IRS processing 400K ERC claims with about $10 billion in eligibility
Oct 11, 2024 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263)."In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in, and we continue working to refine our models to ...
A Framework for Auditor Independence - Journal of Accountancy
EXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied
Data analytics and visualization in the audit
Mar 1, 2024 · Editor’s note: This is the third article in a four-part series that is part of a larger initiative the AICPA Auditing Standards Board (ASB) has undertaken to understand and support technology use in the audit. Data analytics and data visualization are making it possible to harness large datasets and quickly illustrate the patterns within them.
What AI can do for auditors - Journal of Accountancy
Feb 1, 2024 · Artificial intelligence (AI) is a technology that auditors are exploring, but they may not yet be reaping all the benefits it can offer. In an audit, AI can be used in a variety of ways, including performing journal entry testing by identifying unusual transactions among a large pool of unstructured data and analyzing those transactions for patterns and anomalies.
The Rise and Fall of Enron - Journal of Accountancy
The CEOs of the Big Five accounting firms made a joint statement on December 4 committing to develop improved guidance on disclosure of related party transactions, SPEs and market risks for derivatives including energy contracts for the 2001 reporting period.
Using technology to boost audit quality - Journal of Accountancy
Jan 1, 2024 · The AICPA has been promoting the use of technology to transform the audit process for years. As part of that effort, the AICPA has teamed with CPA.com, several large accounting firms, and technology partner Caseware International to develop the Dynamic Audit Solution (DAS), an initiative that brings together data-driven methodology, guided workflow tools, and data analytics into a single ...
Tax news and information - Journal of Accountancy
Dec 27, 2024 · Filing season quick guide — tax year 2024. Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
BOI requirements roll along despite concerns about too little …
Aug 6, 2024 · FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.
Beneficiary IRAs: A guide to the RMD maze - Journal of Accountancy
Mar 30, 2023 · A newly acquired individual retirement account (IRA) is good financial news for the recipient, but clients may need help unraveling the host of rules and requirements regulating how and when beneficiaries must take required minimum distributions (RMDs).
The ERC: Practitioners’ responsibilities to amend income tax …
Feb 20, 2024 · Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.