The interim report for the 2015 filing season revealed that the average time a taxpayer calling the IRS for assistance had to wait was 24.6 minutes, up from 11.7 minutes last year, and that very few taxpayer calls were actually answered.
FASB issued separate accounting standards Wednesday that are designed to simplify reporting of certain employer retirement obligations and assets, as well as provide explicit guidance about how to account for fees paid in a cloud-computing arrangement.
A steady stream of high-profile cybercrimes involving corporate and customer data has captured the attention of North American accounting professionals, who ranked IT security as their top technology priority.
Americans’ financial well-being improved this quarter, as indicated by a 6.5-point rise in the AICPA’s Personal Financial Satisfaction Index (PFSi).
The incorrect forms generally included the monthly premium amount of the second-lowest-cost Silver plan for 2015 instead of for 2014.
Doreen Hendrickson, wife of tax protester author Peter Hendrickson, who wrote the antitax book Cracking the Code, has been sentenced to 18 months in prison for criminal contempt after failing to file amended tax returns as ordered by a court and for filing a false return.
Revisions issued by the IAASB require auditors to increase their involvement with information that is included in entities’ annual reports but is outside audited financial statements.
Although homeownership often is depicted as the American Dream, a new AICPA survey shows that being able to afford a comfortable retirement is considered the best sign of financial success.
More than half of CPA financial planners say their clients’ biggest concern about retirement planning is running out of money, according to a new AICPA survey.
The standard requires that debt issuance costs not be classified as a deferred charge or deferred credit.
Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.
FASB voted to propose a one-year delay in the effective date of the new, converged revenue recognition standard.
The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.
The Internal Revenue Code provides an exception for certain performance-based compensation from the $1 million deduction limitation for compensation paid to covered employees by publicly held corporations.
Generally, the IRS has three years from the later of the date the return was filed or the original due date of the return to assess tax.
Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.
A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.
Some financial statement preparers have said the current effective date doesn’t give them time to gather the data they need.
The PCAOB will meet Tuesday to consider adopting a reorganization of its standards that is intended to make them easier to navigate.
The Securities and Exchange Commission adopted new rules, known as “Regulation A+,” that are intended to give smaller companies more access to capital.