Audit Report

Proposed Changes to Single Audits

On October 5, 2023, the Office of Management and Budget (OMB) proposed revisions to OMB Guidance for Grants and Agreements, which includes 2 Code of Federal Regulations Part 200 (Uniform Guidance). The proposed revision reflects comments received from Federal agencies and those received in response to the OMB Notice of Request for Information that was published in …

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City of Houston, Texas

Texas Announces 2024 First Quarter Local Sales and Use Tax Rate Changes

By Margaret Eisler, Esq. The Texas Comptroller of Public Accounts has announced local sales and use tax rate changes, effective January 1, 2024. (New and Additional Tax Rate Changes Effective January 1, 2024, Tex. Comptroller of Public Accounts, 12/01/2023.) City sales and use tax. The following cities have increased the additional city sales and use tax for city …

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Business Woman holding a Quality Control Sign

AICPA’s Clarified Peer Review Standards

Because a firm’s system of quality control (and whether it is adhered to) affects a firm’s peer review, it’s important to understand the peer review process and the AICPA standards for peer reviews. For firms subject to peer review, the AICPA Peer Review Board’s clarified Standards for Performing and Reporting on Peer Reviews (clarified standards) …

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TIGTA Names Key Challenges Facing IRS for FY 2024

By Federal Tax Update Staff The Treasury Inspector General for Tax Administration (TIGTA) has publicly released a memorandum submitted to Treasury Secretary Janet Yellen titled “Management and Performance Challenges Facing the Internal Revenue Service for Fiscal Year 2024.” According to TIGTA, the details in the memorandum are required to be submitted for inclusion in the …

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Business man

Five-Minute Tax Briefing – No. 2023-22

Item for Thursday, November 2, 2023 IRS Releases 2024 Qualified Retirement Plan Amounts: The IRS has released cost-of-living adjustments affecting pension plans and other retirement-related items for tax year 2024. Some of the limits applicable to pension and other retirement plans have increased. For instance, the elective deferral limit for employees participating in 401(k), 403(b), and …

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