Accounting

The Treasury Inspector General for Tax Administration has redesigned the agency’s website to highlight its audits, investigations, inspections and evaluations. “This new website serves to better highlight TIGTA’s audits, investigations, and inspections and evaluations,” said Inspector General J. Russell George, in a statement. “It is my hope that this site will provide valuable information to
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Over the past few years, we’ve seen major changes to the workforce and the way people work. For finance professionals in particular, rapid acceleration of accounting and finance technology has redefined the status quo of both workflow and operations, as well as individual output.  While some of these changes have been positive — such as
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An accountant who handled the tax returns of some Trump Organization executives told a jury that Donald Trump reported a total of about $900 million in operating losses over two years. Donald Bender of Mazars USA LLP — who prepared Trump’s tax returns for years and helped prepare returns for former Trump Organization’s chief financial
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The Internal Revenue Service issued a notice containing a list of required amendments needed for Section 403(b) plans.  A 403(b) plan, also called a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some
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Almost made 100; O Canada; check’s not in the mail; and other highlights of recent tax cases. Irvington, New Jersey: Tax preparer Nehemie Leon, of Roselle, New Jersey, has pleaded guilty to preparing false returns for clients. Leon was employed or self-employed as a preparer at a prep business. She admitted that she prepared fraudulent
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If you offer financial advisory services to your clients — either directly or through an investment advisor relationship — I urge you to review your policies, procedures and agreements soon since the rules have changed. The SEC’s new marketing rule (Rule 206(4)-1), which became effective 18 months ago, and required mandatory compliance as of Nov.
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An old solution to a new question; misconceptions about making partner; keeping staff; and other highlights from our favorite tax bloggers. Numbers games Sovos (https://sovos.com/blog/?region=united-states): There are 600 reasons this’ll be a filing season like no other for your 1099-K clients. Five tips to ensure they’re ready, including pre-season communications and making sure your own
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A provision imposing a 1% excise tax on corporate stock buybacks in this year’s Inflation Reduction Act is likely to have an impact on the use of special purpose acquisition companies as a way of going public after the number of SPACs plunged dramatically this past year. SPAC activity declined in the third quarter of
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When market investors suffer losses — or get taken for a ride — they’re often eligible for a tax write-off to soften the blow. Users of the bankrupt crypto exchange FTX won’t be so lucky. Here’s the difference: Let’s say you’re a crypto investor on an exchange that’s still standing. If you’ve suffered investment losses
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The hybrid work model that has come into wider use since the advent of the pandemic can help organizations with their diversity, equity and inclusion initiatives, according to a recent study. For a report released in September, KPMG interviewed DEI leaders at companies in various industries, including Cushman & Wakefield in real estate services, Aflac
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The Treasury Inspector General for Tax Administration said that the Internal Revenue Service’s Taxpayer Digital Communication program, despite having existed for two years, could do more to improve communications with taxpayers, feeling that current efforts are a little unfocused. The recent report did note that, since the initiative was first launched in 2020, the IRS
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