The numbers are in: Among other changes, the IRS has announced that the limit on 401(k) plan deferrals for 2022 is increasing by the hefty amount of $1,000. But the limits on contributions to IRAs are remaining the same (IR-2021-216, 11/4/21). Here are the details: The contribution limit for employees who
If you’re just joining us, go back to part one for an overview of medical-expense deductions for people with disabilities and how to advise clients who pay for medically mandated home improvements or the installation of accessible equipment or facilities in their home. Part two will focus on deductibility of
This article is a guide to three significant attributes that can help CPAs improve audit quality and minimize exposure to professional liability. For a bit of background, the auditing and accounting profession has focused on reducing exposure to professional liability since the profession’s beginning. Errors and omissions insurers offer guidance
One fire too many; FedEx con; the bank of me me me; and other highlights of recent tax cases. Charlotte, North Carolina: Tax preparer Andrivia Wells, 54, has been sentenced to 70 months in prison for tax fraud. Beginning in at least 2011 and continuing through June 2019, Wells owned
Intuit ProConnect has released The Path to Advisory, a comprehensive, free online guide available through the Intuit ProConnect Tax Pro Center to help firms lead with planning and advisory services. The guide contains collective knowledge from tax professionals who help lead and shape positive change in the profession to help
The Hosting feature in QuickBooks allows other devices, known as workstations, to access and operate the files that are stored on the host computer, which holds the company file. But, in some cases, if this feature is disabled or incorrectly set up it results in the “QuickBooks Hosting Mode is
Ernst & Young issued an audit quality report describing the steps that the Big Four firm is taking to increase auditing quality control. In the report, EY pointed to the improvement in inspection results last year from the Public Company Accounting Oversight Board. The PCAOB released its 2020 inspection results
The pledge would transform the international financial system, but critics say it falls short on fossil fuels.
The accounting profession is increasing its involvement with sustainability issues as the United Nations hosts world leaders at its COP26 climate change conference in Glasgow, Scotland. Like countries across the globe, some accounting firms are making commitments to achieving net zero carbon emissions over the next few years, while also
Clients that are Social Security recipients are set to see significantly higher payments in 2022, but the downside to this news is that the increase is caused by a higher cost of living. For many recipients, this can translate into more than $1,000 in annual increase. This increase would appear to benefit
