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Best of the Week

April 17, 2021

ACCA announces March 2021 pass rates

By Sean McCabe 2 min read

The Association of Chartered Certified Accountants saw more than 92,000 students sit for the exam worldwide, despite the limitations of the ongoing COVID-19 pandemic.

IRS clarifies application of 2020 overpayments to Q1 estimated payments

By Michael Cohn 6 min read

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

IRS to roll out expanded Child Tax Credit on July 1

By Michael Cohn 6 min read

Commissioner Charles Rettig left open the possibility that there may be delays.

IRS sharpens focus on crypto transactions

By Roger Russell 3 min read

A new initiative called Operation Hidden Treasure is only the latest in the service’s approach.

Older auditors are being forced out at firms despite pulling in bigger fees

By Michael Cohn 3 min read

Mandatory retirement policies at U.S. auditing firms are pushing out experienced partners who are bringing in substantial revenue and audit quality as good as that of younger partners.

Trump: New York tax law doesn’t apply because he’s not president

By Joe Schneider 2 min read

Trump had also sued the state attorney general’s office and tax department to block them from handing over the information to Congress.

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Evaluating tax prep in the cloud

During this most unusual 2021 tax season, tax and accounting professionals are once again navigating new challenges amidst a global pandemic.

Grant Thornton releases controls testing app

By Ranica Arrowsmith 3 min read

Cta.x is designed to help audit firms quickly develop and deploy automated internal controls tests to help them comply with regulations including Sarbanes-Oxley.

GASB proposes name change to avoid racist connotations

By Michael Cohn 2 min read

The board proposed changing “comprehensive annual financial report” to “annual comprehensive financial report” because the abbreviation sounds like a racist term in South Africa.

Tax cheats cost the U.S. $1T a year, IRS estimates

By Laura Davison 3 min read

The new figure for the tax gap is multiples higher than previous estimates from the federal government.

IRS offers penalty relief on employment tax payments amid COVID-19

By Michael Cohn 2 min read

The Internal Revenue Service is providing penalty relief for an employer’s failure to deposit employment taxes with the IRS on a timely basis.

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