Happy employees are productive employees, but simply offering well-being programs won’t get the job done. The key to success? A companywide commitment that delivers real results in the eyes of current and potential employees.
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Dirty Dozen list ends with easements, digital assets, and more
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Proposed regs. issued for 1% excise tax on corporate stock repurchases
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
PCAOB proposals call for firms to disclose more about themselves
The proposals, open for public comment through June 7, cover 11 firm and engagement metrics as well as new annual and special reporting requirements in five key areas.
Two home energy rebates not includible in gross income, IRS says
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
AICPA: BOI ruling confuses businesses; enforcement should be delayed
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Supreme Court to decide estate tax impact of life insurance in closely held businesses
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
CPA licensure program off to ‘promising’ start
The Experience, Learn & Earn program, designed to help accounting graduates earn required academic credits for CPA licensure, began earlier this year with online classes at Tulane University.
Eye on employee retention: The rise of financial well-being benefits
In response to a restless workforce looking for a lifeline, more employers are offering financial support that extends beyond pay raises.
Dirty Dozen list from IRS opens with phishing, smishing scams
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Organizations moving forward with generative AI despite concerns, survey shows
More than 70% of finance executives have worries related to privacy, ethics, and accuracy, but some respondents in an AICPA & CIMA survey say they’re moving ahead with implementation of generative AI tools.
Latest federal budget includes $20 billion rescission for IRS
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
A firm grasp on reality: M&A activity expected to rise
Four in five M&A professionals see deal volume increasing over the next six months, which should come as no surprise to accounting firms considering a recent flurry of activity.
Enforcement, voluntary programs yield over $1 billion from ERC claims
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Taxpayer notice of third-party contact shortened under proposed regs.
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
How financial services companies are responding to employee demands
If you’re a CFO struggling to retain talent, it may be time assess whether you’re keeping up with the competition in terms of offering a flexible work schedule and adequate compensation.
Werfel says digital initiatives can transform ‘iconically unpopular’ IRS
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
A&A Focus recap: Lease challenges, SAS 145, and fraud
The March installment of the monthly newscast series covered topics ranging from year 2 lease accounting issues and commercial real estate risks to SAS No. 145 updates for auditors and fraud risks during audits.
Grant Thornton deal continues the private-equity investment trend
The top 10 firm is the largest to strike a deal with private equity but isn’t the first. Four other noteworthy deals have been struck in the past two years.
Risk concerns remain for CFOs, but they see improvement ahead
Three in five finance leaders say “now is not a good time” to take greater risks, according to Deloitte’s first-quarter North American CFO Signals survey, partly because of expected upcoming interest rate cuts.
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