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The Internal Revenue Service is beefing up its controls to safeguard against improper self-employed retirement deductions, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found the IRS has made strides in its ability to detect taxpayers who deducted contributions made to self-employment retirement accounts but who didn’t have […]
The Internal Revenue Service cautioned electronic return originators Monday about a new identity theft scheme aimed at holders of Electronic Filing Identification Numbers from fraudsters posing as IRS contractors. The IRS said the fraudsters suggest they are contacting the EROs to verify or check on their EFIN acceptance letter. The scammers may then ask the […]
Fraud is continuing to increase this year, in part due to the COVID-19 pandemic, according to a new survey by the Association of Certified Fraud Examiners. The report found that 79 percent of anti-fraud professionals have seen an increase in the overall level of fraud as of November, compared to 77 percent in August and […]
Hong Kong has received the first access to financial audits from mainland Chinese companies, an issue that has vexed relations between the U.S. and China and threatens to lead to the delisting in New York of giants such as Alibaba Group Holding Ltd. As part of a 2019 understanding with the Chinese Finance Ministry, the […]
Bober Markey Fedorovich announces several hires and promotions; Friedman names co-MPS for South Jersey office; and more CPA news.
Small and midsized firms have traditionally faced stiff competition and a complex business environment. Consider the following challenges, especially over the past year: An anemic economy with very slow growth and little, if any, prospects for improvement in the near term; Political turmoil creating lots of uncertainty in the markets; Lots of predatory pressure on […]
The Illinois CPA Society holds its 11th annual Day of Service; MSPC CPAs raises $18K for children’s hospital foundation; Santa Monica firm Gumbiner Savett collects shoe donations for a local elementary school; and the Texas Society of CPAs launches its annual Month of Service.
The Bonadio Group has opened a strategic advisory practice to help its business clients manage through the COVID-19 pandemic. The Bonadio Strategic Advisory practice, launched last month, is helping clients deal with streamlining operations, reducing unnecessary expenditures and improving their profitability and cash flow. The Pittsford, New York-based Top 100 Firm is also helping clients […]
For our own accounting and tax firms, as well as the client businesses we advise, we have had a year like no other. First, we had the tax-filing extension last April. Then government stimulus money was mailed out, PPP loans were made available, and the forgiveness process for those loans has begun. While having all […]
The International Accounting Standards Board is looking into the standards for consolidated financial statements, or group accounting. The IASB circulated a request for information Wednesday as part of a post-implementation review of three of its International Financial Reporting Standards for group accounting: IFRS 10, “Consolidated Financial Statements,” IFRS 11, “Joint Arrangements,” and IFRS 12, “Disclosure […]
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