have reported data thefts to the IRS so far this year. […]
The American Accounting Association has announced that five new members will be inducted into its Accounting Hall of Fame this August during the organization’s Annual Meeting in Atlanta. Started at Ohio State University in 1950, the Accounting Hall of Fame has inducted 101 members since its inception. Bruce Behn, past president of the AAA and […]
The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022. The move would save a projected $57 million that year, and up to $580 million by 2030, but the impact on audit firms and investor protection couldn’t […]
Massachusetts Society of CPAs, AICPA team up for “Bridging the Gap” diversity and inclusion series; NJCPA opens nominations for Ovation Awards; and more CPA news.
EisnerAmper names three to newly created vice chair roles; Holthouse Carlin Van Trigt adds nine partners; and more personnel news.
The Internal Revenue Service introduced a new payment option in 2016 that lets individuals pay their taxes with cash at participating retail chains, but less than 700 payments have been made each year since the option was made available, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted […]
In a case that aims to resolve whether a parent corporation or its subsidiary owns a tax refund during bankruptcy proceedings, the U.S. Supreme Court will soon decide Rodriguez v. Federal Deposit Insurance Corp. The outcome has the potential to impact hundreds of millions of dollars in corporate tax refunds. At issue in the case […]
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