The Internal Revenue Service posted a fact sheet Friday on tax credits for renewable energy projects under the Inflation Reduction Act as part of the Biden administration’s push to incentivize green energy. They issued Notice 2023-18 to establish the program and to provide initial guidance, while also providing additional guidance on the
More accounting professionals have embraced robotic process automation in their practice, driving new efficiencies by freeing people from repetitive manual tasks. However, it’s no panacea, and effective implementation requires organizations consider some key challenges that could hurt firm viability in the long run, according to a recent study published in
Due to extensive interest, Accounting Today is extending the deadline for submissions for its annual Managing Partner Elite list of top firm leaders to the end of the day Monday, July 10. The MP Elite report, which will be published in the August issue, identifies and profiles approximately a dozen
Cigar bars; Loyal to the end; keeping that pipeline full; and other highlights of recent tax cases. Miami: Father and son tobacco company owners from the Dominican Republic have been sentenced to prison for a scheme to avoid millions of dollars in excise taxes on imported tobacco products. Remberto Antormachy
The Internal Revenue Service is sending a special follow-up mailing to taxpayers in a number of states affected by natural disasters to let them know they have more time to pay their taxes. The IRS said Wednesday it’s taking this special step to reassure taxpayers affected by disasters that they
Organizations are not making a priority of examining their corporate culture, although some internal auditors are doing that to deter corporate malfeasance, according to a new report. Despite the risks that executive behavior can present, too few organizations are prioritizing culture assessments. Even when companies do try to assess their
Eide Bailly LLP, a Top 25 Firm based in Fargo, North Dakota, is merging in King & Oliason PLLC, a firm based in Seattle, effective July 17. The combination will give Eide Bailly its first office in Seattle and add six partners and 33 staff to the firm. Financial terms
If you want to sell your business and you’re in the construction industry, the purchase price of your business may be based on a multiplier. In construction, it’s .54 of your revenues or 2.44 of your cash flow. What this means (assuming you believe the numbers) is that if your
The Treasury and the Internal Revenue Service have rescinded pandemic-era guidance that allowed high-deductible health plans to cover COVID costs. The IRS said, in Notice 2023-37, that for plan years starting in 2025 an HDHP will not be permitted to provide health benefits associated with testing for and treatment of
Republicans on the tax-writing House Ways and Means Committee voted to release transcripts of interviews with Internal Revenue Service employees about an investigation of the taxes of Hunter Biden, only days after President Biden’s son reportedly agreed to a plea deal to resolve tax and gun charges. GOP members of