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The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations. Many firms turn to third-party service providers to send and receive electronic audit confirmations to and from “confirming parties,” including banks,

Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During a hearing Thursday before the House Ways and Means Oversight Subcommittee, Rep. Carol Miller, D-West

With the March Madness college basketball tournament getting underway, a top Democrat on the House Ways and Means Committee is asking three top schools with highly paid basketball coaches to hand over data about those compensation packages. Representative Bill Pascrell, a New Jersey Democrat, sent letters to Duke, Villanova and

Your clients with household help — such as nannies, housekeepers and senior caregivers — may be paying their workers through a mobile app like Venmo or PayPal. It’s quick. It’s easy. But thanks to a new tax-reporting rule, it may no longer be a good idea. What’s new this yearUnder

When TowerBrook Capital Partners invested in the Top 20 firm EisnerAmper last August, many say that move finally put PE on the accounting industry map and more big moves could follow. My good friend Allan Koltin, a frequent guest on my podcast who has served as an advisor and broker

The Great Resignation is making it even harder for CPA firms to attract and retain talent. In recent years, it’s become obvious that the CPA firm business model is increasingly challenging. The pipeline of qualified new hires is shrinking. Younger CPAs aren’t as enamored with the partner path or the

The Public Company Accounting Oversight Board is reportedly making progress on talks with Chinese authorities on enabling access to inspections of firms in that country that audit companies whose shares trade on the U.S. capital markets after the Securities and Exchange Commission threatened to suspend listings of five Chinese companies.

Senate Finance Committee chair Ron Wyden, D-Oregon, said Friday he is developing policies that could remove some tax benefits available to Russian and Belarusian individuals and entities that earn income from the U.S., as well as U.S.-based multinational companies that do business in those countries. For individuals, he noted that

Senator Sheldon Whitehouse is pitching a steep new tax on oil companies, such as Chevron Corp. and Shell Plc, as part of a broader plan to mitigate the impact of inflation on middle-income families. Whitehouse, a Rhode Island Democrat, said taxing the corporate profits that are the result of high

Senators Sheldon Whitehouse and Elizabeth Warren say they’re working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions. “Big Oil’s first priority is to maximize profits,” Warren, a Massachusetts Democrat, tweeted on Wednesday. “We can’t let them use Putin’s invasion