Looking to draft guidance reflective of the needs of taxpayers entitled to claim Inflation Reduction Act energy credits, the Internal Revenue Service has issued six notices asking for comments. Input is wanted on different aspects of extensions and enhancements of energy tax benefits. By notice, comments are requested on: Notice
The IRS Independent Office of Appeals has made revisions to its initial contact letters in response to feedback from taxpayers and practitioners. The changes are: The revised letter will clarify that generally, taxpayers and representatives can choose how they meet with Appeals through conferences that can be held by telephone,
Flexibility and support are the common hallmarks of the 2022 Best Firms for Women — as their staff are happy to tell you. The 10 firms on our annual list are chosen from among Accounting Today’s larger list of the overall 100 Best Firms to Work For, which is selected
On Aug. 26, 2022, readers of Accounting Today were invited to respond to the article “Do we still need accounting firms?” This question was crafted around Susskind and Susskind’s new edition of their highly acclaimed book, “The Futures of Professions: How Technology Will Transform the Work of Human Experts.” Among
Grant Thornton reported Thursday that its U.S. firm’s revenue for the fiscal year ending July 31, 2022, rose nearly 17% to reach a record of $2.3 billion. The accounting and auditing practice accounted for 33% of the total revenue, while tax made up 25% and advisory services contributed 42%. “Our
States once flush with revenue from surging sales tax collections are starting to see inflation-related declines, signaling state revenues may continue to drop. The number of states that saw year-over-year declines increased to 25 in June from 16 in May, according to the Urban Institute. That declining performance, which is
Small businesses are more concerned about inflation than ever before, with 90% sharing that they fear the impact of inflation on their business, according to a new report. The quarterly MetLife and U.S. Chamber of Commerce Small Business Index revealed that half of respondents think inflation is currently the biggest
The Internal Revenue Service needs to beef up security at its facilities to address ongoing threats, according to a recent report. The report, released Monday by the Treasury Inspector General for Tax Administration, pointed out the IRS is often the target of threats from individuals and organizations looking to do
A study by the U.S. Census reveals that over 3 million children have a disability, about 4.3% of the under-18 population, and it’s estimated that one in five households is caring for a child with special needs. The number is growing because of changes in diagnostic criteria; for example, the
Repeat business; bar none; installment plan; and other highlights of recent tax cases. Plover, Wisconsin: Tax preparer James Canfield, 74, has been sentenced to eight months in prison for aiding in the preparation of false federal returns. Canfield owned and operated Advanced Accounting Concepts. Between 2013 and 2018, he prepared
