2016 News Archive
 

< Return to List

Articles

IRS Business Audits Plummet Due to Budget Cuts

The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to a new analysis. Syracuse University’s Transactional Records Access...

There is a Tax Method to March Madness

Now that we’re in the midst of “March Madness,” the annual NCAA basketball tournament, you may be checking your bracket regularly to see how you’re faring in your office pool or other entries. If you’re on track for...

Tax Scammers Phishing Attempts Getting More Bold

Amazingly, the IRS has seen an increase close to 400 percent in phishing and malware incidents so far this tax season. The National Association of Enrolled Agents (NAEA), the association that represents tax practitioners licensed by the IRS, has...

Accounting Firms Get an F for Phone Skills

Less than a quarter (24 per cent) of Americans who use a public accountant are satisfied with the way their accounting firms handle their phone calls, according to a new study. The study of 2,234 people, conducted by audio branding specialist PH...

Treasury Launches Counteroffensive against IRS Phone Scammers

The Treasury Inspector General for Tax Administration is pursuing fraudsters posing as IRS agents who call to harass taxpayers about fictitious tax debts, calling them back to warn them about their criminal activity and getting the phone company...

PCAOB Gets Budget Increase of Almost 3%

The SEC approved a $257.7 million budget increase for the PCAOB for 2016 on Monday that represented an increase of 2.7% over the previous year. The PCAOB’s budget will mostly be paid for with an accounting support fee totaling $253.3...

FASB clarifies embedded derivative standards

The guidance in Accounting Standards Update 2016-06, Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments, is intended to resolve accounting practices that have diverged. The new standard is the result of a...

FASB Simplifies Transition to Equity Method of Accounting

FASB’s efforts to simplify accounting continued Tuesday, when the board issued a standard eliminating the requirement to retroactively adopt the equity method of accounting when an investment qualifies for use of the equity method as a...

FASB Issues Update Clarifying Revenue Recognition Issue

FASB on Thursday issued an Accounting Standards Update that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent. The goal of Accounting Standards Update (ASU) No. 2016-8, Revenue From...

IRS Warns of New Phone Scam Tactic

The IRS said Monday it is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation has been seen in the last few weeks and capitalizes on the current tax season. Scam...