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January 31, 2022

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IRS warns Child Tax Credit portal may have wrong amounts

By Michael Cohn       6 min read

The Internal Revenue Service is urging people to use the information in their online taxpayer accounts for the most up-to-date figures on the amount of the advance Child Tax Credit to include on their tax returns, instead of the numbers stated in the letters it has been sending and in the revamped Child Tax Credit site it recently unveiled. View story →

On the move: Postlethwaite & Netterville names first tax operations director

By Danielle Lee      

Williams Benator & Libby rebrands; Gray, Gray & Gray promotes nine; and more CPA news.  View story →

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On the move: EisnerAmper names first DEI director →

Antares, Postlethwaite & Netterville and Clark Schaefer Hackett also fill newly created roles; new FASAC and GASAC members appointed; and more CPA news.

BlackLine acquires FourQ

By Daniel Hood       2 min read

The acquisition should improve its capabilities around intercompany tax management and regulatory compliance. View story →

M&A roundup: Deals in Texas, Georgia

By Michael Cohn      

Hancock Askew has added Mason Advisory Group; and Reimer McGuinness and Hess Hopkins Alexander have merged. View story →

Navigating the complexities of use tax

By Larry Mellon       3 min read

The transaction tax landscape is rife with tricky and complex regulations, and when use tax comes into the equation, it gets even more confusing. View story →

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Generational Viewpoints: Time for change

Two professionals from Barnes Dennig share which aspect of the public accounting business model they think should be changed first. View story →

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SEC cautions on properly tagging lease liability disclosures

By Michael Cohn       3 min read

The commission warned on Friday that filers are using the wrong XBRL tags for reporting their finance lease liability and future payments. View story →

Tax Fraud Blotter: Always some relief in giving up

By Jeff Stimpson       5 min read

An airy idea of loans; did they have a deal for you; bar flies; and other highlights of recent tax cases. View story →

Warren demands more IRS funding as ‘frustrating’ tax season begins

By Laura Davison       2 min read

Democratic senators want more money for the agency to help taxpayers. View story →

Massachusetts’ millionaire tax plan challenged by tech council

By David Voreacos       2 min read

Opponents of the plan filed a lawsuit claiming a state summary of a November ballot question misleads voters. View story →

Tech tycoon loses $5B court fight with HP over Autonomy

By Jonathan Browning and Ellen Milligan       3 min read

The company alleged that Lynch and his CFO illegally bolstered revenue, including by disguising hardware sales and booking fake transactions. Read story →

China builders fall as Hopson stokes fear of auditor exodus

By Rebecca Choong Wilkins       3 min read

Signs of contagion are rippling through China’s property industry, with a spate of auditor resignations deepening concerns about developers’ financial health.  Read story →

Biden ally in House floats lower child tax credit income cap

By Erik Wasson and Billy House       3 min read

A top House Democrat suggested Thursday that his party scale back eligibility for child tax credits as a way to unlock President Joe Biden’s stalled economic agenda.  Read story →

IRS agrees to ease automated penalty notices

By Michael Cohn       6 min read

After coming under pressure from an array of tax and accounting professional associations and hundreds of members of Congress, the Internal Revenue Service said Thursday it would suspend issuance of some of its automated penalty notices to taxpayers, but tax and accounting groups say the agency isn’t providing enough relief. Read story →

AICPA updates practice aid for crypto accounting and auditing

By Michael Cohn       2 min read

The American Institute of CPAs has updated its practice aid for accounting and auditing of digital assets, with added material on cryptocurrency. Read story →

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