A group of U.S. lawmakers is asking tax authorities to accelerate an investigation into rich Americans seeking lucrative tax breaks in Puerto Rico. Twelve Democratic members of the House of Representatives asked the Internal Revenue Service on Friday to expedite a congressional request for information about efforts to root out people allegedly
The Internal Revenue Service expects to receive 30 million more Form 1099-K information returns in 2024 under a new lower threshold that was delayed last year, according to a new report. The report, released Wednesday by the Government Accountability Office, said the IRS expects to receive about 44 million Form
Your Part-Time Controller, a Top 100 Firm based in Philadelphia, received a strategic growth investment from Pamlico Capital, a private equity firm based in Charlotte, North Carolina. It’s the latest deal involving a PE firm investing in accounting firms. Financial terms were not disclosed. Your Part-Time Controller ranked No. 75
Average audit fees increased by 4.6% from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report. The report, from Financial Executives International’s Financial Education & Research Foundation and released Tuesday during FEI’s Current Financial Reporting Insights conference, found that 90% of
Cohen & Co., a Top 50 Firm based in Cleveland, is expanding its reach into Western New York by adding Szymkowiak & Associates CPAs and its affiliate, Pear Consultants LLC, in Buffalo. The deal is expected to close in December. Financial terms were not disclosed. Szymkowiak & Associates CPAs and
U.S. states’ tax revenue is sliding broadly, raising the prospect of difficult budget decisions in coming years for officials as they spend through cash amassed during the pandemic. Total state tax revenue sank in September for the 14th straight month on an inflation-adjusted basis, falling by 5.6% from a year
The Internal Revenue Service Advisory Council said the agency needs to work to educate lawmakers to prevent them from shutting off future funding after last year’s infusion from the Inflation Reduction Act. In its annual report for 2023, IRSAC said that in the wake of the IRA, Congress did not appropriate
Bookkeep, an accounting automation platform, announced the hiring of Alison Ball as Vice President of Marketing and Communications. In her role, Ball will direct Bookkeep’s marketing and communication strategy. Her focus will be creating new campaigns that improve understanding and adoption of Bookkeep’s full suite of services. … Cybersecurity platform
Each year, Accounting Today and Best Companies Group recognize the 100 Best Firms to Work For in the U.S. — and then we pick the 10 Best Firms for Young Accountants from among those, based on the responses of their younger staff to a comprehensive employee survey. Meet the firms
The Internal Revenue Service’s development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut. The House voted Thursday to provide $14.3 billion in aid to Israel in its war against Hamas (see story). The bill is mainly