The internal audit profession has been grappling with a greater array of responsibilities beyond checking up on corporate finances, including vetting companies’ cybersecurity and use of artificial intelligence. The Institute of Internal Auditors has been introducing what it calls “Topical Requirements,” starting with cybersecurity and moving onto other topics, in
France’s tax on digital services, criticized by Silicon Valley and U.S. President Donald Trump, won the backing of the nation’s constitutional judges. The Conseil constitutionnel dismissed claims that the 3% French levy, expected to bring in €774 million ($909 million) in revenues in 2025, violates the principle of equality before
Reducing K-1 penalties; another use for property taxes; 183 isn’t always added up the same; and other highlights from our favorite tax bloggers. Numbers games Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Fav headline of the week: “Who can make a billion-dollar mistake and not lose their jobs? Congressional tax
BlackLine, which provides automation software for accounting and finance, announced a suite of AI capabilities called Verity. Built upon the foundation of BlackLine’s Studio360 platform and its unified data layer, the solution provides workflow automation, data-driven insights for finance and accounting leaders, and report and content generation capabilities. “Many are
Diversionary tactic; bad intentions; keeping it real; and other highlights of recent tax cases. Cheshire, Massachusetts: Dennis Condron, 75, owner of a construction company, has agreed to plead guilty to four counts of tax fraud in connection with a multiyear income tax scheme. Over three years, in addition to depositing
(This is the second of a two-part series about the effect of AI and automation on fundamental skills. Part 1 can be found here.) In an age when repetitive, manual, compliance-driven work is increasingly automated by AI, firms have needed to rethink their approach to recruitment and training to ensure
AI is increasingly taking on the routine repetitive tasks that, in the past, were handled by entry-level accountants. This has allowed firms to expand their capacities without growing headcount, as well as transition out of mundane compliance services and into higher-level work that relies more on human judgment. At the
Small business platform Xero announced new and upcoming agentic capacities for its Just Ask Xero AI model, which the company now dubs a “financial superagent” as it can now complete workflows independently versus relying on one-off prompts. Now out of beta testing, the new AI capabilities (among many other things)
The American Institute of CPAs has updated its practice aid on digital assets with a new chapter on auditing cryptocurrency lending and borrowing transactions. The new chapter in the Digital Assets Practice Aid includes examples of audit procedures to help identify and respond to potential misstatements in financial reporting involving
Balancing craters; SST risks and trade-offs; Employee Retention Credit enforcement surge; and other highlights from our favorite tax bloggers. It’s all in the game TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Favorite opening of the week: “Taxation is not just a legal duty; it is a game, and the best players always win.” While