KPMG is eliminating approximately 100 of the partners in its U.S. audit and assurance practice, or about 10% of them, after not enough accepted a voluntary early retirement program. Processing Content The New York-based Big Four firm characterized the job cuts as a form of rightsizing and a multiyear effort
The Treasury Department said Thursday the Internal Revenue Service will be revising the Form 990 used by tax-exempt organizations such as charities in an effort to uncover fraud and hidden sources of funding. Processing Content The goal is to provide clearer reporting on the activities of tax-exempt organizations that operate
Big Four firm KPMG announced the release of a new AI assistant, Ignite Financial Close Companion, developed in cooperation with Google and HR platform Workday to help with the month-end closing process for legal entity controllers and accounting analysts. Processing Content “As organizations face pressure for faster, more efficient financial
Most magical place; Amazon warehouses; paper or plastic; and other highlights from our favorite tax bloggers. Processing Content If you make it here … Taxbuzz: New York City Mayor Zohran Mamdani released his latest tax returns, showing he and his wife earned just under $145,000 combined in 2025, a relatively
The Trump administration has opened an online portal where businesses can file their claims for refunds on the tariffs they paid under the emergency powers that the Supreme Court has since ruled unconstitutional. Processing Content In February, the Supreme Court found President Trump’s executive order imposing tariffs under the International
The Internal Revenue Service is asking for whistleblowers to report misuse, diversion or fraudulent use of federal funds by tax-exempt organizations, individuals and businesses. Processing Content The IRS issued a Whistleblower Alert Friday calling out an area of concern about misuse, diversion or fraudulent use of federal funds by tax-exempt
COLORADO HCVT opened a new office in the Denver metro area, in Greenwood Village at 6400 South Fiddlers Green Circle, Suite 1050. The new office will be anchored by Kimberly Hastings, a partner in the firm’s audit practice and leader of the not-for-profit specialty area, who will manage the new
Senators introduced several pieces of tax-related legislation this week, including measures aimed at improving customer service at the Internal Revenue Service, cracking down on tax evasion and curbing the carried interest tax break, in addition to efforts in the House to repeal the Corporate Transparency Act. Processing Content Senators Bill
The Internal Revenue Service rarely penalizes taxpayers who have high balances in foreign bank accounts and fail to file the proper forms, according to a new report. Processing Content The report, released Tuesday by the Treasury Inspector General for Tax Administration, examined Foreign Account Tax Compliance Act, also known as
Fraudsters have been active again this tax season, but the increasing power of artificial intelligence is helping supercharge the pervasiveness and danger of the tax scams being seen this year by researchers. Processing Content A recent study by David Maimon, head of fraud insights at the cybersecurity company SentiLink and