Accounting

Tassat, a fintech company focused on banking, announced the successful testing of its new Digital Interbank Network, a blockchain-based business-to-business payment network designed specifically to serve banks in the U.S. The network’s formal launch earlier this week saw over 400 transactions conducted successfully over an eight-hour period, with an average of $1.25 million per transaction.

Run but can’t hide; lack of support; Romanian holiday; and other highlights of recent tax cases. Rome, Georgia: Computer support employee Melvin Orellana has been sentenced in Nevada to 18 months in prison for participating in an ID-theft conspiracy. Orellana worked for a company that provided software to tax prep businesses throughout the U.S. King

Five current or former Internal Revenue Service employees were charged with schemes to defraud the Paycheck Protection Program and Economic Injury Disaster Loan Program by the U.S. Department of Justice. The defendants allegedly obtained funds under the federal stimulus programs, authorized as part of the CAREs Act, by submitting false and fraudulent loan applications that

Looking to draft guidance reflective of the needs of taxpayers entitled to claim Inflation Reduction Act energy credits, the Internal Revenue Service has issued six notices asking for comments. Input is wanted on different aspects of extensions and enhancements of energy tax benefits. By notice, comments are requested on: Notice 2022-46, credits for clean vehicles.

In the waning hours of the fiscal year on Sept. 30, Congress passed a continuing resolution to sustain current funding levels and avoid a government shutdown. What comes next? The continuing resolution allows the government to continue operating until Dec. 16, 2022, but after that Congress will need to pass an appropriations bill or another

The 15% minimum tax on billion-dollar corporations in the Inflation Reduction Act that President Biden signed into law in August shouldn’t be confused with the 15% global minimum tax on multinational companies that the Treasury Secretary Janet Yellen has been encouraging countries to approve, but it’s no surprise there is some confusion. The Organization for

The Internal Revenue Service is updating its login procedures for several of its online applications to improve their security. The IRS said in an email Monday that it plans to soon transition the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Account Management System (QAAMS) to a new sign-in system that will require

Bill.com, a payment solutions company, announced new features and enhancements in its product offerings. The first is three-way matching for cloud-based accounting platform NetSuite. Purchase order and item receipt details are automatically synced directly from NetSuite to Bill.com and can be viewed alongside invoices in a single Bill.com workspace. The second involves integration with Divvy,

The Internal Revenue Service is giving companies and tax professionals another year to fix up their claims for the research and development tax credit. The agency said Friday it is extending for one more year, through Jan. 10, 2024, the transition period during which taxpayers are given 45 days to “perfect” a research credit claim

Andrew Ostrovsky/agsandrew – Fotolia Deloitte and the University of Maryland’s Robert H. Smith School of Business debuted the Deloitte Initiative for AI and Learning, a collaboration to improve educational and advancement opportunities for students and faculty.  The DIAL program will leverage the university’s research in data analytics and artificial intelligence, along with Deloitte’s experience in

The Internal Revenue Service added new information to its frequently-asked-questions page on coronavirus State and Local Fiscal Recovery Funds and the tax rules surrounding the use of such funds for helping homeowners with mortgage insurance and home purchases, as well as government reporting obligations.  The SLFR funds, which were included as part of the American

The Internal Revenue Service issued its annual notice providing the 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. Notice 2022-44, released Monday by the IRS, provides the special per diem rates effective Oct. 1, 2022, that taxpayers can

As part of the AICPA Fellowship for Minority Doctoral Students, which strives to grow and diversify the educator pipeline in accounting programs, the AICPA Foundation offered 23 minority doctoral students a $12,000 fellowship.  Established in 1922 to advance education and professional advancement in accounting, the AICPA Foundation has been supporting aspiring accountants through educational funding

Chicago-based Top 10 firm Grant Thornton found that finance leaders, who were already concerned about inflation, grew even more pessimistic about the road ahead.  The study revealed that 72% of the 249 CFOs surveyed for the second-quarter edition of the poll expect interest rate hikes will lead to a recession. Further, just 39% of respondents

Grant Thornton reported Thursday that its U.S. firm’s revenue for the fiscal year ending July 31, 2022, rose nearly 17% to reach a record of $2.3 billion. The accounting and auditing practice accounted for 33% of the total revenue, while tax made up 25% and advisory services contributed 42%. “Our FY 2022 revenues demonstrate how

The Financial Accounting Standards Board issued an accounting standards update Thursday to improve transparency about the use of supplier finance programs for investors and other capital providers. The update affects buyer companies that use supplier finance programs when buying goods or services. By entering into supplier finance programs with finance providers, suppliers can be paid

The Massachusetts Society of CPAs announced the seven recipients of the 2022 Women to Watch Awards and will honor winners on Wednesday, October 25  at the MassCPAs’ Women’s Leadership Summit.  In partnership with the Association of International CPAs Women’s Initiatives Executive Committee, a panel of judges selected seven female leaders based on their contributions to their firm, clients and

Victims of storms and flooding that began on Sept. 15 in parts of Alaska now have until February to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated for individual or public assistance by the Federal Emergency Management Agency. Individuals and

Paying a firm’s retirees; email, text and your clients; when the IRS says wrong; and other highlights from our favorite tax bloggers. Constantly evolving Gordon Law (https://gordonlawltd.com/blog/): What we know so far about the new 1099-DA (digital assets). AICPA Insights (https://www.aicpa.org/blog): A look at the “2022 Global State of Enterprise Risk Oversight,” which reports on

States once flush with revenue from surging sales tax collections are starting to see inflation-related declines, signaling state revenues may continue to drop. The number of states that saw year-over-year declines increased to 25 in June from 16 in May, according to the Urban Institute. That declining performance, which is analyzed over a three month