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The National Conference of CPA Practitioners is urging two leading members of the Senate Finance Committee to pass the Taxpayer Protection and Preparer Proficiency Act of 2019, which would give the Internal Revenue Service the authority to regulate tax preparers. In a letter to Finance Committee Chair Chuck Grassley, R-Iowa, and ranking member Ron Wyden, […]
There is currently a slowdown in claims brought against accountants that is largely due to the strong economy, according to CPA-attorney Richard Witkowski, who specializes in professional liability defense. See the 2019 Accounting Today Malpractice Liability Insurance Buyer’s Guide here. At the same time, there are a number of exposures on the horizon that need […]
That’s Almorli; uniform justice; the cookie crumbles; and other highlights of recent tax cases. Rocky Mount, North Carolina: Preparer Amber Gernell Porter, 32, has been sentenced to a year and a day in prison to be followed by a year of supervised release for preparing false returns. Porter was a preparer at the now-defunct Everyday […]
The Internal Revenue Service needs to pay more attention to its employees’ side hustles, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found that as many as 2,200 IRS employees hold unapproved jobs outside the agency that put them at a higher risk of real or perceived conflicts […]
The 19th century English clergyman William Pollard said, “Those who initiate change will have a better opportunity to manage the change that is inevitable.” Pollard’s words reflect something I’ve observed for some time: Our profession has a built-in bias toward passivity. Yet our future requires a proactive mindset in today’s fast-moving environment. Deadlines: The dirty […]
How will CPAs and auditors remain relevant in the future? The answer is simple: judgment. But the process is more complex and changing rapidly. The good news is, the profession has adapted over the past 50 years, but the challenge today is the speed at which technology is disrupting all occupations, not just accounting. You […]
Top 20 Firm Wipfli has added Atlanta-based Porter Keadle Moore, effective October 1. Financial terms of the deal were not disclosed, but 70 PKM team members, including nine partners, have joined Wipfli, bringing its total staff to 2,400 associates in 49 offices. Milwaukee-based Wipfli ranked No. 19 in Accounting Today’s 2019 ranking of the Top […]
New regulations from the Internal Revenue Service provide relief to some U.S. taxpayers who own stock in certain foreign corporations. Rev. Proc. 2019-40 and the proposed regulations limit the inquiries required by U.S. taxpayers to determine whether certain foreign businesses are controlled foreign corporations. The revenue procedure also allows some unrelated minority U.S. shareholders to […]
A fresh look at fraud; local tax moves; work propaganda; and other highlights from our favorite tax bloggers. SALT and wounds TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): “The Case For (and Against) Surrogate Taxation” examines how the Tax Cuts and Jobs Act significantly revised long-standing rules regarding the tax treatment of many employer-provided in-kind benefits. Instead of including […]
BDO USA LLP announced that it will be adding Seattle-based Regional Leader Peterson Sullivan LLP, effective November 1. Financial terms of the deal were not released, but Peterson Sullivan is expected to add 175 partners and professionals to BDO, which ranked No. 7 on Accounting Today’s 2019 Top 100 Firms list and recently reported $1.64 […]
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