Category: NYT Accounting News

BDO USA released its 2023 Audit Quality Report Tuesday as it added a second independent member to its Audit Quality Advisory Council.

Sen. Bernie Sanders and Ed Markey are introducing legislation to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for products.

The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act.

Many plan participants told the U.S. Government Accountability Office they didn’t understand their four main options — or the potential tax consequences.

Planning is essential in any endeavor, especially in an accounting practice.

Former Warburg banker Christian Olearius has been found permanently unfit to stand trial, so the court dropped the case.

After 500 internal penetration tests conducted from 2021-2023, RSM professionals found only 1.6% of organizations had no vulnerabilities at all. Most had around eight.

The Treasury Department provided formal notification to Russian authorities that it’s partially suspending a tax treaty as relations worsen over the war in Ukraine.

The Federal Accounting Standards Advisory Board says that, for federal government accounting purposes, seized digital assets aren’t monetary unless they come from a central bank.

Notice 2024-55 from the IRS explains exceptions to the additional tax for certain emergencies, and for victims of domestic abuse.