Final rule issued for defined benefit plans

The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes […]

Paying tribute to auditor independence

In the spirit of Independence Day, it’s a good time to review the rules for auditor independence. If you discover potential issues now, there’s still plenty of time to take corrective action before next year’s audit begins. Definition of independence Independence is one of the most important requirements for audit firms. It’s why investors and […]

IRS funding

In a report to Congress, the Electronic Tax Administration Advisory Committee (ETAAC) said lawmakers should provide the IRS sustained, long-term funding before fiscal year 2023 begins this fall. This will help ensure that new programs are implemented smoothly with enough staff trained in their facilitation. The recommendation comes at a time when the House Appropriations […]

Reminders for Extension Filers

Reminders for Extension Filers https://bit.ly/3NyN3sE

Anatomy of a typical occupational fraud perpetrator

Here’s a tax-smart charitable giving strategy using money from your IRA

Here’s a tax-smart charitable giving strategy using money from your IRA https://cnb.cx/3uBqAoq

IRS update on diversity

IRS Commissioner Chuck Rettig recently outlined (https://bit.ly/3uvlvOu ) how the agency has expanded its services to diverse communities. Specifically, he detailed steps the IRS has taken since 2021 to expand services offered in multiple languages. Examples he cited include: providing Form 1040 in Spanish; making Publication 1, “Your Rights as a Taxpayer” available in 20 […]

The Trust Fund Recovery Penalty

Employers that withhold taxes from employee wages but don’t pay them over to the IRS may face a penalty of 100% of the unpaid tax. The Trust Fund Recovery Penalty (TFRP) can be assessed personally against “responsible” parties. One corporate president and his then-wife (the corporate secretary) were assessed a TFRP of $146,682 for the […]

Vapor Taxes by State, 2022

Vapor Taxes by State, 2022 https://bit.ly/3bYi508

IRS funding increase proposed

Is better customer service from the IRS coming? The U.S. House of Representatives Appropriations Subcommittee has approved the fiscal 2023 Financial Services and General Government bill, including IRS funding that is $1 billion above the FY 2022 level. Subcommittee Chair Mike Quigley (D-IL) said this “continues restoring the IRS from draconian cuts this agency has […]