With the IRS continuing to launch promoter audits, it is important that anyone subject to such an audit consider a few strategic issues.
Category: NYT Accounting News
Tax Fraud Blotter: But we just sat down
The gang’s all here; not in good hands; lack of redemption; and other highlights of recent tax cases.
Lawmakers question Biden budget as tax experts plan ahead
The Senate Finance Committee held a hearing to discuss the Biden administration’s recently unveiled budget and tax proposals, as tax experts try to predict what will happen after the election.
Yellen hearing foreshadows tax policy battle
A congressional hearing with the Treasury secretary presaged a partisan battle over sweeping reductions set to expire at the end of next year.
FASB clarifies guidance on profits interest awards
Businesses will get help determining whether profits interest and similar awards should be accounted for as share-based payment arrangements.
Deadline looms Friday for ERC voluntary disclosure program
The Internal Revenue Service is urging businesses that have filed claims for the Employee Retention Credit to make sure they didn’t incorrectly claim the credit and to come forward if they did.
The worst of times: Issues in accounting in 2024
Senior leaders from Accounting Today’s Top 100 Firms and Regional Leaders share their biggest concerns for the year ahead.
PCAOB fines KPMG China partners $150K
The Public Company Accounting Oversight Board imposed a total of $150,000 in fines against three partners at KPMG’s firm in mainland China for violating PCAOB standards and imposed sanctions on them.
Senators introduce bill to curb GRAT tax break
A pair of lawmakers proposed a bill to end the abuse of grantor-retained annuity trusts to avoid taxes.
Organizations lost billions to fraudsters
Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.