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Latest Articles

  • CFOs Prepare for Uncertainty as They Outline Their Priorities for 2024

    By:
    S.J. Steinhardt
    |
    Jan 2, 2024
    The past year ended with good news about the stock market and the economy in general, as well as enthusiasm for new technologies and lessened fears of a recession, but many chief financial officers remain cautious about the year ahead. 
  • FASB to Move Ahead on Projects in 2024

    By:
    S.J. Steinhardt
    |
    Dec 28, 2023
    The Financial Accounting Standards Board (FASB) will move ahead with a number of projects in 2024, including accounting for software costs and environmental credits, and greater disclosure of income-statement expenses, Chair Richard Jones said in an interview.
  • Conference Speaker Discusses Tax Implications of Working from Home

    By:
    S.J. Steinhardt
    |
    Dec 27, 2023
    Mark S. Klein, chair of law firm Hodgson Russ LLP, led a discussion on the tax implications of a global workforce, including employer withholding and new local case law, at the Foundation for Accounting Education's New York and Tri-State Taxation Conference on Nov. 29. The session was titled “Taxation of the Mobile Workforce—An Employer’s Perspective,” 
  • FASB Rules Out Changes to HTM Securities Standards

    By:
    S.J. Steinhardt
    |
    Dec 26, 2023
    Despite a string of bank failures in 2023, the Financial Accounting Standards Board (FASB) has decided not to make changes to how companies account for held-to-maturity (HTM) securities.
  • IRS Announces Voluntary Disclosure Program for Businesses that Received Refunds for Erroneous ERC Claims

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023

    The IRS is fulfilling its pledge to help businesses that received and deposited refunds after filing erroneous Employee Retention Credit (ERC) claims. It now has a voluntary disclosure program for such ERC claims.

  • IRS Commissioner Warns Taxpayers Not to Fall Prey to Tax Debt Settlement 'Mills'

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023
    The IRS recently announced that it is waiving nearly $1 billion in late-payment penalties for many taxpayers who were not sent automated collection reminder notices for 2020 and 2021. But because the notices will resume in January, IRS Commissioner Danny Werfel, during a press call, warned those receiving them not to let their fear compel them to engage tax settlement companies that promise to reduce their outstanding debts, including penalties.
  • SEC to File Brief in Major Case About Materiality of Audit Reports

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023
    Do audit reports by outside accounting firms really matter? That’s the discomfiting question implied by a recent federal appeals court decision. After three former Securities and Exchange Commission (SEC) officials asked the appeals court to reconsider its decision, that court invited the SEC to file a brief addressing their arguments.
  • PCAOB's Priorities for 2024 Include Increased, Broader Inspections

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023

    The Public Company Accounting Oversight Board (PCAOB) released a staff report that outlines its priorities for 2024. Among them are plans to review more audit engagements, expand inspection procedures, increase focus on a firm’s culture of integrity, perform quality inspections, and improve the timeliness of inspection reports.

  • Senator Asks IRS for Info on Impact of TCJA's Repeal of Deduction for Theft Loss

    By:
    S.J. Steinhardt
    |
    Dec 20, 2023

    Sen. Robert P. Casey Jr. (D-Pa.), chairman of the Senate’s Special Committee on Aging, is asking for information from the IRS about what it is doing to help fraud victims facing large tax bills resulting from a Trump-era tax change.

  • IRS to Waive $1 Billion in Late Payment Penalties for Certain Taxpayers

    By:
    S.J. Steinhardt
    |
    Dec 20, 2023
    The IRS will waive nearly $1 billion in late-payment penalties for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the COVID 19 pandemic.