Auditing

New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.

The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.

On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.

According to the complaint, Gingell embezzled $697,000 from the summer of 2010 to March 2011 by sending money by wire transfer to her bank account and making money orders payable to herself and others. One of the wire transfers paid the remaining $40,000 balance of her mortgage, according to the complaint. Gingell made 71 wire transfers totaling $620,000 alone, according to the complaint.

Income from an S corporation, which flows through to its shareholders and is taxed at the individual level, is normally not subject to self-employment tax. Most S corporations, however, have shareholders performing substantial services for the corporation as officers and otherwise.

Improved audit quality is a goal being pursued by the Public Company Accounting Oversight Board (PCAOB), and a non-partisan audit advocacy group is supporting its recent efforts.

Kashoo is a web-based micro-business application which describes itself as a tool for “real simple accounting” and “small business record-keeping.”  Users can connect Kashoo to bank and credit card accounts online, and transactions are imported into the application without data entry.  Payroll giant Paychex made an investment in the company in 2013 and now remarkets […]

Wave Accounting is part of Wave Apps, which is a suite of free or low-cost apps for self-employed individuals and micro-businesses to accomplish traditional accounting tasks like billing customers, recording payments, writing checks, and downloading transactions from financial institutions.