Going Concern
JANUARY 9, 2023
A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.
CPA Practice
OCTOBER 10, 2023
The demand for skilled tax practitioners in the accounting profession has never been more critical. This surge in demand for CPA services comes at a time when experienced public accountants are exploring alternative career options, and fewer graduates are entering the profession. By Richard Lavina and Ralph Carnicer.
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ThomsonReuters
JANUARY 9, 2024
Conversely, Creech explained that the AI tools the IRS uses have seen “significant improvements” in areas that include partnerships where the audits are more targeted and have been much better than anything Creech has seen before. “What happens when the IRS AI finds [an issue] because it’s 1.2 6651 and Code Sec.
Going Concern
APRIL 19, 2024
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. The Big Four accounting firm is considering adding about 85 U.S.
ThomsonReuters
OCTOBER 7, 2022
These appropriations are to remain available through the end of 2031. The money dedicated to taxpayer services will help the IRS improve pre-filing assistance and education, filing and account services, and taxpayer advocacy services. Clearly, the question from clients is, “Will I be audited?” million in 2019 to 35.8
Withum
AUGUST 24, 2022
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 allocating approximately $80 billion, in addition to its regular appropriations, to the IRS through September 30, 2031. For more information, see the article 5 Ways to be Proactive and Prepared for Transfer Pricing Audits.
CPA Practice
MAY 3, 2024
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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