2016 News Archive
 

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Articles

IRS Caught Over 30,000 Tax Returns Involving ID Theft

The Internal Revenue Service’s expanded use of controls this tax season to identify fraudulent refund claims before accepting them into its processing system has allowed the IRS to identify approximately 35,000 fraudulent e-filed tax...

Finished Line: Marking the End of the Season

You survived another tax season. For some preparers, work is done; for others, it lingers like a zombie that won’t fall. Some drink, some doze and some target this year’s lousy clients. Whichever’s your case after three months...

The New Overtime Rule: Are Your Business Clients Ready?

In July 2015, the U.S. Department of Labor (DOL) proposed changes to the Fair Labor Standards Act (FLSA) that would substantially overhaul overtime pay rules. The proposed changes more than double the salary threshold that helps determine whether...

FASB proposes technical corrections and changes

FASB proposed technical corrections and minor changes to its Accounting Standards Codification on Thursday that are designed to respond to suggestions from stakeholders and make incremental improvements to GAAP. The proposal includes...

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years. But they discovered deficiencies in financial statement audit areas that were similar to those observed in past years. The...

FASB Assists with Licensing Guidance, Identifying Performance Obligations

FASB on Thursday issued guidance designed to assist preparers with identifying performance obligations and implementing licensing guidance under the new revenue recognition standard. Along with the International Accounting Standards Board (IASB),...

Ways to make tax compliance less of a nightmare for small business

As Tax Day approaches, the question of time and money spent to comply with the U.S. tax code, particularly for small businesses, is a popular topic, with an unpopular response. Compliance costs for an employer with 1–5 employees range from...

How Accountants Can Fight Human Trafficking

Accountants can play an important role in deterring human trafficking and smuggling. The United Nations estimated in 2005 that human trafficking generated approximately $32 billion a year in revenue, while the International Labor Organization...

Raises of 3% forecasted for accountants in 2016

Employers in the United States are likely to increase base pay for finance and accounting professionals by an average of 3% in 2016, according to a newly released salary guide. This would make raises similar to the ones finance and accounting...

How To Grow Your Bottom Line Without Growing Your Client Roster

Accountants are tasked with looking out for the finances of their clients, but what about the growth of their own practices? A recent survey from the International Federation of Accountants found that many small- and mid-sized accounting firms...