July 22, 2015
AICPA Tax Leader Endorses Small Business Tax Compliance Act
Says the bill encompasses recommendations proposed by the AICPA that would relieve burdens imposed on small businesses by the tax code.
July 22, 2015
IRS Has Material Weakness in Internal Controls Over Unpaid Tax Assessments
The Internal Revenue Service (IRS) is currently planning activities to address a recurring financial material weakness in its internal control over unpaid tax assessments. However, planning for the Customer Account Data Engine 2 (CADE 2) Transition State 2 (TS2) has not included specific actions and activities necessary to guide new system development efforts and to...…
July 22, 2015
4 Ways Tax Professionals Can Improve Their Tax Season
By utilizing technology for proactive engagement throughout the year, and especially early on the tax season, CPAs can improve client preparation and retention and minimize that last minute scramble in April.
July 21, 2015
Which Employee Fringe Benefits Are Taxable?
Now is the perfect time to look at the fringe benefits you provide to your employees. This specific taxation is a main focus of the IRS right now, and they recently conducted several free webinars to review the taxability of fringe benefits.
July 16, 2015
The ABCs of Higher Education Tax Breaks
One of the groups working on tax reform for the Senate Finance Committee (SFC) has just recommended that the two higher education credits and the tuition deduction be combined into a single credit. But significant tax reform is still in its infancy.
July 7, 2015
New Healthcare Penalty Can Sneak Up on Employers
Effective midway through this year -- July 1, 2015, to be exact – certain employers that pay the health insurance premiums of its employees will be assessed hefty fines for their generosity.
July 7, 2015
CPAs Weigh in on the Future of Peer Review
The Institute wants to build a system that would be programmed to provide a continuous analytical evaluation of a firm’s engagement performance that would require human review when the system identified concerns. It would review all firms that perform ...
July 7, 2015
Greatland Acquires W-2 and 1099 Company NewportWave
Greatland, a provider of W-2 and 1099 products for businesses, has acquired Irvine, Calif.-based NewportWave, a company specializing in W-2 and 1099 software and support.
July 1, 2015
IRS to Go Where No Agency Has Gone Before
According to a new report by the Electronic Tax Administration Advisory Committee (ETAAC), the IRS has made significant strides on the electronic frontier, but the mission is far from complete.
June 30, 2015
IRS Ramps Up National Tax Forums
The 2015 IRS Nationwide Tax Forums offers seminars over three days featuring up-to-date information from the IRS and professional experts in the areas of tax law, compliance and ethics. It also provides continuing education credits to ...
June 29, 2015
IRS Summit Produces ID Theft Pact with Tax Software Companies
Three specialized groups were established with members from the IRS, states and private industry co-chairing and serving on each team. During the past 12 weeks, the three teams focused on developing ways to validate the authenticity of taxpayers ...
June 27, 2015
AICPA Warns of Financial Scams Against Elderly
A contributing factor to the emotional impact of financial fraud or abuse is how often this situation involves family members. The most common types of elder financial abuse or fraud seen by CPA financial planners over the past five years were ...