Accounting, tax, auditing news

IRS flagged FATCA noncompliance but followed up with few exams, penalties

TIGTA found the IRS spent hundreds of millions on FATCA oversight while examining only a handful of high-value foreign account cases.

Uncredentialed tax preparer errors included fictitious deductions, review shows

IRS finalizes deduction rules for tips, adds 3 eligible jobs

GASB proposes guidance on infrastructure assets

FASAB announces new chair, new board structure

Executive turnover slows, but AI strategy remains unclear

Expansion gives millions of entities access to business tax accounts