Featured News

The IRS is seeking volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

Firms are continually developing ways to improve audit quality in a changing environment as a result of the COVID-19 pandemic.

The AICPA has published new nonauthoritative guidance that addresses issues related to SOC 2 and SOC 3 engagements.

The IRS has released the final version of Form 1040 for 2020, which includes notable changes from the draft proposed in August.

Several tax provisions are set to expire Dec. 31, 2020, including the lower 7.5% AGI floor for medical expense deductions, and the deduction for qualified tuition and related expenses.

Interest rates will remain the same for the first quarter of 2021, the IRS recently announced.

The IRS has issued final rules addressing Sec. 401(c) by Section 13613 of the TCJA, which provides an extended rollover period for a qualified plan loan offset.

For the upcoming tax season, employers must file Forms W-2, 1099-MISC and 1099-NEC by Feb. 1, 2021, to avoid penalties.

The IRS has issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Job Act.

Focus areas of inspectors from the Public Company Accounting Oversight Board will change in 2021 with areas affected by the COVID-19 pandemic undergoing more scrutiny.