February 23, 2022
Reporting cryptocurrency transactions to the IRS can be a complicated process, and while the IRS has put together a helpful FAQ, the Illinois CPA Society encourages taxpayers to partner with a CPA ...
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February 20, 2022
The firm and its subsidiaries now employ 53 partners and over 350 associates across the firm. In 2021, the company invested in newly created operational positions, including the first chief growth officer and chief financial officer.
February 9, 2022
The regulation was first announced by Nacha in March 2021 with a one-year grace period for compliance. As of March 19, 2022, ACH originators must use account validation as a “commercially reasonable fraudulent transaction detection system” to screen ...
February 7, 2022
While taxpayers should not file late, they also should not file prematurely. People who file before they receive all the proper tax reporting documents risk making a mistake that may lead to processing delays.
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February 7, 2022
“Max the Tax” is the first series from “Surgent Interactive”, a new line of short, game-based online courses to keep accounting, tax and financial professionals engaged while they develop skills and earn CE credits.
February 3, 2022
Ledgible, a professional platform for tax and accounting of crypto assets, has announced upcoming reporting options for staking rewards in light of the recent announcement concerning the lawsuit against the IRS over staking rewards, released by the Proof of Stake Alliance (POSA). “As there still remains differing positions around how staking rewards are taxed, Ledgible...…
February 1, 2022
In 2021, the median fraud loss reported to the NCL Fraud.org campaign hit a 10-year high of $800, according to the organization’s annual Top Ten Scams Report.
January 31, 2022
Tax professionals need to account for shifting cybersecurity risks before a frenzied tax season captures their time and attention. Here are three cybersecurity trends that CPAs and accounting firms must address this tax season.
January 27, 2022
One of the biggest challenges for crypto holders and tax professionals is to account, track, and manage all the crypto data across multiple wallets and exchanges to calculate gains/losses and income. Holders do not receive monthly statements and this ...
January 26, 2022
Sales transactions are presumed taxable in states with a sales tax (unless there’s a specific exemption or exclusion), most states haven’t yet clarified which sales tax laws apply to sales made in the metaverse. When will they start?
January 19, 2022
State of Community Banking reveals the story of a financial services segment bucking macro trends; community banks are maintaining their physical banking locations. In fact, 84% of respondents haven’t closed a single branch in the past 12 months – and ...
January 8, 2022
The IRS Criminal Investigation division began counting down the top 10 cases for calendar year 2021 on its Twitter account on Jan. 3. These cases include the agency’s most prominent and high-profile investigations of 2021.