The Securities and Exchange Commission is facing a lawsuit filed Friday by a group of financial industry trade associations over its recently approved private fund advisor rule, which would require more disclosures of fees and expenses and annual audited financial statements of private equity and hedge funds. The Managed Funds
After his older brother, Seth Siegel was only the second person in his family to graduate from college. Seeing his sibling succeed in the world of finance made him realize that it offered the financial and job stability that his family never got to enjoy, and Siegel ended up pursuing
The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024. The IRS said Wednesday that businesses will need to e-file Form 8300, Report of Cash Payments Over $10,000, as opposed to a paper return in
Accounting firms have been facing problems in filling their open positions as the number of new accountants declines, and one solution may involve rehiring past employees who left for other firms and then decided they didn’t like it in the new workplace after all. The Bonadio Group, a Top 50
The interest rates that the Internal Revenue Service uses will rise for the quarter beginning Oct. 1, the agency said. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Other new rates include: 8% for overpayments (exceeding the amount owed); 7% for corporations, or
The interest rates that the Internal Revenue Service uses will rise for the quarter beginning Oct. 1, the agency said. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Other new rates include: 8% for overpayments (exceeding the amount owed); 7% for corporations, or
The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions. The IRS said Friday that it’s providing an administrative transition period that extends until 2026 a new provision under last December’s SECURE 2.0 Act requiring that any catch-up contributions made by
Adam Grinde Adam Grinde was appointed managing partner for the Illinois market at Baker Tilly US, Chicago, where he has worked since 2008, succeeding Thomas Walker, who transitioned to the role of managing partner – central U.S. Mary Joyce was promoted to principal at Friedman + Huey, Frankfort, where she
Tech companies Google and Meta are each facing class action lawsuits from taxpayers who say the companies collected sensitive information from them via special tracking pixels placed on filing websites. The suits come in the wake of reports (see previous story) that prominent tax filing solutions providers were leaking sensitive
AI is taking the accounting industry by storm, eliminating mundane tasks like data entry and reconciliation, providing powerful insights and freeing people for more interesting work. There’s no denying its power or the impact it’s already had on the industry. Further, with the advent of generative AI including ChatGPT, automation