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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.
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The Alabama Society of CPAs (ASCPA) has announced its support for the Alliance for Responsible Professional Licensing (ARPL) - a new coalition of advanced professions focused on educating policymakers and the public about the importance of rigorous professional licensing standards.
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Even though time before the extension deadline is dwindling, there’s still time for taxpayers to file a complete and accurate return. Taxpayers should remember they don’t have to wait until October 15 to file. They can file whenever they are ready.
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The AICPA recently released the 2019 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report. The report shows that the accounting profession requires new skill sets because of the rapid advancement of emerging technology, especially in data science and analytics.
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The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
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Two recent rulings by the Internal Revenue Service should cause Alabama CPAs to seriously consider whether to contact their LLC clients that have elected S status, and to urge clients or friends who are pondering the conversion to think twice or to consider simply forming an S corp. to begin with.
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Five firms across the country will be selected to participate in the PCPS George Willie Ethnically Diverse Student Scholarship and Internship program during busy season 2020. Chosen firms will get a leg up on recruiting the best and brightest among a diverse pool of young professionals. Interested parties must apply by Nov. 1.
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The Alabama Department of Revenue is providing relief from late-filing penalties for certain corporate taxpayers who are encountering difficulties meeting October state filing deadlines while trying to also file their federal returns by the October federal deadline. Adding to this challenge is the complexity associated with the continued implementation of the Tax Cuts and Jobs Act.