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Monday Morning Accounting News Brief: Details on Grant Thornton’s PE Deal; What Is ‘Presented Fairly’ Anyway? | 5.13.24

Going Concern

“With our world rapidly changing, it’s just one of the ways that we’re trying to respond to everything going on across the industry,” Sanders said in an interview with Bloomberg Tax. Previously, Calvert served as Managing Partner for Markets and Accounts, as well as Managing Partner for the Tax practice. PCAOB Chair Erica Y.

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What's new in July for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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How the CPA, CMA and EA Credentials Have Become Global Designations

CPA Practice

The increased need for accountants and auditors is driven by factors such as globalization, an expanding economy, and a complicated tax and regulatory environment. In general, it is anticipated that the expansion of the accounting and auditing professions will be directly correlated with the state of the entire economy.

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More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges

CPA Practice

The IRS said it’s gearing up to increase audit rates by more than 50% on wealthy taxpayers with more than $10 million in total positive income and nearly triple audit rates on corporations with assets over $250 million by 2026, Commissioner Danny Werfel said on Thursday, as the agency released an update to its strategic operating plan.

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Treasury: IRS Could Collect $561 Billion in Revenue Thanks to Inflation Reduction Act

CPA Practice

A new Treasury Department analysis says the IRS could turn the nearly $80 billion in funding it’s receiving from the Inflation Reduction Act into $561 billion in overdue and unpaid taxes collected over the next 10 years, higher than earlier estimates.

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