Accounting

The National Collegiate Athletic Association began allowing university athletes to earn money from their name, image and likeness this summer, and now they could find themselves owing taxes for the first time in their lives. The NCAA change followed on the heels of a unanimous Supreme Court decision in June that ruled in favor of

The Institute of Management Accountants announced that it is accepting entries for two case competitions for accounting students and academics. The first, the 2022 Student Case Competition, asks students to “interpret, analyze, evaluate, synthesize and communicate a solution to a management accounting problem.” The 2022 case was penned by Junaitha Gaffor and Desi Arisandl. The

The International Ethics Standards Board for Accountants has released its 2021 Edition of the Handbook of the International Code of Ethics for Professional Accountants, including International Independence Standards. The latest edition, released Thursday, contains recently approved revisions to the Code, includes revisions to Part 4B of the ethics code to align terms and concepts used

Happy employees are the foundation of a positive work culture, which helps create an atmosphere that fosters staff loyalty, success and productivity. Happy employees have increased job satisfaction leading to improved communication, teamwork and work-life balance. Learning to cultivate a positive work culture may seem challenging, but practicing a positive, purpose-driven work culture helps offset

Top 100 Firm Eide Bailly announced the winners of its 2021 Nonprofit Resourcefullness Awards, highlighting nonprofits across Arizona, Colorado, Minnesota, Nevada and North Dakota for their creativity regarding “sustainable revenue ideas.” Grand prize winners received $10,000, with one $5,000 honorable mention award going to the Cochise College Foundation in Arizona. “We are proud to continue

The Internal Revenue Service issued guidance Friday to assist employers who are rehiring retirees or retaining employees past retirement age as a way to find qualified workers in a tight labor market. The guidance comes in the form of two new frequently asked questions that it added to its web page on coronavirus relief for

All current Preparer Tax Identification Numbers will expire on Dec. 31, so tax return preparers must soon renew their PTINs for 2022. Everyone who gets paid to prepare or helps prepare a federal tax return must have a valid PTIN from the IRS before preparing returns. The PTIN needs to be included as the identifying

Riviera rip-off; questionable deductions; fled the country; and other highlights of recent tax cases. Montgomery, Alabama: Tax preparer Lashunda Deann Crittenden has pleaded guilty to aiding and assisting in the preparation of false income tax returns. Crittenden operated a prep service where she prepared federal income tax returns for others. She admitted that on Feb.

The Institute of Management Accountants is commemorating Global Ethics Day by highlighting the work it’s been doing to improve ethics for accountants, while acknowledging that more needs to be done. The organization has been operating an online IMA Ethics Center where members can find continuing professional education courses, information about ethics case study competitions and

Deloitte & Touche announced a strategic alliance with audit technology provider AuditBoard in conjunction with AuditBoard’s user conference this week in Los Angeles. The alliance combines AuditBoard’s cloud-based audit, risk and compliance software with Deloitte’s Sarbanes-Oxley and internal controls advisory services to provide risk management, SOX compliance, internal audit and controls management to clients. AuditBoard’s

South Dakota’s new industry; a little clarity on contractors; the IRS and collections; and other highlights from our favorite tax bloggers. Scary stuff Taxbuzz (https://www.taxbuzz.com/blog): All the back and forth so far on the new tax proposal that allows the IRS to track bank transactions of $600 or more. AICPA Insights (https://future.aicpa.org/blog): Evolving from paper

Democrats are vowing to crack down on tax cheats by giving banks new requirements to disclose to the IRS accounts that have total annual inflows or withdrawals of at least $10,000. The plan would help fund President Joe Biden’s multitrillion-dollar economic agenda, potentially raising $700 billion and reducing the need for tax increases to offset

The Internal Revenue Service is teaming up with international organizations and regulators this week to call attention to the dangers of charity fraud. The Charity Fraud Awareness Week campaign brings together a group of charities, regulators, law enforcement organizations and nonprofits from around the globe. The goal is to raise awareness of fraud and cybercrime

Democratic Senator Joe Manchin said there’s little chance that Congress can complete work on President Joe Biden’s economic agenda by the end of the month deadline set by his party’s leaders. “There is an awful lot to go. I don’t know how that would happen,” Manchin, whose vote is pivotal in the 50-50 Senate, told

Even before COVID-19, unprecedented economic, regulatory, and social forces — including complex global trade regulations, advancements in accounting standards and global tax law developments — were pushing companies to rethink how they did business. The global pandemic made the need more urgent, exacerbating the challenges facing many tax teams. Budgets shrank, and corporations now face

The Illinois CPA Society held its twelfth annual CPA Day of Service on Sept. 24, with more activities planned later this fall. Approximately 500 CPAs volunteered across the state for a variety of activities, including helping local animal shelters, preparing meals at food banks, and fundraising for various causes. “Our annual CPA Day of Service

FLORIDA Kristin High was hired as chief financial officer at the Florida Institute of CPAs, Orlando. Additionally, FICPA announced its Florida CPA Summit will be held Nov. 8-10 at the Signature Grand in Davie, and has chosen participants for its inaugural leadership academy. The FICPA Leadership Academy class of 2021-22 includes: Rummesa Abrar, Ernst &

The Internal Revenue Service said Friday it’s updating the process for the frequently asked questions pages it posts on its website about new tax legislation. The IRS is updating the process to address concerns about transparency and the potential impact on taxpayers when the FAQ pages on its website are updated or revised. In addition,

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid. In a recent Chief Counsel memorandum, the agency said it wants more detailed information about all the business components for which the research credit claims relate for

International tax reforms, along with supply chain transformations spurred by the COVID-19 pandemic, are contributing to an unprecedented level of uncertainty about transfer pricing among business leaders, according to a new survey by Ernst & Young. The 2021 EY International Tax and Transfer Pricing survey polled 979 transfer pricing professionals in 53 jurisdictions across 25