Republicans on the Senate Finance Committee introduced legislation Monday to deter the Internal Revenue Service from using the $80 billion in extra funding from the Inflation Reduction Act to increase audits of taxpayers and small businesses earning under $400,000 per year. IRS Commissioner Chuck Rettig and Treasury Secretary Janet Yellen
Victims of the water crisis that began in Mississippi on Aug. 30 now have until February to file various individual and business returns and make tax payments. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the Internal Revenue Service said that affected taxpayer individuals and households
The number of people who think they’re financially savvy but really aren’t has increased over time. Researchers, in a recent study, found that not only do many people overestimate their financial literacy — the number of such people has grown over the years. The study’s authors (from Ohio State University,
Carr, Riggs & Ingram, a Top 25 Firm based in Enterprise, Alabama, has expanded its presence in the Atlanta area by adding Brown, Nelms & Co., a firm based in Peachtree City, Georgia, for an undisclosed sum. Brown Nelms earned $3.7 million in annual revenue and will add 18 staff
Grant Thronton, Chicago, named Fair Opportunity Project to its Purple Paladin program, which helps emerging nonprofit organizations move from “start-up to unstoppable.” Fair Opportunity Project works to make college more affordable by providing personalized mentoring, a downloadable step-by-step college application guide, a self-guided video course, virtual office hours, college essay
TriNet, a provider of human resources technology for small and medium-size businesses, has acquired Clarus R+D Solutions LLC, a fintech company that automates the research and development tax credit process for SMBs, for an undisclosed sum. As part of the deal, Clarus R+D will become a wholly owned subsidiary of
PricewaterhouseCoopers released its 2022 audit quality report Tuesday, pointing to progress in its audit practice on a number of fronts, including on inspections, training and diversity. PwC reported that it had a 100% internal inspection compliance rate, with 99.3% of its reports on internal controls over financial reporting not reissued
A lot of accountants sell their practices and hasta la vista baby! They sail into the sunset. However, some want to hang around. Usually when a practice is sold, the seller sticks around long enough to introduce the buyer to the clients and assures the client they will be available
The Internal Revenue Service mistakenly posted information from approximately 120,000 individuals on its website before discovering the error on Aug. 26 and taking it down. The information came from the Form 990-T, the business tax returns filed by tax-exempt organizations. “The IRS recently discovered that some machine-readable (XML) Form 990-T
Two-buck chuck; easement does it; mismanagement; and other highlights of recent tax cases. Swampscott, Massachusetts: Tax preparer Boris Shadari, 46, has been sentenced to 30 months in prison and two years of supervised release in connection with a scheme to inflate federal refunds and divert a portion to accounts that
