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IRS Two Steps Closer to Regulating Tax Preparers

The IRS strategy to require independent, non-credentialed tax preparers took two steps forward in February. Both steps are designed to establish required education and licensing for the estimated 111,000 independent tax preparers in the US. The...

Is Your Accounting Firm's Partnership Model Broken?

At the recent CPA Practice Advisor Thought Leader Symposium, I mentioned during our annual round table discussion that the partnership model is probably one of the biggest sources of problems for CPA firms. The most tragic loss is one you might...

Economist Says Fear Of a U.S. Recession Is Overblown

Fears that the United States is on the brink of entering into an economic recession are unfounded, writes Provasi Capital Partners' Chief Global Strategist Rick Golod in his latest investment outlook. Golod cites several indicators that the U.S....

FASB ISSUES NEW GUIDANCE ON LEASE ACCOUNTING

Norwalk, CT, February 25, 2016—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other...

Dirty dozen tax scams of 2016

Every year, the IRS releases a list of what it calls the worst tax scams of the year. Beginning Feb. 1 and ending on Feb. 17, the IRS issued a news release each day highlighting a scam. These “dirty dozen” scams can be encountered at...

Internal auditors challenged by cybersecurity, data quality

About half of internal audit leaders lack confidence in their staffs’ cybersecurity expertise, and nearly half say internal audit has little or no involvement in evaluating the quality of data used in their organization, according to a new...

IRS Warns Preparers about Protecting Electronic Filing IDs

The IRS urged tax professionals in an email Wednesday to verify their Electronic Filing Identification Number activity to safeguard against tax fraud. The IRS noted that tax preparers need to protect both their EFIN and ETIN (Electronic...

4 Payroll Considerations for Nonprofits

When people receive their paychecks, be it weekly, bi-weekly or some other, they may notice the litany of deductions indicated on the pay stubs. They often dismiss them and simply accept that Uncle Sam takes his fair share—and they...

How to Avoid a State Tax Audit

Have you ever desperately tried to avoid someone at a cocktail party? Perhaps the guy who means well but asks nitpicky questions and won’t leave you alone? For accounting professionals, that party pariah is an auditor, and you should do...

4 Simple Steps to Grow Accounting Firm Business

You’re an exceptional accounting firm delivering high-quality service and maintaining operational efficiently. And yet in spite of the immense value you bring to your customers and prospects, you’re finding it increasingly difficult...