The IRS Electronic Tax Administration Advisory Committee said in its recent report that the service has demonstrated its skill at executing appropriately funded technology and process modernization projects, but warned it will need more support if it wants to meet its true potential. One example of efforts that have recently
Holes in a proposed gun tax; IRS budget-to-be; offshore account troubles; and other highlights from our favorite tax bloggers. Difficult but important Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): The busy season eventually fades into the off season, which in turn gives way to the second busy season before you can finally follow
An estimated 800 sales tax bills are under consideration by state legislators each month, according to a new report, as lawmakers grapple with the complexity of sales and use tax four years after the Supreme Court handed down the South Dakota v. Wayfair decision. The report, released Wednesday by the
The Internal Revenue Service has issued FAQs regarding the reinstated Superfund chemical excise tax, detailing what the tax is, how it’s computed and who may be liable. The Superfund chemical taxes are reported on Form 720, “Quarterly Federal Excise Tax Return” and Form 6627, “Environmental Taxes”. The excise taxes imposed on
Lack of Faith; concerted and conscious; Pipe schemes; and other highlights of recent tax cases. Galloway, New Jersey: Tax preparer Michele Griffin, 42, has been sentenced to a year and a day in prison for using false information to inflate clients’ refunds and filing her own false returns. Griffin, who
President Joe Biden called on Congress to suspend the federal gasoline tax, a largely symbolic move by an embattled president running out of options to ease pump prices weighing on Democrats’ political prospects. “By suspending the 18-cent federal gas tax for the next 90 days, we can bring down the
Partners’ pay as a retention tool; volunteering to file; the global tax debate; and other highlights from our favorite tax bloggers. The best policy Rosenberg Associates (https://rosenbergassoc.com/blog/): Here’s a thorny one: Should partners cut their comp to pay staff better? Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Recruiting is one thing,
The Public Company Accounting Oversight Board adopted a set of amendments Tuesday to its auditing standards to strengthen the rules that apply to audits involving multiple audit firms with new requirements for a lead auditor’s use of other auditors. The amendments, which came after three solicitations from the PCAOB for
There are many financial professionals who call themselves financial planners. Everyone from insurance salespeople, investment brokers and managers or CPAs who dabble with planning call themselves financial planners. For better or worse, all of the aforementioned professionals have helped to shape our clients’ minds and expectations of financial professionals. And
Recently, our own Chris Gaetano wrote a very well-done piece (The Frontier: For efficiency to live, email must die) interviewing a number of thought leaders, all in the Accounting Today Top 100, on email. The consensus was that email was a pain and was greatly disliked, distracting, despised, frustrating, and