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
The Public Company Accounting Oversight Board released its 2020 inspection reports Monday for the Big Four firms — Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers — as well as BDO USA and Grant Thornton, showing mixed results. For Deloitte, the PCAOB found that two of the 53 audits it inspected
Sax, Parsippany, gave its fourth annual Founders’ Award to Fighting Children’s Cancer Foundation, awarding the nonprofit a $15,000 unrestricted gift for best embodying this year’s theme of “Imagination.” Nearly 150 nonprofits submitted videos for their chance to win the award. (Read the full story.) The New Jersey Society of CPAs,