Technology has long been a catalyst to propel, advance and evolve the way we do business in the accounting profession. Over the course of my career, I have witnessed an evolution from calculators to personal computers to the cloud. Most recently, the emergence of generative AI is being heralded as
Not a lot of Latitude; the cupboards are bare; lots of energy; and other highlights of recent tax cases. Jacksonville, Florida: Exec Brent Brown has pleaded guilty to failing to pay over payroll taxes withheld from employees. Brown was the CEO of Latitude 360 Inc. and manager of its subsidiaries.
The International Ethics Standards Board for Accountants has proposed new ethics rules for sustainability assurance to help auditors steer companies away from exaggerated claims about their environmental efforts. The proposed standards, which IESBA unveiled in late January, aim to elevate the quality of sustainability information and avoid so-called “greenwashing” by
Few letters have haunted the post-pandemic business world — and, by association with certain clients, accounting firms — like “ERC.” The Employee Retention Credit was intended as a relief tool to help companies keep people on the payroll even while hammered by COVID shutdowns. Whether through their own greed or
The tax extenders legislation is still tied up in the Senate after being passed in the House as senators continue to sesek changes in some of the provisions, such as the expanded Child Tax Credit. At the end of January, the House passed the $78 billion bill, known as the
The Internal Revenue Service updated its frequently asked questions page on the Premium Tax Credit used for buying health insurance through the marketplaces established by the Affordable Care Act, also known as Obamacare. Among the updates are information on the eligibility requirements, unemployment compensation for 2020 and 2021, and details
A bipartisan bill awaiting action in the Senate after easily passing the House would crack down on a troubled pandemic-era tax credit in a way that may affect financial advisors. The Tax Relief for American Families and Workers Act proposes to extend $78 billion in tax breaks and credits through
The Lady in fed; an education in fraud; dependent-happy; and other highlights of recent tax cases. Greenbelt, Maryland: Tax preparer Kymberly Starr, a Minnesota woman who previously ran a tax prep business in Maryland, has pleaded guilty to aiding in the preparation of false returns. Starr owned and operated The
Avoidance above all; conferences to attend; creeping brackets; and other highlights from our favorite tax bloggers. Perfect examples The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): As the season begins, advice from the blogger’s book “The Joy of Avoiding Taxes.” The Tax Times (https://www.thetaxtimes.com): Why the things that taxpayers do in an IRS audit
Individuals and businesses in parts of Maine that were affected by severe storms and flooding that began on Dec. 17 now have until June 17 to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated by