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The regulatory environment for accounting is becoming stricter, with increased enforcement actions by regulators such as the PCAOB, SEC, and IRS. Reports from 2023 showed a significant rise in enforcement actions and record-setting penalties by both the PCAOB and the SEC. The PCAOB has announced a more aggressive approach to enforcement and has proposed amending its rules to hold auditors more accountable. The IRS is also expanding its enforcement efforts, particularly targeting "unscrupulous" tax preparers. However, there are concerns about the potential implications of these stricter enforcement measures, with some industry professionals expressing worries about the impact on audit quality and the market for audit services. The IRS is increasing its efforts to pursue high-income individuals who have not filed taxes or paid tax debt, using artificial intelligence to audit large partnerships and targeting multimillion-dollar partnership balance sheet discrepancies. The PCAOB has significantly increased its enforcement activity, imposing record-setting penalties in 2022 and 2023. The PCAOB plans to continue its strong enforcement in 2024 by reviewing more audit engagements, expanding inspection procedures, and releasing inspection reports faster. Firms are advised to take proactive steps to reduce risk, such as implementing strong quality control measures, staying informed of industry developments, leveraging technology, and upskilling staff. [Extracted from the article]

The future of the tax field lies in proactive and intentional tax advisory services, according to experts in the industry. While tax compliance remains important, there is a growing emphasis on tax planning and consulting. This shift is driven by factors such as increasing complexity in tax laws and clients' desire for strategies to reduce their tax liability. Tax professionals are also leveraging technology, such as artificial intelligence, to meet the demands of the profession. Additionally, offering comprehensive advisory services allows for regular client engagement throughout the year and can lead to higher-value client relationships. [Extracted from the article]

Tax compliance solutions provider Avalara announced the release of its latest AI offering, a chatbot called Avi which can answer product questions, general tax questions, and troubleshoot issues. [ABSTRACT FROM AUTHOR]

This article discusses recent last-minute sales tax changes in several states, including Vermont, North Carolina, New Jersey, and Ohio. In Vermont, sales tax was extended to remotely accessed prewritten computer software and a 3% short-term rental impact surcharge was imposed. North Carolina repealed the 200-transactions threshold for economic nexus, while New Jersey repealed its sales tax holiday. Ohio expanded its sales tax holiday to include almost all tangible personal property. The article emphasizes the need for businesses to be prepared and adaptable in the face of these changes. [Extracted from the article]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

SPECIAL REPORT Special Report: Payroll and Your Practice Possibilities in payroll Getting clients' employees paid is only the start By Antoinette Alexander More are seeking and more strategic businesses advice and help with services like payroll processing in light of an increasingly complex regulatory environment, a more distributed workforce, and a challenging labor market. Technology: The enabler As accounting professionals are increasingly leveraging payroll and payroll data to help branch out into strategic advisory services, payroll providers are working to keep pace. Today, however, she outsources her clients' payroll to ADP and is benefiting from its payroll and HR tools and resources to help serve clients. [Extracted from the article]

ISSUE PRICE: The winning bidder shall assist the City in establishing the issue price of the bonds and shall execute and deliver to the City at closing an "issue price" or similar certificate setting forth the reasonably expected initial offering price to the public or the sales price or prices of the bonds, together with the supporting pricing wires or equivalent communications, substantially in the form attached either as Appendix G-1 or Appendix G-2 to the Preliminary Official Statement for the bonds, with such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, the City and bond counsel. TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities from October 1, 2024 through the final maturity as term bonds and the consecutive maturities on or after the year 2024 which shall be aggregated in the term bonds. The winning bidder shall advise the City if any maturity of the Bonds satisfies the 10% Test as of the date and time of the award of the bonds; and b. Until the 10% Test has been satisfied as to each maturity of the bonds, the winning bidder agrees to promptly report to the City the prices at which the unsold bonds of that maturity have been sold to the public. OFFICIAL NOTICE OF SALE $6,220,000* CITY OF FREMONT COUNTY OF NEWAYGO, STATE OF MICHIGAN 2023 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) *Subject to adjustment as set forth in this Notice of Sale Bids for the purchase of the above bonds will be received in the manner described in this Notice of Sale on Tuesday, September 19, 2023 until 11:00 a.m., prevailing Eastern Time, at which time and place the bids will be read. [Extracted from the article]

The 2024 tax filing season was described by Internal Revenue Service Commissioner Danny Werfel as one of the best tax seasons. The IRS received increased funding, allowing them to improve customer service, add telephone customer service personnel, and launch a trial direct file program. The number of tax returns filed and refunds issued increased slightly from the previous year, and there was an increase in calls handled by operators. The IRS also launched initiatives to bring higher-income taxpayers into compliance with the tax system. The tax season proceeded on time, and services at taxpayer assistance centers and IRS.gov increased. The Inflation Reduction Act introduced new clean energy credits, which added complexity to tax return preparation. The issue of whether Congress would enact the Tax Relief for American Families and Workers Act also affected the tax season. The IRS postponed the expanded filing requirements for Form 1099-K for another year. They also launched a trial direct file program, which was considered a success. The IRS used funding from the Inflation Reduction Act to launch or expand various taxpayer compliance initiatives. Overall, the last couple of tax filing seasons have been relatively normal compared to the COVID years, but the Tax Code continues to increase in complexity. [Extracted from the article]

AI is revolutionizing tax compliance services, expanding opportunities, and improving firm operations, while also improving the client experience and enhancing job satisfaction. [ABSTRACT FROM AUTHOR]

Spousal lifetime access trusts (SLATs) have become a popular estate planning tool as the current estate and gift tax exemption laws are set to expire in 2026. SLATs involve one spouse making a gift to benefit the other spouse, removing the assets from their combined estates for tax purposes. However, there are three risks associated with SLATs: divorce, the premature death of a beneficiary spouse, and ongoing tax compliance. In the event of divorce, the non-donor spouse may lose access to assets, and the divorced donor spouse may end up paying taxes on assets only available to the ex-spouse. If the beneficiary spouse dies, the surviving spouse may have wasted the exemption, and assets may be subject to higher taxes. Additionally, there are tax implications and filing requirements that must be carefully managed to avoid penalties and taxation. While SLATs can be beneficial for estate and tax planning, they can also be complex and expensive, requiring careful consideration and coordination among clients, financial planners, and other advisors. [Extracted from the article]

OFFICIAL NOTICE OF SALE $8,850,000* REDFORD TOWNSHIP DISTRICT LIBRARY COUNTY OF WAYNE, STATE OF MICHIGAN 2023 LIBRARY BUILDING AND SITE BONDS (LIMITED TAX GENERAL OBLIGATION) *Subject to adjustment as set forth in this Notice of Sale BIDS for the purchase of the above bonds will be received in the manner described in this Official Notice of Sale on Wednesday, August 23, 2023 until 1:30 p.m., prevailing Eastern Time, at which time and place said bids will be opened and read. PURPOSE AND SECURITY: The bonds are being issued to finance the cost to (i) acquire and construct improvements to and furnish and equip the Library, and (ii) pay the costs associated with the issuance of the bonds. TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities as term bonds and the consecutive maturities shall be aggregated in the term bonds. That reporting obligation shall continue, whether or not the closing date has occurred, until either (i) all bonds of that maturity have been sold or (ii) the 10% Test has been satisfied as to the bonds of that maturity, provided that, the winning bidder's reporting obligation after the closing date may be at reasonable periodic intervals or otherwise upon request of the Library or bond counsel. [Extracted from the article]

OFFICIAL NOTICE OF SALE $2,820,000* CITY OF CHELSEA COUNTY OF WASHTENAW, STATE OF MICHIGAN 2023 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) *Subject to adjustment as provided in this Notice of Sale Bids for the purchase of the above bonds will be received in the manner described in this Official Notice of Sale on Tuesday, June 27, 2023 until 11:00 a.m., prevailing Eastern Time, at which time and place said bids will be opened and read. ELECTRONIC BIDS: Bidders may submit bids for the purchase of the above bonds as follows: Electronic bids may be submitted to the Municipal Advisory Council of Michigan at munibids@macmi.com; provided that electronic bids must arrive before the time of sale and the bidder bears all risks of transmission failure. That reporting obligation shall continue, whether or not the closing date has occurred, until either (i) all bonds of that maturity have been sold or (ii) the 10% Test has been satisfied as to the bonds of that maturity, provided that, the winning bidder's reporting obligation after the closing date may be at reasonable periodic intervals or otherwise upon request of the City or bond counsel. TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities from May 1, 2024 through the final maturity as term bonds and the consecutive maturities on or after the year 2024 which shall be aggregated in the term bonds. [Extracted from the article]

The OECD's Pillar Two international corporate tax rules will impose significant new compliance obligations on midsized multinational enterprises. [ABSTRACT FROM AUTHOR]

Tax software provider Vertex found a strong majority of companies have made material mistakes on indirect tax compliance, as few identify as risk averse. [ABSTRACT FROM AUTHOR]

OFFICIAL NOTICE OF SALE $4,590,000* VILLAGE OF ROMEO COUNTY OF MACOMB, STATE OF MICHIGAN 2023 UNLIMITED TAX GENERAL OBLIGATION BONDS *Subject to adjustment as provided in this Notice of Sale BIDS for the purchase of the above bonds will be received in the manner described in this Notice of Sale on Wednesday, June 7, 2023 until 11:30 a.m., prevailing Eastern Time, at which time and place the bids will be read. That reporting obligation shall continue, whether or not the closing date has occurred, until either (i) all bonds of that maturity have been sold or (ii) the 10% Test has been satisfied as to the bonds of that maturity, provided that, the winning bidder's reporting obligation after the closing date may be at reasonable periodic intervals or otherwise upon request of the Village or bond counsel. TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities from April 1, 2024 through the final maturity as term bonds and the consecutive maturities on or after the year 2024 which shall be aggregated in the term bonds. All bids must be submitted electronically via PARITY, pursuant to the procedures set forth in the Full Notice of Sale for the Bonds and shall comply with the terms and conditions of such Full Notice of Sale for the Bonds, which Full Notice of Sale for the Bonds is incorporated in full by this reference herein. [Extracted from the article]

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues. [ABSTRACT FROM AUTHOR]

Each bid must be for all of the Bonds in the aggregate principal amount of $15,230,000* and must state in a multiple of one hundredth of 1% or one eighth of 1% per annum the rate or rates of interest the Bonds are to bear. The District reserves the right to reject any and all bids (regardless of the interest rate bid), to reject any bid not complying with this official Notice of Sale and, so far as permitted by law, to waive any irregularity or informality with respect to any bid or the bidding process. Purchasers of the Bonds will not receive certificates representing their ownership interest in the Bonds and ownership interest in the Bonds will be transferred pursuant to the book entry system. The successful bidder shall furnish to the City a certificate acceptable to Bond Counsel, dated as of the day of closing for the Bonds, stating the initial prices at which a bona fide public offering of all of the Bonds was made and stating that 10% or more of the Bonds were in fact sold to the public (excluding bond houses, brokers and other intermediaries) at or below such initial respective public offering prices. [Extracted from the article]

In submitting a bid for the bonds, the bidder agrees to the representation of the Township by Miller, Canfield, Paddock and Stone, P.L.C., as bond counsel. OFFICIAL NOTICE OF SALE $15,000,000* TOWNSHIP OF GROSSE ILE COUNTY OF WAYNE, STATE OF MICHIGAN 2023 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) *Subject to adjustment as set forth in this Notice of Sale Bids for the purchase of the above bonds will be received in the manner described in this Notice of Sale on February 28, 2023 until 1:00 p.m., prevailing Eastern Time, at which time and place the bids will be read. TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities from April 1, 2024 through the final maturity as term bonds and the consecutive maturities on or after the year 2024 which shall be aggregated in the term bonds. [Extracted from the article]

The service is establishing a group within its Large Business and International division to bolster tax compliance at large partnerships and S corps. [ABSTRACT FROM AUTHOR]

TERM BOND OPTION: The initial purchaser of the bonds may designate any one or more maturities from September 1, 2023 through the final maturity as term bonds. THE INTEREST BORNE BY BONDS MATURING IN ANY ONE YEAR SHALL NOT BE LESS THAN THE INTEREST RATE BORNE BY BONDS MATURING IN THE PRECEDING YEAR. OFFICIAL NOTICE OF SALE $16,000,000* COUNTY OF MUSKEGON, STATE OF MICHIGAN 2022 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) *Subject to adjustment as set forth in this Notice of Sale BIDS for the purchase of the above bonds will be received in the manner described in this Official Notice of Sale on Tuesday, November 29, 2022 until 11:00 a.m., prevailing Eastern Time, at which time and place the bids will be publicly opened and read. In submitting a bid for the bonds, the bidder agrees to the representation of the County by Miller, Canfield, Paddock and Stone, P.L.C., as bond counsel. [Extracted from the article]

The article discusses the growing importance of Client Accounting Services (CAS) in accounting firms. The author notes that CAS has been consistently cited as an area of growth by firms in recent years, and this year, a significant number of firms named CAS as their fastest-growing service. The author suggests that CAS may become the core service of the profession, as automation and artificial intelligence impact tax compliance. The article concludes by speculating that in the future, CAS may be recognized as the year it took over the accounting industry. [Extracted from the article]

The Internal Revenue Service is cracking down on the use of employee stock ownership plans as a way to avoid taxes. [ABSTRACT FROM AUTHOR]

As in past years, Avalara Tax Changes covers many of the key issues complicating tax compliance for businesses. In this, our seventh annual report, the tax experts at Avalara examine emerging trends in cryptocurrency, e-invoicing, sales tax holidays, and the Superfund, to name a few. [ABSTRACT FROM AUTHOR]

Learn how referrals can help you meet your clients' growing tax compliance demands. [ABSTRACT FROM AUTHOR]

Learn how referrals can help you meet your clients' growing tax compliance demands. [ABSTRACT FROM AUTHOR]

Learn how automating tax compliance services can benefit small accounting providers. [ABSTRACT FROM AUTHOR]

As in past years, Avalara Tax Changes covers many of the key issues complicating tax compliance for businesses. In this, our seventh annual report, the tax experts at Avalara examine emerging trends in cryptocurrency, e-invoicing, sales tax holidays, and the Superfund, to name a few. [ABSTRACT FROM AUTHOR]

Tax compliance platform Avalara said it has expanded the reach of its e-invoicing services through new certifications. [ABSTRACT FROM AUTHOR]

In this spotlight, we talk to Sona Akmakjian, the tax compliance solution provider's head of global strategic accounting partnerships. [ABSTRACT FROM AUTHOR]

In this spotlight, we talk to Sona Akmakjian, the tax compliance solution provider's head of global strategic accounting partnerships. [ABSTRACT FROM AUTHOR]

The program allows users to scan the hundreds or even thousands of paper tax bills and assessments. [ABSTRACT FROM AUTHOR]

The program allows users to scan the hundreds or even thousands of paper tax bills and assessments. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service is making some changes in its Compliance Assurance Process program, testing out a new option to address complaints from participants. [ABSTRACT FROM AUTHOR]

The Internal Revenue Service has been steadily ramping up its enforcement of partnership tax compliance. [ABSTRACT FROM AUTHOR]

This update supplements Avalara's annual tax changes report by detailing new tax compliance obstacles and regulations that have emerged in the first half of 2022, as well as impacts on businesses and vertical segments. [ABSTRACT FROM AUTHOR]

Learn how automating tax compliance services can benefit small accounting providers. [ABSTRACT FROM AUTHOR]

This update supplements Avalara's annual tax changes report by detailing new tax compliance obstacles and regulations that have emerged in the first half of 2022, as well as impacts on businesses and vertical segments. [ABSTRACT FROM AUTHOR]

Learn how automating tax compliance services can benefit small accounting providers. [ABSTRACT FROM AUTHOR]

Partners will get access to the company's compete portfolio of compliance solutions, training, sales and marketing tools, and a self-service portal, as well as its regulatory and tax expertise. [ABSTRACT FROM AUTHOR]

This update supplements Avalara's annual tax changes report by detailing new tax compliance obstacles and regulations that have emerged in the first half of 2022, as well as impacts on businesses and vertical segments. [ABSTRACT FROM AUTHOR]

Learn how automating tax compliance services can benefit small accounting providers. [ABSTRACT FROM AUTHOR]

A lot of companies didn't think about the sustainability aspects, the process to make sure as changes occur to your leasing portfolio, whether it's leases coming on, leases going off, amendments to leases. Because of embedded leases, and just the nature of leasing in general, a lot of times companies have leases that are spread out across the organization and they are managed by different leaders and departments within the organization. Developed by industry-leading lease professionals and CPAs, it combines GAAP, IFRS and GASB-compliant lease accounting controls with easy, flexible and automated lease management processes. Special report: Lessons from lease accounting Private companies and certain not-for-profit entities may be breathing a sigh of relief since the Financial Accounting Standards Board's decision last year to defer the effective date for the new lease accounting standard. [Extracted from the article]

Other plans involve expanding the critical audit matters disclosed in the U.S. firm's audit reports to include the more detailed kinds of key audit matters disclosed in its U.K. audit reports. PROFESSION WATCH The U.S. firm of PricewaterhouseCoopers plans to stop offering some types of consulting services to its SEC-registered audit clients to provide greater independence, and will cut the compensation of top leaders if the firm's audits fall short on quality. That includes provisions for putting the firm leadership's compensation at risk if audit quality lags, and public leadership certifications on PwC's own system of quality controls. [Extracted from the article]

The IRS announcement also said it would use artificial intelligence technology to "help IRS compliance teams better detect tax cheating, identify emerging compliance threats, and improve case selection tools to avoid burdening taxpayers with needless "no-change" audits." Artificial intelligence is among the tools the Internal Revenue Service will use in an enforcement push designed to shift attention to high-income earners, partnerships, large corporations and scams that abuse tax laws. [Extracted from the article]

The tax compliance software company bought a Chile-based provider of biometric identification and e-signature solutions. [ABSTRACT FROM AUTHOR]

The two companies have joined forces to integrate sales tax compliance into Xero's accounting platform. [ABSTRACT FROM AUTHOR]

The tax compliance solution provider announced it will be acquired by Vista Equity Partners, a private investment firm that specializes in enterprise software companies. [ABSTRACT FROM AUTHOR]

The pandemic and new IRS priorities are creating new opportunities for practitioners. [ABSTRACT FROM AUTHOR]

SLGS are typically used by state and local governments and other entities that issue tax-exempt municipal bonds because of yield restrictions and arbitrage rebate requirements. State and local governments issuing new municipal debt during an SLGS suspension may have to invest the proceeds in alternative assets to stay in compliance with federal tax law, according to Treasury. The Treasury Department this week will begin taking measures to avert a U.S. default, but, in an unusual move, will not suspend the sale of State and Local Government Series securities, the measure most closely watched by the municipal market. [Extracted from the article]