Congress gave billions of dollars in tax credits to employers in response to the COVID-19 pandemic that helped pay for providing paid sick and family leave and retaining employees, but now the IRS needs to step up its compliance efforts, according to a new report. The report, released Tuesday by
Women in accounting and bookkeeping often don’t feel seen or heard due to bias in the workplace, but a new generation has emerged, and they’re eliminating antiquated views about the value of the work they do. The first step toward changing the perception of bookkeeping is shifting opinions outside of
The International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities. The move comes amid growing interest in the accounting profession in environmental, social and governance reporting. While
The word “inflation” has returned to people’s vocabulary. Your client probably feels the impact when they shop for groceries; everything seems to cost more. Meanwhile, the rate of return on their money market account or bank Certificates of Deposit doesn’t keep pace with the price increases they are seeing. Is
Victims of wildfires and straight-line winds that began in New Mexico on April 5 now have until late summer to file various federal individual and business returns and make tax payments. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS has given relief to affected
If you remember “The Spirit of Accounting,” perhaps you’re as surprised as I am to see it published again. If you don’t recall, this column appeared in almost every Accounting Today issue from 1996 to 2016, consistently challenging leaders and practitioners to improve our collective contributions to our society and
The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately. On Monday, the Treasury Inspector
Maximizing investments is a goal for every investor and if you want to help your clients realize a better net after-tax, these tips can help. Realizing better net after-tax returns is possible with the right strategic approach. 1. Review and Update Asset Location and Allocation Clients want to save money
Educators aren’t fully meeting the needs of students or employers when it comes to teaching accountants and finance professionals, according to a new international analysis from the Association of Chartered Certified Accountants. The ACCA research draws on the views of more than 800 learners and learning and development experts. The
If you’re just joining us, part one in this series explains the basics of Form 1040-X, Amended U.S. Individual Income Tax Return, formerly Form 1040X. It also offers advice on how to submit a 1040-X. Change of filing status. Let’s suppose a married couple experienced marital problems and decided to file separate 1040s
