As early as 2006, the IRS has recognized that “foreign outsourcing is not prohibited by … final regulations, which permit ...

In Brief While still in the early stages of its development, generative artificial intelligence (GenAI) shows promise in ...

The accounting profession stands at an inflection point. We're facing both a generational pipeline crisis and an accelerating ...

The accounting profession is facing a severe crisis due to a shortage of accountants. Significantly fewer students have ...

There has been growing pressure—from investors, from the Financial Stability Board (FSB), and from the International Organization of Securities Commissions (IOSCO)—for companies to disclose their… ...

The Basics The core of IRC section 121 is fairly simple. Individual homeowners can exclude from gross income up to $250,000 of gain ($500,000 for certain married couples filing jointly) provided that ...

Income Tax Returns Income tax reporting for the year of the decedent’s death will most likely reflect a split year. A new taxpayer—the decedent’s estate—comes into being on the date of the decedent’s ...

There has been growing pressure—from investors, from the Financial Stability Board (FSB), and from the International Organization of Securities Commissions (IOSCO)—for companies to disclose their ...

Continuing Issues with Poor Audit Quality There continue to be issues with the quality of audits performed by CPAs. In October 2008, the U.S. Treasury Department’s Advisory Committee on the Auditing ...

Who Is a Bad Client? Why are these clients so bad for CPA firms? Because they provide undue stress and strain on the entire staff. Not only do CPAs and staff have to track down the client’s ...

Case Study—Investigation into Purchase Card Transactions A company named XYZ Co. is under investigation. The director of marketing allegedly misappropriated company funds for personal gain. XYZ Co.