Going Concern

NOVEMBER 7, 2024

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. The greatest variance in pricing was for tax planning and advisory services in particular. We know Big 4 and mid-tiers have this pricing thing down.

cost accounting

Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

Tax

Accounting Today

JUNE 12, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. The tax loss totaled $356,881. All rights reserved.

Tax

Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

Florida

CPA Practice

AUGUST 6, 2025

Bloomberg Tax announced today a significant enhancement to its Provision software with the introduction of a new rate reconciliation report designed to adhere with the latest FASB Accounting Standards Update.

accounting standards

Going Concern

NOVEMBER 8, 2024

Anyway, the AICPA numbers: Of the more than 1,100 firms that participated in the AICPA’s 2023 National Management of an Accounting Practice (MAP) survey, about 30% said they outsourced domestically and 25% said they outsourced to offshore workers. Meanwhile, the average for a tax associate in Atlanta is $61,866 a year.

tax return

Accounting Today

JUNE 16, 2025

It found at least one deficiency in 17 (59%) of the 29 examination engagements it reviewed, a decrease of two from 2023. The PCAOB reviewed 64 engagements and found at least one deficiency in 27 (42%), consistent with the 2023 results. All rights reserved.

audit

Summit CPA

OCTOBER 10, 2024

IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 billion in tax fraud and the conviction rate was 88.4%. Tax fraud is the intentional act of misconduct on the part of a taxpayer that is an intentional and deceitful avoidance of a tax they knowingly owe. What is Fraud?

auditor

Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. This would provide that an amended return be filed for 2022, and 2023. If a 2024 tax return has already been filed, then an amendment would be required.

income tax

TaxConnex

NOVEMBER 21, 2024

Let’s look at the many many other glistening numbers … An established big day Looking at the trend of numbers, in 2023 Black Friday online sales grew 8% year-over-year to $70.9 billion was spent online in the month of November 2023, up 6% from the year before. retail sales during the 2023 holiday season grew 3.8% spending, up 7.8%

Sales

Withum

FEBRUARY 3, 2025

Owning a car dealership can present a golden opportunity to reduce your tax liabilities. One such opportunity is cost segregation , allowing dealerships to speed up depreciation deductions, which can lead to significant tax savings early on. What Is Cost Segregation? How Does Cost Segregation Work? million, with phase-out limits of $2.8

tax planning

Accounting Today

AUGUST 6, 2025

Bloomberg Tax and Accounting launched an embedded solution to help users adhere to the FASB Accounting Standards Update that concerns income tax disclosures.

accounting standards

CPA Practice

NOVEMBER 4, 2024

These job cuts also included employees in business services, audit, and tax. In June 2023, KPMG laid off about 5% of its U.S. staff —including advisory, tax, and back-office workers—after cutting some advisory personnel, or almost 2% of U.S. In June 2023, KPMG laid off about 5% of its U.S. staff , earlier in the year.

audit

CPA Practice

OCTOBER 22, 2024

Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience.

accounting and finance

Accounting Today

JUNE 19, 2025

EDT 5 Min Read Facebook Twitter LinkedIn Email Seeking shelter; please be Gentle; where the heart is; and other highlights of recent tax cases. Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. million in taxes on income he earned from his business.

Tax

CPA Practice

NOVEMBER 7, 2024

trillion in tax revenue, collected more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds and other outlays. The IRS on Nov. 7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report.

accounting principles

CPA Practice

JUNE 18, 2025

As updates to the Form 8971 instructions are considered, we suggest that Treasury and IRS include our recommendations to enhance taxpayer and tax practitioner clarity and compliance,” says Eileen Sherr, AICPA Director of Tax Policy and Advocacy. Undergraduate accounting enrollment increased 12% in fall 2024 compared to fall 2023.

accounting and finance

CPA Practice

DECEMBER 9, 2024

For property placed in service beginning in 2023, a taxpayer may take a credit equal to 30% of the total amount paid for certain energy efficient products or for a home energy audit. The credit is limited to certain amounts, per taxpayer and per tax year.

Manufacturing

CTP

APRIL 21, 2025

NIL collectives began to spring up after that pivotal court case in 2021, and by 2023 most of the Power Four schools (the most prominent NCAA Division I football conferences) had NIL collectives. Where does the tax planning opportunity come in? The legal requirements for each are very different, as are their tax planning needs.

tax planning

Accounting Today

JULY 23, 2025

Paradoxically, vulnerability had given him back control — but it also opened up a whole set of questions about his professional career, including his role as managing partner of Tri-Merit Specialty Tax Services (a tax advisory firm that also hosts Bridging the Gap). "I All rights reserved.

Technology

Menzies

DECEMBER 19, 2024

These come in from 1 April 2023 and run until 31 March 2026 and the 50% allowance is particularly useful where a company does not have sufficient AIA. Depending on the circumstances this may defer the tax relief available into the next accounting period. 30,000) can be claimed each year until the asset is fully written down to nil.

Tax

CPA Practice

OCTOBER 29, 2024

A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. LB&I will be responsible for starting pass-through exams, regardless of entity size.

income tax

CPA Practice

NOVEMBER 19, 2024

Your CPA represents the ability to handle tasks related to auditing, tax, financial reporting, analytics, and internal controls. But having both certifications early in your career shows that you possess in-demand skills and a passion for the industry.

cma

ThomsonReuters

NOVEMBER 7, 2024

The report reveals that 82% of C-suite leaders believe ESG will play a crucial role in corporate performance, up from 72% in 2023. Despite geopolitical tensions , extreme weather events, and economic challenges , companies are increasingly prioritizing ESG as a core component of their business strategy.

Technology

Xero

FEBRUARY 10, 2025

UK: Streamlined tax workflow and compliance We’ve made Xero even better with some UK tax enhancements designed to save you time and reduce errors. Plus, you can now set up and manage practice government gateway IDs for Xero Tax in one location. Relax and enjoy seamless compliance with the new regulations.

Tax

VJM Global

MARCH 10, 2025

258 OF 2025) The Assessee received consolidated Show Cause Notice under Section 74 of CGST Act for FY 2017-18 to 2023-24. Honble High Court held that Section 74 empowers the proper officer to determine factors leading to tax evasion and initiate proceedings within the specified time frame. Such power is to be exercised year by year.

Tax

Withum

FEBRUARY 19, 2025

While EVs accounted for 10% of all US vehicle sales in 2023, hybrid vehicles began to gain ground in 2024, leading many OEMs to adjust their strategies. Another significant update is ASU 2023-08, which will be effective for year-end 12/31/2024. ASU 2023-08 requires cryptocurrency valuation at fair value each reporting period.

Retail

CPA Practice

OCTOBER 23, 2024

confidence, amid concerns about tax rises in the upcoming budget. Concerns about the continued weakness of the Chinese economy likely weighed on sentiment, with the survey being completed before the authorities announced a pivot to a more aggressive policy stimulus.

accounted

Withum

AUGUST 12, 2025

Form 1099-K for Third-Party Payment Transactions Old (but never fully implemented) rule: Starting in 2023, platforms like PayPal, Venmo and Etsy would have had to issue Form 1099-K for anyone receiving over $600, even for personal sales or reimbursements. What’s Not Changing Deadlines: No changes are made to the existing deadlines.

Tax

CPA Practice

NOVEMBER 25, 2024

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov. Eastern C Corporation DO December 5, 2024 3 p.m. –

tax accountant

CPA Practice

OCTOBER 24, 2024

For property placed in service beginning in 2023, a taxpayer may take a credit equal to 30% of the total amount paid for certain energy efficient products or for a home energy audit. The credit is limited to certain amounts, per taxpayer and per tax year.

Manufacturing

Withum

MARCH 17, 2025

One popular solution is a surcharge applied on each order, similar to the approach businesses took with the freight surcharges popular from 2021-2023. Our team closely monitors and analyzes proposed tax legislation, providing individuals and businesses with timely insights to help navigate the evolving tax landscape.

financial statements

Accounting Today

JUNE 13, 2025

In 2023, he founded Corallium Advisors, which helps businesses with auditing, regulatory compliance, risk management, and initial public offerings. By Chris Gaetano 2h ago Tax-related court cases Tax Fraud Blotter: Sick excuses By any other name; poor Service; a saga continues; and other highlights of recent tax cases.

accounted

ThomsonReuters

NOVEMBER 25, 2024

And in 2023, the state of California enacted SB 253 and SB 261 , measures that require large companies operating in the state to disclose greenhouse gas emissions and various other climate-related risk factors. Access report ESG Solutions Expert tools from Thomson Reuters to navigate environmental, social, and governance challenges.

Government

Accounting Today

JUNE 5, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email Bank job; the magic is gone; not a beautiful day in the Neighborhood; and other highlights of recent tax cases. CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax return. .:

Tax

Accounting Today

JULY 24, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email The not-so-great outdoors; spear itself; pain and gain; and other highlights of recent tax cases. Sole owner of Zion Outfitter, an outdoor retailer in Springdale, Utah, he handled the company finances and provided CPAs with information and records to prepare tax forms to submit to the IRS.

Tax

Anders CPA

DECEMBER 24, 2024

Nexus is the connection between a business and a state that allows the state to impose tax on the business. Wayfair decision , which created a precedent for states imposing sales tax on out-of-state businesses selling in their state. Economic Nexus: Sales & Use Tax The South Dakota v.

South Dakota