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IRS to Crack Down on Basis Shifting Transactions, Aiming to Recoup Billions
Taxation
The IRS announced that, along with the U.S. Department of the Treasury, it will enact rules to close a loophole that…
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IRS Updates Careers Website as Part of Hiring Campaign
The Trusted Professional
The IRS announced that it has updated its Careers website as part of its efforts to step up recruitment, Accounting Today…
Read More
Regulatory Roundup: June 11-17
Regulatory Roundup
AICPA “The world is ripe with opportunities for the accounting and finance profession” says new CIMA President and Chair…
Read More
PCAOB Strengthens Rule on Accountability for Contributing to Firm Violations
Auditing
The Public Company Accounting Oversight Board (PCAOB) voted unanimously to expand liability for individuals involved in firm…
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Erica Williams to Serve Second Term as Chair of PCAOB
Auditing
The Securities and Exchange Commission (SEC) has reappointed Erica Y. Williams to serve as chair of the Public Company…
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One-Third of Largest U.S. Accounting Firms in Private Equity Acquisition Talks
Trusted Professional
Ten of the 30 largest U.S. accounting firms are in negotiations to be purchased by private equity firms, The Financial Times…
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Consumer Protection Agency to Propose Rules Banning Medical Debt from Credit Reports
Trusted Professional
The Consumer Financial Protection Bureau (CFPB) will roll out rules to prevent medical debt from appearing on credit…
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TIGTA: IRS Lagging in Tax Adjustment Documentation Processing
Taxation
The IRS has a “significant” backlog of unprocessed tax adjustments documentation, and lacks a strategy for dealing with…
Read More
Taxpayer Advocate: Identity Theft Victims Waiting Longer for Overdue Tax Refunds
Taxation
Victims of identity theft have had to wait longer for tax refunds as the IRS has shifted priorities, Accounting Today…
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