The Internal Revenue Service issued potentially improper Recovery Rebate Credit payments totaling $898 million, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that $79.8 million in Recovery Rebate Credits actually should have been paid to eligible individuals, but $818.5 million was paid
The American Institute of CPAs announced the 57 recipients of the 2021 Elijah Watt Sells Award. CPA candidates must have a cumulative average score above 95.50 across all four sections of the Uniform CPA Exam to receive the award, as well as pass all four sections of the exam on their first attempt
Corporate tax rates in major economies around the world have fallen to an average of just 25.1% this year, according to a study released Friday by the UHY international accounting firm network. With the COVID-19 pandemic leaving a gaping hole in the public finances of many countries, however, UHY predicts the
International consulting firm Leyton announced the release of REV by Leyton, a digital tax platform aimed at startups and small businesses to help them identify tax credits they might qualify for, starting with R&D and employee retention credits. Other types of credits are expected to be added to the platform at
Accounting workflow automation provider Lockstep announced the release of Lockstep Inbox, a free automated inbox application designed specifically for accountants. The solution streamlines workflows through a shared Accounting Inbox, in contrast to personal inboxes, which each stand in their own silo. Specifically, the new solution offers the ability to: Monitor
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
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
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
CEOs who prefer risky sports hobbies are more likely to take a risky approach to their company’s tax planning, according to a new study published by the American Accounting Association. The study, from researchers at the University of Hong Kong, the University of California Irvine, the National University of Singapore,
A group of tax enforcement leaders from five countries, including the U.S., are collaborating on ways to investigate the use of nonfungible tokens and decentralized finance exchanges by tax criminals. The Joint Chiefs of Global Tax Enforcement (J5) brought together a group of investigators, cryptocurrency experts and data scientists this
