The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised auditing standard. The AICPA’s Employee Benefit Plans Industry FAQ with Illustrative Auditor’s Reports for Initial Year of Implementation of SAS No.
Intuit the global technology platform that makes TurboTax, QuickBooks, Mint, and Credit Karma, has agreed to acquire Mailchimp, a global customer engagement and marketing platform for growing small and mid-market businesses. The planned acquisition of Mailchimp is valued at approximately $12 billion in cash and stock. With the acquisition of
As tax exemptions are targeted, life insurance policies could offer high-net-worth individuals a different means for protecting their estates. We’ve been warned about what’s to come for our clients—and maybe even ourselves. While on the campaign trail, now Pres. Joe Biden proposed reducing the estate tax exemption to $3.5 million
It has been said that insanity is doing the same thing over and over again, expecting different results. I am not sure who first said this, but I do not believe it was Albert Einstein, to whom this is often attributed. But it doesn’t matter too much. What matters is
As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service has sent a reminder that the cost of home testing for COVID-19 is an eligible medical expense. The cost can be paid or reimbursed under
The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to be wrong last year and the IRS focusing its efforts disproportionately on some Southern states. A new report, released Thursday by the Treasury Inspector General
QuickBooks is a packaged deal that offers you advanced tools and features that manage the finances of your business. While creating a new account with QuickBooks Desktop, you will need to enter several details to track your daily transactions. This also includes your real-time account balance for the current day.
Do you provide information technology services for your attest clients? Or does the firm that performs your attest work also provide information technology services? Those services may now cause independence concerns. This article highlights the changes and how to approach the new guidance. The ET Section 1.295.145 of the AICPA Code
The Small Business Administration is increasing the cap for COVID Economic Injury Disaster Loans from $500,000 to $2 million. Small businesses that have been hit by the pandemic will be able to apply for the increased loans immediately, the SBA said Thursday. The program is especially targeting hard-hit sectors of
For decades, accounting firms have generated organic growth and profits by offering essential services such as bookkeeping, tax and audit. However, the services that got your firm where it is today won’t necessarily get you to where you want to be in the future. To remain relevant and meet client
