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Guidance issued for LLCs seeking tax-exempt recognition

The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).

AI in manufacturing: Optimizing costs and enabling the workforce

Manufacturing leaders can use artificial intelligence to improve efficiency and drive growth. But taking full advantage of the technology requires upskilling the workforce.

How CPAs can rise above a polarized political climate

A severely polarized political climate doesn’t have to stop CPAs from achieving their ambitions. Instead, a little empathy can go a long way, according to AICPA governing Council guest speaker Amy Walter, publisher and editor-in-chief of The Cook Political Report.

Government fiscal path, cybersecurity among US comptroller’s concerns

An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.

Videoconferencing with IRS now an option for all LB&I taxpayers

The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.

PCAOB inspections show some improvement in 2020

Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.

Creating the right visuals for your data

Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.

6 ways to make the entire organization care about anti-fraud efforts

Recent conference speaker John Hall, CPA, discusses tangible steps to build a “defensive wall” against fraud and ethics breaches.

Time has come for firms to cull clients

Accounting firms see many opportunities in the marketplace but with an already stretched workforce, they are struggling to find the capacity to take on new challenges.

IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.

The long-term-care quandary: Helping clients prepare

Long-term care is a critical topic when discussing retirement plans with aging clients.

5 tips for maintaining audit quality today and in the future

Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.

Social Security wage base, COLA set for 2022

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.

CAS practices see 20% growth rate

Client advisory services practices saw a 20% growth rate in terms of net client fees per professional, according to the latest CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey.

New standard sharpens focus on risk-based auditing

The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.