2016 News Archive
 

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IRS Miscalculating Tax Credits for Obamacare

The Internal Revenue Service’s computer systems miscalculated the allowable Premium Tax Credits for more than 27,000 taxpayers who received subsidies for health insurance under the Affordable Care Act, according to a new report. The report...

IRS to Tighten Program Offsetting Tax Refunds against Tax Debts

The Internal Revenue Service plans to make changes in its procedures and computer systems to better identify a taxpayer’s outstanding tax debts and subtract them from the tax refunds they receive, particularly for owners of small...

The Skills for Success

Developing and demonstrating the talents employers are looking for British science writer Roger Lewin once said, “Too often we give children answers to remember, rather than problems to solve.” And if we’re honest, this is often...

3 Trends That Are Affecting The Accounting Profession

Many of the things we see as common today were only figments of science fiction writers’ imaginations forty years ago. Motion detector doors, self-parking cars, hands free cellular phones, global video chat, and medical devices that almost...

New guidance issued for federal public-private partnership disclosures

Disclosures about federal public-private partnerships will be required to be presented in federal reporting entities’ general-purpose financial statements under guidance issued Wednesday. The Federal Accounting Standards Advisory Board...

FASB to draft final standard on credit losses

Financial reporting of credit losses on loans and other financial assets would move from an incurred-loss approach to an expected-loss approach under accounting rules FASB voted Wednesday to draft for issuance. Current GAAP requires organizations...

How to Retain Millennials

Leaders and managers are very worried about high levels of turnover among Millennials, and they are right to be. In most organizations, turnover among new employees has been going up ever so slightly but steadily over the past two decades....

NASBA Introduces CPA Experience Verification Service

The National Association of State Boards of Accountancy has launched a CPA Experience Verification service to provide CPA licensure applicants from the U.S. and abroad with a more coherent, standardized experience validation and verification...

Congress Presses IRS to Better Protect Taxpayer Info

The House Ways and Means Oversight Subcommittee held a hearing Tuesday on the 2016 filing season and the Internal Revenue Service’s cybersecurity efforts. “I am pleased to report that the 2016 filing season has gone smoothly in terms...

Half of Americans expect to lose money to identity theft

Identity theft is a pressing concern for Americans, a new AICPA survey found. Half of the 1,005 U.S. adults surveyed said it was at least somewhat likely they would lose money to identity theft in the next year, while over one in five (21%) say...