The Internal Revenue Service’s recent move to set new requirements for claiming refunds on research tax credits is provoking an uproar among tax professionals. Last month, the IRS released a September memorandum from its Office of Chief Counsel essentially saying it wants more detailed information about all the business components
Broken Link; pit stopped; c’mon, Man; and other highlights of recent tax cases. Sherman, Texas: Tax preparer Tendai Gurure, 46, has been sentenced to two years in prison after pleading guilty in May to aiding and assisting in preparation of false and fraudulent tax returns. Gurure owned and operated the
Infrastructure and crypto; how pros would tackle tax policy; withholdings and non-resident employees; and other highlights from our favorite tax bloggers. Beneficial outcomes Taxable Talk (http://www.taxabletalk.com/): An “evergreen post” indeed: “IRS Sending Erroneous Balance Due Notices.” Taxbuzz (https://www.taxbuzz.com/blog): In the latest chat, tax pros across the country tell what they
Democrats in Congress continue their efforts to find sufficient support among their members to enact the Build Back Better legislation under budget reconciliation. With narrow majorities in both the House and Senate, passage requires the support of every Democratic member of the Senate and almost every Democratic member of the
President Joe Biden celebrated House passage of the biggest U.S. infrastructure plan in decades, a crucial victory that he described as a direct response to voters who handed his party defeats in state elections last week. “We took a monumental step forward as a nation,” Biden said Saturday at the
As world leaders meet this week at the United Nations COP26 climate change conference to discuss the growing urgency of the global climate crisis, the topic of carbon taxes is becoming more of an issue. “I do think there’s more motivation by governments and large multinationals to do more on
The Securities and Exchange Commission said Friday it has approved a rule from the Public Company Accounting Oversight Board that aims to ensure the PCAOB can inspect auditing firms in other countries, especially China. The PCAOB adopted the new rule in September, after years of frustration over its inability to
The International Federation of Accountants debuted eIS, a new way to access global auditing, assurance, ethics and public sector accounting standards online. eIS, short for e-International Standards, technology offers direct access to standards developed by the International Audit and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants
Ernst & Young issued an audit quality report describing the steps that the Big Four firm is taking to increase auditing quality control. In the report, EY pointed to the improvement in inspection results last year from the Public Company Accounting Oversight Board. The PCAOB released its 2020 inspection results
Average audit fees continued to grow in recent years, increasing nearly 4% from 2019 to 2020 from $2.43 million to $2.52 million, according to a new survey. The survey, from Financial Executives International’s Financial Education & Research Foundation and the Center for Audit Quality, found 49% of respondents cited an