The IRS may be the easiest governmental agency for taxpayers to dislike but their recent move to register tax preparers has many in the accounting profession unhappy.
In February 2014 the IRS lost an appeal in Loving, No. 13-5061 (D.C. Cir 2/11/14). That decision held that the IRS does not have the statutory authority to regulate tax return preparers On June 26, 2014, the IRS announced a new voluntary program for tax return preparers called the Annual Filing Season Program. … Read more >
In a joint pronouncement the US based Financial Accounting Standards Board and the International Accounting Standards Board adopted changes to revenue recognition rules. The effect of the rules will vary by industry and frankly the accounting profession in general is working hard to understand the impact of these rules. In some cases, the rules may accelerate the recognition of revenue while in others the amount of revenue recognized in a period may drop.… Read more >
Does your business need coverage in the event of the death or disability of a key person?
Every organization has key personnel whose loss to death or disability would be significant for the firm. Large firms may have a deep enough talent base to replace key personnel but that is often not the case for smaller companies.… Read more >
On June 17, 2014, Governor Kasich and the Ohio General Assembly enacted new measures to further reduce the state’s budget. House Bill 483 contains a number of provisions which lower the tax bill for most Ohioans. Those improvements include:
- A 10% cut in personal income tax rates to be phased in over 3 years.
… Read more >