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IRS focuses on regulatory changes ahead of election
The IRS is focusing on regulatory changes ahead of the upcoming election. Both the Republican and Democratic parties have outlined their platforms, with the Republican party promising to make permanent the provisions of the Tax Cuts and Jobs Act of 2017. The Democratic party’s platform is set to be released in August. Accountants and tax…
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Boosting salary transparency key to attracting young accountants
Increasing starting salaries is crucial for attracting and retaining young accountants. Accounting Today and Arizent conducted a salary survey, revealing that accounting starting salaries have fallen behind other professions. The lack of salary transparency makes it difficult for accountants to determine their worth and negotiate fair compensation. Young accountants, especially Generation Z, are less willing…
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IRS crackdown on bogus COVID refunds hits snags
The IRS’ first big batch of rejected claims of a controversial pandemic-era tax credit contains obvious mistakes by the government, tax advisers say, as the agency struggles to separate legitimate refund requests from bogus ones. In its initial test of the new sorting system the IRS built to evaluate returns, the agency disallowed 28,000 tax-credit…
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Tax practitioner complaint leads to review of advocate phone service
A tax practitioner who complained to a federal watchdog about the slow response from the Taxpayer Advocate Service (TAS) regarding a tax refund was granted a review by TIGTA, which found that the phone service provided by TAS offices was slow and inconsistent. The review revealed that some phone lines were not in service, voicemail…
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Record number of students awarded PCAOB scholarships
The PCAOB has announced that a record number of 676 students will receive scholarships of $15,000 each for the 2024-2025 academic year. This is the largest cohort in the history of the PCAOB Scholars Program, with an increase from 369 students in 2023 and 250 students in 2022. The scholarship money is provided by the…
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California Department of Tax and Fee Administration creates coins and bullion sales tax exemption
The California Department of Tax and Fee Administration (CDTFA) has adopted a rule to align sales tax exemption dates for specified sales of coins and bullion with the Revenue and Taxation Code. The rule, which has no regulatory effect, aims to streamline the tax exemption process. This move will benefit both buyers and sellers of…
