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The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA).
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System and Organization Controls (SOC) examinations performed by CPAs can give companies assurance that outsource providers possess appropriate controls. And in an environment with increased outsourcing and rapidly changing risks, the growing need for these reports presents a business opportunity that CPA firms may wish to consider.
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The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.
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Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS.
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Tools to increase your cybersecurity IQ, learn about service opportunities in the financial planning space, master audit risk assessment and more.
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Chairman Dave Vaudt and Director David Bean discuss what to look for on GASB current projects and research activities. Also, they highlight a number of current opportunities to share feedback and input with the Board.
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Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another attempt by con artists to frighten people into returning ‘robocall’ voicemails.
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Comments on Proposed Amendments to Alabama Administrative Code Rule 810-6-1-.37, Computer Hardware & Software
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Recently, Representatives Kathleen Rice (D-N.Y.) and Andy Barr (R-K.Y.) introduced the Fiscal State of the Nation resolution, H. Con. Res. 68, with 103 additional co-sponsors. It provides “for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.” The resolution ensures that members of Congress are made aware of the information in the federal financial statements and helps them to better understand how current and/or future policy may affect the nation’s long-term fiscal health.
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Oct. 15 extended deadline for filing returns is especially challenging this year under new tax law
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Don’t let these common errors derail your members’ next audit (or their next peer review). Peer reviewer Rick Reeder has reviewed thousands of audits in his career, and, in a new AICPA Insights article, he’s shared his best documentation advice.