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Are There Conflicts of Interest Between the IRS and Accounting Firms?

CPA Practice

The question in the title of this article is one the Treasury Inspector General for Tax Administration (TIGTA) recently tried to answer for some members of Congress who asked the IRS watchdog to evaluate employees moving between large accounting firms and the IRS, often referred to as the “revolving door.”

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Embracing AI: 7 Keys for a Modern Accounting Firm

CPA Practice

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. Stay abreast of regulatory changes and guidelines specific to AI in accounting.

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Tax, Accounting and Legal Pros are Cautiously Optimistic about Generative AI

CPA Practice

Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. Furthermore, about half (52%) of all respondents believe that generative AI should be used for legal and tax work. What are the perils?

Legal 122
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Accounting Firms Scramble to Push Out AI Acceptable Use Policies

Going Concern

We’re exploring more scalable options for accessing this service and working through the cybersecurity and legal considerations before we use it for business purposes.” It’s less coincidence than predictable that he was occupied by the thing a lot of accounting firms are right now. “To It’s already happening.

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The New Chief Legal Counsel at the IRS Really Sucks at Burning Bridges

Going Concern

Pictured: dramatic recreation of the Big 4 revolving door Senate Finance Committee Chair Ron Wyden (D-OR) spoke very highly of her in this statement just before her confirmation as IRS chief legal counsel last Thursday: First off, Ms. Rollinson has the right experience necessary to do this job at a high level.

Legal 109
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How Accounting Firms Should (and Should Not) Use ChatGPT

CPA Practice

This article will better explain how your accounting firm should (and should not) use tools like ChatGPT. The Good – ChatGPT’s Abilities to Boost Efficiency for CPA Firms ChatGPT is the culmination of recent advances that put powerful new AI tools into the hands of general users.

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Forbes Recognizes Six Top Accounting Firms That Also Have Management Consulting Chops

CPA Practice

Six of the top seven public accounting firms in the U.S. Forbes unveiled its eighth annual list of America’s best management consulting firms , which is accumulated through a survey of industry insiders and clients. The following six public accounting firms’ management consulting practices made Forbes ’ 2023 list.