AICPA Q&A Guidance on Noncompliance with Laws and Regulations

The AICPA’s Professional Ethics Executive Committee adopted two new interpretations of the “Integrity and Objectivity Rule” (ET 1.100.001 and ET 2.100.001) of the AICPA Code of Professional Conduct in 2022—one directed to members in public practice and the other applicable to members in business. The two interpretations of the same name, “Responding to Noncompliance with Laws and Regulations” (ET …

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IRS Launches Initiatives to Ensure Large Corporations Pay Taxes Owed

The IRS has announced new initiatives using Inflation Reduction Act funds to improve compliance among high-income individuals, complex partnerships, and large corporations, as well as continue to improve service, and modernize technology infrastructure. The initiatives targeting high-income and large corporate taxpayers, among those are South Florida business owners, include a large foreign-owned corporations transfer pricing …

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Common Return Preparation Mistakes

As the filing deadline (for June 30 year-end organizations) and the extended deadline (for calendar year organizations) approach, it’s important to avoid common return preparation errors. Some of these errors are highlighted in this edition. Form 990 Common errors occurring when completing Form 990 include the following: Board review of 990 reminder While board review …

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IRS Unveils Employee Retention Credit Withdrawal Process

By Debbie Tam, CPP The IRS unveiled the withdrawal process for taxpayers who wish to withdraw a previously filed Employee Retention Credit (ERC) claim. The process is part of an IRS effort to combat a “tsunami” of false ERC claims, a result of aggressive marketing tactics of ERC mills (IR 2023-193, 10/19/2023).  Moratorium on ERC …

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Illinois Announces Tax Relief Due to Middle East Conflict

by Krista A. Cohane, Esq. Illinois Governor JB Pritzker announced tax relief for individuals and businesses affected by the recent attacks that occurred in Israel, and the continuing Israeli-Palestinian conflict. The relief is limited to returns and payments due between October 7, 2023, and October 7, 2024. (Gov. Pritzker Announces Tax Relief for Individuals and …

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