The Internal Revenue Service has failed to collect more than $2.4 billion from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report. Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a
The International Federation of Accountants convened a meeting of leaders of accounting organizations to advance sustainability reporting as momentum builds worldwide for consistent environmental, social and governance reporting. IFAC brought together more than 150 chief executives and other leaders last week from groups including the International Financial Reporting Standards Foundation,
Members of Congress are proposing bipartisan legislation to extend the deadline for Paycheck Protection Program loans another two months as accountants press for more time on the expiring program. The bill would extend the deadline for PPP applications from March 31 until May 31, and provide an extra 30-day period
The House passed President Joe Biden’s $1.9 trillion stimulus bill, the last step before it goes to his desk to be signed into law. The legislation includes a wave of new spending, an extension of jobless benefits, another round of direct household payments, money for state and local governments and
Zeni, a bookkeeping and accounting finance startup that leverages artificial intelligence, officially debuted Tuesday, backed by Saama Capital and Sierra Ventures, with participation from Silicon Valley Bank and others. The company, based in Palo Alto, California, raised $13.5 million in Series A funding from the venture capital firms, plus Amit
Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months. House Ways and Means Committee chairman Richard E. Neal, D-Massachusetts, and Oversight Subcommittee chairman Bill Pascrell, Jr., D-New Jersey, on
The Securities and Exchange Commission has formed a Climate and ESG Task Force in its enforcement division to identify misconduct in environmental, social and governance reporting. The task force will be spearheaded by Kelly L. Gibson, the SEC’s acting deputy director of enforcement, who will oversee an effort throughout the
The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to push back the tax filing and payment deadline for two months. The AICPA sent a letter Thursday to officials at the Treasury and the IRS asking for an extension until June 15, pointing to
The American Institute of CPAs has requested an extension of at least 60 days from Congress on the March 31 deadline for submitting applications for Paycheck Protection Program loans. The AICPA urged Congress on Tuesday to extend the deadline, pointing out that many small businesses are encountering error codes when
The Governmental Accounting Standards Board is looking for feedback on a proposal to improve the guidance on compensated absences for state and local government employees, along with disclosure requirements. The proposed standard would supersede the recognition and measurement guidance issued by GASB back in 1992 in Statement No. 16, Accounting