The Internal Revenue Service recently suspended a half dozen of its modernization programs, including two deemed essential to its plans for replacing its aging systems, according to a new report. The report, released Tuesday by the Government Accountability Office, urged the IRS to complete its long-delayed modernization plans and fully
The Institute of Internal Auditors is pushing back against part of a proposed new standard on audit confirmations from the Public Company Accounting Oversight Board, saying it would jeopardize the traditional relationship between internal and external auditors and criticizing the implication that internal auditors are untrustworthy. IIA president and CEO
The Organization for Economic Cooperation and Development unveiled technical guidance for its far-reaching reform of the global tax system in which multinational companies would be subject to a minimum tax of 15% on their profits. The OECD and the G20 agreed on a so-called Pillar Two framework in 2021 for
The next generation of tax is focused on digitization of operations. The modern-day tax department is faced with tackling numerous operational, legislative and technical challenges. We are seeing significant shifts in the approach to handling international taxation owing to initiatives such as the OECD’s Base Erosion and Profit Sharing 2.0
The next generation of tax is focused on digitization of operations. The modern-day tax department is faced with tackling numerous operational, legislative and technical challenges. We are seeing significant shifts in the approach to handling international taxation owing to initiatives such as the OECD’s Base Erosion and Profit Sharing 2.0
The Biden administration will allow more crossover SUVs to qualify for the newly-revamped electric vehicle tax credit following lobbying by automakers such as General Motors Co. and Stellantis NV. The change announced Friday by the Treasury Department effectively expands the number of buyers who can take advantage of a lucrative
When our firm started to grow, we learned early on that our team needed a project manager. Currently, we have four full-time project managers, and our team could not run as efficiently without them. Early on, we didn’t think about or know that we needed a project manager. Managing the
Most accountants struggle with last-minute tax clients, the ones who overwhelm you with work, miss deadlines or call unexpectedly. Luckily, if you take a proactive approach, you can reduce these inevitable hiccups that never seem to end. Implementing the following recommendations will allow you to maintain greater control over last-minute
Donald Trump demanded reams of information from the Internal Revenue Service as it was preparing to turn over his personal tax returns to a congressional committee, papering the agency with a deluge of Freedom of Information Act requests in search of a behind-the scenes look at its deliberations, new documents
Like much of the financial world, Carolyn Wilkins, a former deputy governor of the Bank of Canada, was dismayed at the governance failures that led to the collapse of the FTX crypto trading platform. However, while there is much to be said about the specific missteps of those connected to