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Audit firms can enhance the reliability of environmental, social and governance reporting during the novel coronavirus pandemic, according to a new report from the Center for Audit Quality. The report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, describes how investors are using ESG information and the changing role of auditors in […]
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic. The IRS issued Notice 2020-53 Wednesday to offer regulatory and tax relief to issuers, operators, owners, and tenants of […]
Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants […]
Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. Denver: Tax defier Lawrence Birk has pleaded guilty to failing to surrender to serve his prison sentence for tax evasion and illegal possession of a firearm. Birk, convicted a year ago of tax evasion, founded a sole proprietorship, […]
The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their terms. FASB chairman Russell Golden has chaired the standard-setting board since July 2013 and has been a board member since 2010. He was succeeded Wednesday, July 1, by Richard Jones, a former chief […]
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who didn’t file a 2016 federal income tax return. The problem: They have only until July 15 to claim the money. The IRS estimates the midpoint for the potential refunds is $861, or about a third of the average […]
The Institute of Management Accountants appointed accounting professor Paul Juras as chair of IMA’s Global Board of Directors for fiscal year 2021 from July 1, 2020 to June 30, 2021. Juras (pictured), a professor at Babson College in Wellesley, Massachusetts, plans to focus on creating educational opportunities for students and developing technological strategies to drive […]
The labor market has a long road ahead as businesses try to adjust to the outbreak of the COVID-19 pandemic. ADP held an online Labor Market Summit last week to examine the latest research from the Federal Reserve, the University of Chicago, the Massachusetts Institute of Technology and its own ADP Research Institute. David Cho, […]
Audits plunge; new pricing survey; Mnuchin does Europe; and other highlights from our favorite tax bloggers. You knew this was coming Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): That’s Rich Dept.: The IRS has audited 0.05 percent of those earning $1 million to $5 million in 2018, according to recent data. For those reporting $10 million or more, that […]
Sports fans have heard the adage, “The best offense is a good defense.” I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to […]
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