Accounting

The problem with some tax credits; a PPP forgiveness portal; crypto replies; and other highlights from our favorite tax bloggers. Slight detours National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A previous blog set out the initial stages of a tax return’s journey once it’s been filed, including certain detours a return may take as it goes through reviews
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The Illinois CPA Society, in partnership with the Society’s Women’s Committee and the Association of International Certified Professional Accountants, has announced the recipients of the 2021 Women to Watch Awards. The annual awards — presented across Experienced Leader and Emerging Leader categories — recognize local female professionals who have made significant contributions to the accounting
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EisnerAmper LLP, a Top 20 Firm based in New York, received an investment Monday from TowerBrook Capital Partners, a private equity firm, and is separating the non-attest side into an entity called Eisner Advisory Group LLC. The amount of the investment was not disclosed, but EisnerAmper CEO Charly Weinstein called it “significant.” The firm will
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Most states have managed to get through the COVID-19 pandemic without increasing taxes, despite predictions last year, according to a new report. For the report the Urban-Brookings Tax Policy Center and tax software provider Avalara surveyed officials from 44 states about their 2020 fiscal year and projections for the future to measure how states fared
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While big cybersecurity events dominate the news — most recently the Colonial Pipeline and JBS breaches — cybercriminals are also targeting smaller businesses, and small to midsized accounting firms need to be aware of how to protect themselves. Cybercriminals often use social engineering to get into systems. These phishing attacks can take the form of
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The Federal Accounting Standards Advisory Board released a standard Friday for accounting and financial reporting on government-owned land and delayed the effective date due to the pandemic. Statement of Federal Financial Accounting Standards (SFFAS) 59, “Accounting and Reporting of Government Land,” aims to provide more consistent accounting treatment and reporting for land holdings. The statement
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The Justice Department directed the Treasury Department to hand over former President Donald Trump’s tax returns to Congress, a move that means six years of Trump’s personal and business financial information could become public. “We conclude that the secretary must comply with the Ways and Means Committee’s June 16, 2021 request” for the tax returns
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The Internal Revenue Service, citing security issues, intends to “step up” awareness efforts toward businesses, partnerships, trusts and estates, charities and other entities that hold Employer Identification Numbers. In particular, the IRS wants those entities to update their applications if there has been a change in the responsible party or contact information. This data, the
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A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements. SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held business with a shell company
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Nominees galore; the eagle has crashed; eight years to FastLife;and other highlights of recent tax cases. Richmond, Virginia: Tax preparer Willette J. Holland has been sentenced to a year and a day in prison and three years of supervised release for evading her own taxes. Holland owned the firm Tax Professionals, and in August 2014
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The Committee of Sponsoring Organizations of the Treadway Commission issued guidance Wednesday on enterprise risk management for cloud computing to help organizations using COSO’s ERM framework improve their cloud governance. The document offers a roadmap to implementing cloud computing and discusses various roles and responsibilities. The guide includes a structure to use the COSO ERM
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CPA firms are becoming increasingly concerned about clients who have lax cybersecurity in place, making them vulnerable to ransomware attacks like the ones that have been in the news lately. In early July, between 800 and 1,500 businesses around the world were reportedly affected by a ransomware attack centered on Kaseya, a provider of widely
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The International Accounting Standards Board proposed Monday to reduce the disclosure requirements for eligible subsidiaries under International Financial Reporting Standards. The proposal comes in response to feedback from constituents with the goal of easing financial reporting for subsidiaries while meeting the needs of users of their financial statements. The relaxed disclosure requirements would be available
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