Small businesses are more concerned about inflation than ever before, with 90% sharing that they fear the impact of inflation on their business, according to a new report. The quarterly MetLife and U.S. Chamber of Commerce Small Business Index revealed that half of respondents think inflation is currently the biggest
The Internal Revenue Service needs to beef up security at its facilities to address ongoing threats, according to a recent report. The report, released Monday by the Treasury Inspector General for Tax Administration, pointed out the IRS is often the target of threats from individuals and organizations looking to do
A study by the U.S. Census reveals that over 3 million children have a disability, about 4.3% of the under-18 population, and it’s estimated that one in five households is caring for a child with special needs. The number is growing because of changes in diagnostic criteria; for example, the
Madison Litwin The Massachusetts Society of CPAs, in partnership with the Association of International Certified Professional Accountants Women’s Initiatives Executive Committee, announced the seven honorees of the 2022 Women to Watch Awards. In the Emerging Leaders category: Madison Litwin, tax manager, private client services group, KLR; Kayla Ducharme, senior associate, audit asset management
Repeat business; bar none; installment plan; and other highlights of recent tax cases. Plover, Wisconsin: Tax preparer James Canfield, 74, has been sentenced to eight months in prison for aiding in the preparation of false federal returns. Canfield owned and operated Advanced Accounting Concepts. Between 2013 and 2018, he prepared
The Internal Revenue Service said Wednesday that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs like the PPP. The IRS cited a memorandum released last week by its Office of Chief Counsel saying that when a
Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February to file various federal individual and business returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency, meaning that individuals and households that reside or have a
A system that Congress mandated allowing federal contractors to self-certify they don’t owe a significant amount of taxes is enabling many of them to score lucrative contracts while still owing plenty of delinquent taxes. A report released last week by the Treasury Inspector General for Tax Administration pointed out that
The Public Company Accounting Oversight Board intends to update some of its older auditing standards, some of which it inherited two decades ago from the American Institute of CPAs after passage of the Sarbanes-Oxley Act of 2002, and not a moment too soon. Last month, the PCAOB proposed a draft
The Treasury Department recommended that the government begin the work of developing a digital currency of its own, just in case it ever wants to use one. The department drafted the report — one of three — as required in the March executive order “Ensuring Responsible Development of Digital Assets,”