The Trump Organization and its longtime chief financial officer, Allen Weisselberg, will go on trial Oct. 24 on tax fraud charges, after a New York state judge rejected their request to dismiss the case. The ruling and trial date capped a week of legal threats for Donald Trump. While he
The Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, requires auditors to communicate in writing reportable findings from audit procedures to management or those charged with governance on a timely basis. The SAS-136-required written communication should
The Inflation Reduction Act that Senate Democrats managed to pass on Sunday and that is heading for an expected vote in the House on Friday includes a set of tax credits intended to incentivize renewable energy and the purchase of electric vehicles as part of a broad package of controlling
From the smallest to the largest accounting firms, recruiting and retaining talent seems to bring about rough seas. The most recent 2021 PCPS CPA Firm Top Issues Survey, published biennially by the AICPA, confirmed once again that “finding qualified staff” was a significant concern for all firms with two or
I probably don’t have to explain the panic that ensues when you realize that you may have “outgrown” your accounting software. The time and effort we as accounting professionals have invested in these platforms cannot be weighed or measured. They’re basically the core of our accounting lives. When I am
Since former President Donald J. Trump declined to answer questions, Attorney General Letitia James faces a crucial decision.
The American Institute of CPAs wants the Internal Revenue Service to pick up the phone faster on its so-called Practitioner Priority Service for tax professionals and make other fixes, pointing to a “plummeting” level of service in recent years. Taxpayers and tax pros alike have long complained about the difficulty
The recent Tax Court case Gonzalez, TC Summary Opinion 2022-13, 7/18/22 found that it is indeed OK to deduct vehicle expenses related to a side-gig, as long as the filer follows strict rules. Generally, expenses relating to use of a car, van, pickup or panel truck used for business are deductible. For
The Internal Revenue Service has released a draft version of the Form 1040 for next tax season, with an expanded question about virtual currencies, now referred to as digital assets, along with other changes on drafts of that form and related forms and schedules. Last tax season, the question was:
While there are many ways to look at capacity, most firm leaders agree they don’t have enough people to properly serve the number of clients they have. How about, instead of talking about getting rid of clients to solve our capacity problems, perhaps we need to talk about revenue replacement.
