The SECURE 2.0 Act that Congress passed in December as part of the omnibus spending bill contains a dizzying array of provisions related to retirement savings accounts and distributions that will likely affect the planning for accounting and tax clients. A number of provisions take effect this year, while others
Enhancing the taxpayer experience and addressing high-end, complex noncompliance with the Tax Code are the goals behind the new hiring of attorneys for the IRS Office of Chief Counsel. “We’re immediately seeking motivated attorneys to accomplish this highly challenging work,” principal deputy chief counsel William Paul said in a statement,
Payroll and HR services provider Gusto let go of 126 of its employees Wednesday, about 5% of its staff, the latest in a string of layoffs in the tech sector this year. Gusto CEO Josh Reeves explained the rationale behind the layoffs and the support and severance pay offered to
The Internal Revenue Service recently suspended a half dozen of its modernization programs, including two deemed essential to its plans for replacing its aging systems, according to a new report. The report, released Tuesday by the Government Accountability Office, urged the IRS to complete its long-delayed modernization plans and fully
The Institute of Internal Auditors is pushing back against part of a proposed new standard on audit confirmations from the Public Company Accounting Oversight Board, saying it would jeopardize the traditional relationship between internal and external auditors and criticizing the implication that internal auditors are untrustworthy. IIA president and CEO
The Organization for Economic Cooperation and Development unveiled technical guidance for its far-reaching reform of the global tax system in which multinational companies would be subject to a minimum tax of 15% on their profits. The OECD and the G20 agreed on a so-called Pillar Two framework in 2021 for
The next generation of tax is focused on digitization of operations. The modern-day tax department is faced with tackling numerous operational, legislative and technical challenges. We are seeing significant shifts in the approach to handling international taxation owing to initiatives such as the OECD’s Base Erosion and Profit Sharing 2.0
The next generation of tax is focused on digitization of operations. The modern-day tax department is faced with tackling numerous operational, legislative and technical challenges. We are seeing significant shifts in the approach to handling international taxation owing to initiatives such as the OECD’s Base Erosion and Profit Sharing 2.0
The Biden administration will allow more crossover SUVs to qualify for the newly-revamped electric vehicle tax credit following lobbying by automakers such as General Motors Co. and Stellantis NV. The change announced Friday by the Treasury Department effectively expands the number of buyers who can take advantage of a lucrative
When our firm started to grow, we learned early on that our team needed a project manager. Currently, we have four full-time project managers, and our team could not run as efficiently without them. Early on, we didn’t think about or know that we needed a project manager. Managing the