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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...

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...