The AICPA issued separate technical question and answer (TQA) documents Thursday to provide nonauthoritative accounting and auditing guidance. One TQA addresses partnership accounting when the Internal Revenue Service collects underpayments, and a separate set of TQAs addresses multiemployer plan payroll compliance services when a practitioner is engaged to perform payroll compliance procedures as an agreed-upon procedures engagement in accordance with AT-C Section 215, Agreed-Upon Procedures Engagements.
The Tax Court held recently that a taxpayer's Roth IRA transaction did not serve any legitimate business purpose, applying Internal Revenue Service guidance from 2004 identifying similar arrangements as abusive and upholding penalties against the taxpayer.
Learn how to lead with inspired authenticity in this blog post by Lindsay Stevenson, winner of the 2017 AICPA Outstanding Young CPA Award in Honor of Maximo Mukelabai.
As the over-100 population grows, CPA financial planners are gearing up to help clients focus on sustaining themselves throughout a lengthy retirement.
The Trump administration is targeting China with tariffs on up to $60 billion in goods, and China has outlined a list of 128 products it could target in retaliation. Meanwhile, the administration is temporarily exempting certain countries -- including EU nations -- from steel and aluminum tariffs.
The rotational chief audit executive practice, while widespread, has some inherent pitfalls, writes IIA President and CEO Richard Chambers. "My apprehension about this practice has grown proportionally to growth in the demands that stakeholders are placing on the profession," he writes.
Initiating a fee suit or using a collection agency can leave a CPA firm at risk of a counterclaim for negligence or a regulatory complaint. Before initiating a collection action, it makes good sense to consider whether the time and expense incurred to defend a counterclaim outweighs the benefit of any potential recovery.
Familiarity threats to independence may increase on an attest engagement when senior personnel have served for a long period on the engagement team. New Frequently Asked Questions issued by the AICPA Professional Ethics Division address these threats -- and discuss ways they can be eliminated or reduced.
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