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The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. Fortunately, an employer can offer one of two possible alternatives. Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan.
We’ve received this tip a few times now from a few different people, time to throw it to dogs and see if anyone knows more. Here’s the original, slightly edited to protect anonymity: Plante Moran, CBIZ, Marcum, Armanino, and a couple of other large public firms will no longer be serving public clients. It does look like CBIZ has left or is leaving the space.
Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.
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.
The IRS is deploying cutting-edge technology like artificial intelligence to identify and begin examinations of large partnerships with billions of dollars in assets that have “cut corners” on tax compliance, Commissioner Danny Werfel said on Friday. Werfel said a large hiring spree and AI research tools developed by IRS employees and contractors are helping the agency hone in on wealthy tax dodgers.
The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts.
In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., the maker of the popular TurboTax tax filing software, “… engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.
In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., the maker of the popular TurboTax tax filing software, “… engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. News KPMG halves pay for US partners on gardening leave amid poaching war [ Financial Times ] KPMG’s US partners have been told that they will be put on 50 per cent pay during six months of gardening leave if they quit t
Despite the tremendous buzz, it is crucial to recognize that AI's true role in accounting will likely be to augment human capabilities and streamline processes.
Not everyone knows construction accounting, and it is easy to assume all accounting is the same. Even if you have outsourced your financial functions, as a small construction business owner, having a solid understanding of critical financial concepts is crucial to work with your advisor and 'speak their language". This article outlines several essential concepts that every small business owner should know.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Are you thinking of switching from the C corporation form of business ownership to S corporation status? There could be a big tax in your future—literally. We’re referring to the so-called “built-in gains” (BIG) tax. The BIG tax often catches business owners by surprise. Fortunately, however, you may be able to avoid adverse tax consequences with some astute planning.
It’s October, the spookiest time of the year.especially for accountants, considering Oct. 15 is a pretty scary day. Now that the 15th is behind us (thank heavens) it’s time to focus on the more fun parts of the month: Halloween activities! We already gave you advice on some fun accounting-themed Halloween costumes , but now it’s time to share our wisdom about another important October activity.pumpkin carving!
Americans’ trust in government has been on the decline for decades. In the 1960s, polling from the Pew Research Center showed that more than 70% of Americans believed the Federal Government would do the right thing “just about always.” The same poll today shows that this trust has fallen to around 20%. There are many factors that contributed to this declining sentiment.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Jump to: What are the main types of business ownership? Which is better: a C corp, S corp, or LLC? What is a C corporation? What is an S corporation? When is it better to create an LLC instead of a C corp or S corp? What is an LLC? Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, a
Indiana CPA Society adds five to board of directors; Eide Bailly Financial Services becomes Eide Bailly Wealth; and more news from across the profession.
Tax season is a critical and demanding period in the accounting profession that necessitates concentration, expertise, and efficiency. Accountants must navigate a labyrinth of complex tax regulations while meeting numerous deadlines with precision and accuracy. Fortunately, several advanced methods, such as utilizing automated software, implementing standardized procedures, and leveraging data analytics, can aid in streamlining the tax preparation process.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Join us November 1st for Anders Alumni Happy Hour! Join us for the 2023 Anders Alumni Happy Hour! Reconnect with your former Anders colleagues over a mini golf experience like no other. When: Wednesday, November 1, 2023 | 5:00 – 7:00pm Where: Puttshack St. Louis 3730 Foundry Way, Ste 100, St. Louis, MO 63110 Register for the event below: Contact Krystal Harrison at kharrison@anderscpa.com with any questions.
In the world of project management , output delivery holds the utmost importance. Output management extends beyond final reports, presentations, products or services. The work performed and the outcome is part of the output. Project managers ensure that the production aligns with the intended goals and objectives, uses resources efficiently, meets the defined requirements and has the desired outcome.
What are the key compliance requirements and what do they mean for private fund advisers? On August 23, the Securities and Exchange Commission (SEC) adopted new and amended rules (Final Rules), initially proposed last year, that will significantly increase the regulatory burden on private funds. The Final Rules retained much of the key requirements from the proposed rules, including the annual audit requirement for each private fund, preparation and distribution of detailed fund-level informatio
By Matthew Boyle – Bloomberg News (via TNS). In the emerging post-pandemic era, most aspects of life have returned to normal. Moviegoers are flocking to cinemas, vacationers jammed airports for summer travel and kids are returning to classrooms. The one thing that has remained stubbornly fraught: the world of work. Three and a half years after millions of office-goers were sent home en masse, companies, employees and governments are still figuring out how to adapt to lasting changes to corporate
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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