Disagreements with the IRS, while business as usual for CPAs, can be terrifying to the taxpayer.
Day: October 9, 2024
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
TIGTA says IRS should review $42 billion in ERC claims
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.
KPMG supports alternative CPA pathways
To help build the accounting pipeline, the Big Four firm is publicly supporting other ways to earn a license.
AI promises more efficiency but won’t replace auditors
The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.
C-suite execs concerned about taxes post-election
A new survey by PwC of top corporate executives uncovered worries about tax policy after the election.
Finance leader confidence in gen AI does a 180
Confidence in generative AI has soared among financial operations and tax professionals in just one year.
Senators introduce bill to improve IRS customer service
Sens. Bill Cassidy and Mark Warner introduced legislation supported by the AICPA that would create a dashboard to inform taxpayers of backlogs and wait times for refunds.