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You can survive an IRS tax audit. While you may feel shocked or overwhelmed because you didn't see this coming, the big thing is that you never want to ignore IRS audit notices. Complying with deadlines is half the battle when trying to clear up an IRS tax issue of any kind. Complying is also important even if you knew an audit was a possibility based on your filing activity.
Check out this Big 4 auditor recently profiled on eFinancialCareers. Blink twice if you need work-life balance, buddy. I’m an auditor for a Big Four firm. Audit jobs don’t always have a good reputation: they pay less than some other Big Four jobs and offer less chance of making partner. But this is fine because there are other advantages.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
This week’s Barron’s July 11, 2022 cover story is about the top two dozen CEOs. A criterion that has usually been used to identify the top CEOs was their company’s stock performance. With the stock market down this year, they needed to reach for other measures, and I think the following applies to most successful leaders. The article’s purpose was not to suggest stocks to invest in, but to identify key features of winning leaders.
If you run a nonprofit, you already know that donations and grants are your bread and butter. You also know just how complicated tracking donations can be. Nonprofit organizations are required to know how to track charitable donations they receive and supply donors with the proper documentation for the donations they’ve made. Read on to […] READ MORE.
Seismic shifts are brewing across the Australian business landscape this year, and it would be prudent to get ahead of them. From prescriptive changes like eInvoicing mandates, superannuation guarantees, and plastic bag bans – to less palpable shifts such as inflation and energy costs, you should be getting your business ready to tackle these obstacles and opportunities now.
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Uber-popular e-commerce sites like Amazon or eBay are known for having the lion’s share of the market. But that doesn’t mean you can’t sell online somewhere else. In fact, many retailers are carving out their own niche by selling on other sites instead of directly to customers. In today’s digital age, it’s become increasingly important for brands to have a presence online.
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QUESTION: We are considering offering a stand-alone telehealth benefit to our employees. Will this arrangement be an ERISA plan? ANSWER: Telehealth benefits (also referred to as telemedicine benefits) are often offered under an employer’s group health plan, which is governed by ERISA if sponsored by a private sector employer. Even if telehealth benefits are offered separately from the employer’s group health plan, the benefits are likely subject to ERISA.
IRS Tax Tip 2022-91 (June 14, 2022). Available at [link]. The IRS has issued a tax tip explaining key aspects of the enhanced business meal deduction in effect for 2021 and 2022. As background, Code § 274(n) generally limits a business’s otherwise allowable deductions for food or beverage expenses to 50% of the expenses, subject to various exceptions.
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M.S. v. Premera Blue Cross, 2022 WL 2208927 (D. Utah 2022). Available at [link]. A self-insured health plan denied coverage for a minor child’s residential mental health treatment, finding that the treatment was not medically necessary. The child’s family sued the plan, plan administrator, and claims administrator for (among other things) violating the Mental Health Parity and Addiction Equity Act (MHPAEA).
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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In the coming weeks and months, you’re going to see lots of headlines warning that the workers’ market we are blessed to experience today is shifting back to one that favors employers as the economy starts circling the toilet. You already have seen these headlines, I’m sure. Here’s one: some HR clown who works for LinkedIn warned the younger generation their days of remote work could be numbered. “Younger workers may need to return to the workplace — whether volunta
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The only thing constant is change. And now, the ERISA (Employee Retirement Income Security Act of 1974) Section 103(a)(3)(C) audit replaces the old 401(k) Plan Limited Scope audit. Details follow. What is ERISA 103(a)(3)(C)? This is the new audit standard for employee benefit plans subject to ERISA’s provisions. The ERISA 103(a)(3)(C) makes changes to both.
The CPA Evolution project continues to chug along as we inch closer and closer to 2024 and now NASBA and the AICPA are asking informed parties to comment on proposed Blueprints. Finalizing these Blueprints is one of the last steps in the process to launch a redesigned CPA exam that started back in 2020. Comments should answer the following questions: Do the Core Exam Blueprints include the knowledge and skills required of all newly licensed CPAs to protect the public interest?
“If names are not correct, language will not be in accordance with the truth of things.” – Confucius. It has been a huge trend for CPA firms during the last 15 to 20 years. They modify their name and end up using just initials. I must admit, I have found it rather confusing as I work and network with many small to mid-size firms in the USA.
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