The accounting profession has rightly patted itself on the back for the speed and effectiveness with which, generally speaking, it pivoted to the remote work environment required by the COVID pandemic in the spring of 2020. But while many firms are treating remote work as temporary inconvenience, the 2022 Best
Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-38 details the annual adjustments for tax year 2023, with filing in 2024, including: Standard deduction. For married couples filing jointly — $27,700, up $1,800 from the prior
The Internal Revenue Service is partnering to fight fraud against charities, businesses and individuals during Charity Fraud Awareness Week. Charities lose an estimated 5% of their revenue each year to fraud, according to the Fraud Advisory Panel, a U.K.-based organization that’s organized the event that runs this week to discuss
Payroll solutions provider Paychex announced the appointment of John Gibson as its new president and CEO. He will be the fourth to hold those titles in the company’s 50-year history. Gibson joined Paychex as senior vice president of service in May 2013. In December 2021, he was promoted to president
Deloitte has revamped its Audit Committee Guide, with new tools and resources on committee requirements, oversight responsibilities and strategies for promoting effectiveness, along with questions that committees can consider asking to drive discussions. The online guide, which was released in September after last being updated in 2018, aims to help
Banking depositors perceive failures at financial institutions as failures on the part of auditors, reducing their assessment of the credibility of an auditing firm, according to a new study. The study, which appears in the Accounting Review, a publication from the American Accounting Association, found negative perceptions of an audit
The Internal Revenue Service is sending out letters this week to more than 9 million potentially eligible families who didn’t previously claim economic impact payments or tax credits. The IRS said Thursday it will sending out the letters to millions of families who haven’t claimed the Earning Income Tax Credit,
The Treasury Department and the Internal Revenue Service issued final regulations to eliminate a so-called “family glitch” in the rules for qualifying for premium tax credits to subsidize the cost of health coverage under the Affordable Care Act. The Democrats leading the main tax committees in Congress hailed the move,
The Justice Department is investigating whether Credit Suisse Group AG continued to help U.S. clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. Investigators are examining whether the bank aided U.S. account holders, particularly with South American passports, who
As an adjunct professor at the Fairleigh Dickinson University graduate program, I need to be peer reviewed. This is a fairly routine process and I have welcomed such reviewers to my classes. This year I was sent a copy of the criteria that will be used and realized there are