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The Public Company Accounting Oversight Board is finding many of the same problems at auditing firms during its most recent inspections that it has admonished firms for in the past, according to a new report. The PCAOB published a staff inspection brief Friday offering a preview of the results of its 2016 inspections of firms […]
The Senate Republican tax proposal unveiled Thursday would cost $516 billion over a decade after assuming macroeconomic benefits as a result of the tax cuts, according to a new analysis Friday by the Tax Foundation, a right-of-center Washington think tank. The group found that the bill would cost $1.78 trillion in revenue over a decade. […]
Thomson Reuters, a provider of finance, accounting and other business intelligence software, has announced the 2017 winners of its Customer Superstar Awards, which are given to practitioners and firms who demonstrate outstanding dedication and service in the tax and accounting profession. Award winners were selected by a panel of Thomson Reuters judges at the company’s […]
Bad call; anti-social behavior; wearing a Frownie; and other highlights of recent tax cases. Irvine, Calif.: CPA Antonia Rios, 52, has pleaded guilty to one count of attempting to interfere with the administration of the internal revenue laws, resulting from her obstruction of an investigation into millions of dollars in refunds claimed in returns prepared […]
As it has so often in the past, Congress is making the end of the year difficult for accountants and tax practitioners, dragging tax legislation out to the last minute with a maximum of confusion and a minimum of advanced warning. The simultaneous release on Thursday of the Senate’s proposals for tax reform and the […]
Time to exhale, sit back and think ahead to what you want 2018 to look like at your accounting firm. Now that the final deadline of the 2016 tax season has passed, accountants have a small window to look at their practices and plan for next year. This means not only reviewing systems and staff […]
The Internal Revenue Service’s Large Business and International division is launching 11 more compliance campaigns looking at various ways to ensure companies are meeting their tax obligations. The LBI division announced in January the rollout of its first 13 campaigns (see IRS rolls out new compliance campaigns for large businesses and international taxpayers). It’s continuing […]
The list of benefits and policies that make an accounting firm a workplace of choice may be long, but it’s hardly secret – which is why many of the Best Firms have created their own unique perks and programs. They range from the serious to the silly, but they’re all aimed at differentiating the firms […]
The Financial Accounting Standards Board’s new standard on accounting for credit losses will require some major changes for banks, particularly smaller ones, as well as many companies that provide loans. The current expected credit loss, or CECL, standard requires them to measure all of their expected credit losses for financial assets held at the reporting […]
The tax reform bill introduced last week, the Tax Cuts and Jobs Act, includes a number of major provisions related to the taxation of companies’ foreign income and of foreign persons. The provisions include the exemption of foreign-source dividends from foreign corporations paid to 10 percent U.S. corporate shareholders, repeal of the tax on foreign […]
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