7 warning signs that an ERC claim is questionable, from the IRS
As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims. Read More
EFIN scam targets tax professionals
The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns. Read More
Form 1099-K frequently asked questions revised
Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for payment card industry about which organizations should send Forms 1099-K. Read More
Privacy and profits: How responsible data protection can drive revenue
Many companies report a solid return on investment from their actions to protect and promote privacy, but a few simple steps could boost both profitability and security. Read More
Study: IRS could collect billions more with full funding
A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written. Read More
Auto depreciation limitations increase
The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied. Read More
AICPA’s member insurer to cover BOI work for accounting firms
CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting. Read More
House OKs $78B tax bill with changes to ERC and child tax credits
The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act. Read More
7 reasons for deficiencies in audits of broker-dealer annual reports
A PCAOB spotlight report recommends actions that auditors and firms can take to produce compliant attestation engagements. Read More
Finance leaders have trust issues with their data
Almost 40% of CFOs in a global survey do not completely trust the accuracy of their organization’s financial data, and trust is even lower for finance leaders who are closer to the numbers. Read More
Flexibility at work: More companies move away from in-office model
The percentage of U.S. companies requiring employees to work fully in offices has dropped by nearly 25% since the beginning of 2023, with a hybrid model continuing to take hold. Read More
The importance of a pre-marriage ‘money date’
A conversation before marriage about the state of each partner’s finances and their thoughts about money can have long-term benefits for the couple’s financial goals and relationship. Read More
