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☆ Firms are 'bombarding' small businesses with ads for a Covid-era tax credit, advisor says. Here's how to know if you qualify
▼ + stars: | 2023-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. The tax break — known as the employee retention credit, or ERC — was enacted in 2020 to support small businesses during the Covid-19 pandemic, worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. While the credit applies to tax year 2020 or 2021, business owners still have time to amend returns and claim the credit, which has sparked a flood of ads from companies offering to help. While Hausz's company has completed at least 100 amended filings for clients to claim the employee retention credit, it has also informed clients when they don't qualify. "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received, said Kristin Esposito, director for tax policy and advocacy for the American Institute of CPAs.

Persons: Craig Hausz, Kristin Esposito Organizations: ERC —, Finance, CMH Advisors, ERC, American Institute of CPAs Locations: Dallas

☆ This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
▼ + stars: | 2023-06-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — If you received a tax penalty notice from the IRS, it's possible to get the fees waived in certain situations, tax experts say. "It's like a get out of jail free card," said Rosemary Sereti, managing director of Deloitte Tax and a former IRS senior executive. "Very frequently, these two penalties run together," said Debra Estrem, managing director of private wealth controversy at Deloitte Tax, who also worked at the IRS Office of the Chief Counsel. Another fee, the accuracy-related penalty, is typically assessed at 20% of the underpayment amount for cases of "negligence or disregard," according to the IRS. There's also a high fee for civil fraud — "a whopping 75% penalty" — but the IRS has the "burden of proof" for those cases, she said.

Persons: Rosemary Sereti, Debra Estrem, Estrem, There's Organizations: Deloitte Tax, IRS, American Institute of Certified Public Accountants, Finance Locations: Las Vegas

☆ IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says
▼ + stars: | 2023-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But there's still work to do, according to National Taxpayer Advocate Erin Collins. However, despite customer service boosts, the agency is still working through a sizable backlog — including amended returns, filings in suspense and other correspondence, she said. Collins said the IRS is currently juggling 3.7 million amended returns, 6.8 million "in suspense" with missing information and 5.3 million pieces of correspondence. This season, the agency has prioritized phone service and answered more than 85% of calls from key phone lines in less than five minutes. "The problem is, we are now back to a backlog of paper correspondence and amended returns, similar to where we were a year ago," she said.

Persons: there's, Erin Collins, Collins Organizations: VEGAS, IRS, American Institute of Certified Public Accountants, Finance, Advocate Service Locations: Las Vegas

☆ Here are tax-savvy ways to donate money, according to a charitable giving expert
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — Tax savings aren't typically the main reason for philanthropy. But if you're planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Roughly 33% of taxpayers itemized deductions in 2017, compared with fewer than 10% in 2021, said Hoyt, speaking at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Tuesday. Given these constraints, investors can maximize tax breaks by "bunching gifts," Hoyt said. "Concentrate your gifts in one year, as opposed to spreading them over several."

Persons: there's, Christopher Hoyt, Hoyt, Ivy League acceptances Organizations: VEGAS, University of Missouri, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Kansas City, Las Vegas

☆ Fact Check-Pregnancy ultrasound does not cause the DNA damage of ‘250 chest x-rays’
▼ + stars: | 2023-06-06 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

The text in one post sharing the claim (here) reads, “A Single Exposure to Ultrasound Causes DNA Damage Similar to 250 Chest X-Rays” overlayed on an ultrasound image of a fetus. A URL printed across the fetus image leads to an article (here) that makes unfounded claims about the risk of fetal ultrasound, and cites a 1981 study for the “250 chest x-rays” figure. The 1981 study did not draw any such conclusion. In response to a request for comment, the author of the article Jeanice Barcelo said she stands by her claim about the 1981 study. A 1981 study of mouse cells in test tubes did not conclude that ultrasound caused DNA damage equivalent to that of hundreds of x-rays, and extensive research finds ultrasound to be safe for use during pregnancy.

Persons: RAY, “, ”, Safwan, Ann, Robert H, Lurie, Ken Karipidis, Karipidis, Halabi, Jeanice Barcelo, Barcelo, Read Organizations: grays, Reuters, RAY Ultrasound, U.S . Food, Drug Administration, FDA, Lurie Children’s Hospital of Chicago, Chicago Institute for Fetal, Australian Radiation Protection, Nuclear Safety Agency, International Commission, American Institute of Ultrasound, International Society of Ultrasound, Gynecology, Health Organization Locations: mSv

☆ These lesser-known tax tips may help college-bound families
▼ + stars: | 2023-06-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — College is a major expense for many families, but a payment strategy can provide significant tax savings, according to a college funding expert. "Distribution planning is not just for retirement," said certified financial planner Ross Riskin, chief learning officer for the Investments & Wealth Institute. Families also need a plan when tapping assets to pay for college, he said. Education funding can be complicated, especially when you're juggling eligibility for college tax credits, Riskin said at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Monday. However, you can't "double dip" tax breaks by claiming one of these credits and withdrawing money from a 529 college savings plan for the same expense.

Persons: Ross Riskin, Riskin Organizations: VEGAS —, Investments & Wealth Institute, Families, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Las Vegas

☆ Factbox: Who are the three Russian scientists accused of state treason?
▼ + stars: | 2023-05-18 | by ( Lucy Papachristou | ) www.reuters.com time to read: +6 min

May 18 (Reuters) - Three Russian scientists who have worked on hypersonic missile technology face "very serious accusations" of state treason, the Kremlin says. Maslov was detained early in the morning of June 28 last year in Novosibirsk, according to an interview that his sons Nikolai and Alexei gave to local media. He declined to tell them anything about the possible reasons for his arrest, and they learned from his lawyer that he was being charged with state treason. Kommersant newspaper reported that Maslov was accused of divulging state secrets related to hypersonics, but provided no further details. Born in Siberia, he studied in the aircraft engineering department at Novosibirsk State Technical University.

☆ Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing
▼ + stars: | 2023-05-12 | by ( Anna Mutoh | ) www.wsj.com time to read: +1 min

Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. Photo: Thomas Wells/The Northeast Mississippi Daily/Associated PressGraduates entering the workforce this year who are considering careers in accounting should see plenty of demand for their services as the industry grapples with a dearth of candidates. But even so, they may find what companies are willing to pay them underwhelming, particularly given the rigorous academic and testing requirements required to follow this career path. Recruiters say experienced accountants are often moving into new roles in finance and technology. And the exodus is expected to worsen as baby boomers leave the workforce, with 75% of certified public accountants retiring or close to retiring in the next 15 years, according to the American Institute of CPAs.

☆ Tomorrow Is Earth Day. Let’s Celebrate Our Harbor.
▼ + stars: | 2023-04-21 | by ( James Barron | ) www.nytimes.com time to read: +1 min

Weis, a professor emerita at Rutgers University and a former president of the American Institute of Biological Sciences, nominated the estuary. “That’s not the people I was hoping to reach. “We haven’t met the goals of the Clean Water Act,” he said. “The spring runs of American shad up the Hudson River were once legendary,” he said. “Now it’s just a fraction of what it was.” He said the same was true of herring and other migratory fish.

☆ Is it smarter to get a tax refund in 2023 or more money throughout the year? Tax experts weigh in
▼ + stars: | 2023-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Namely, you'd be wise to assess your withholding, tax experts say. To adjust your withholding, you'll have to file a new W-4 form with your company. If you instructed your employer to withhold too much throughout 2022, you got a tax refund; too little and you owed a bill. You can use the IRS's withholding estimator tool to give yourself a good idea of your breakeven number. But depending on your financial habits, you may want to adjust to receive a refund or owe a bill, tax experts say.

☆ SpaceX’s Starship ‘Learning Experience’ Ends in Explosion
▼ + stars: | 2023-04-20 | by ( Kenneth Chang | ) www.nytimes.com time to read: +1 min

SpaceX’s Starship rocket exploded above the Gulf of Mexico on Thursday, minutes after lifting off from a launchpad in South Texas. There were no people aboard the spacecraft, the most powerful ever to launch. While it failed to reach orbit, it was not a fruitless failure for the private spaceflight company. Before the launch, Elon Musk, the company’s founder, had tamped down expectations, saying it might take several tries before Starship succeeds at this test flight. The brief flight produced reams of data for engineers to understand how the vehicle performed.

☆ Fact Check-Images show fossilized remains of large sloth, not human giant
▼ + stars: | 2023-03-30 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Images of meters-long fossils show remains of giant sloths housed at the Paleontological Museum Megatherium in Ecuador, not remains of a human giant. A spokesperson for the museum confirmed to Reuters that the images show the remains of a now-extinct giant ground sloth. A search via the Paleontological Museum Megatherium’s website reveals images of the same fossilized remains attributed to the Eremotherium Laurillardi species (here). The website links to further reading about the giant sloth remains (here). The image shows fossilized remains of a giant sloth that is housed at the Paleontological Museum Megatherium in Ecuador.

☆ U.S. Audit Watchdog Proposes Move to Get Inspections Started Faster
▼ + stars: | 2023-03-28 | by ( Mark Maurer | ) www.wsj.com time to read: +1 min

Erica Williams has been chair of the Public Company Accounting Oversight Board for just over a year, and has increased its enforcement efforts. The Public Company Accounting Oversight Board proposed cutting by more than half the amount of time auditors have to assemble final audit documentation, which might allow the audit watchdog to start its inspection process up to a month earlier and provide key information to investors sooner. The U.S. audit regulator has been working to update more than 30 standards that have gone largely unchanged since they were adopted on an interim basis roughly 20 years ago from the American Institute of Certified Public Accountants. With the proposal released Tuesday, the PCAOB suggested consolidating and modernizing four interim standards into one standard on auditors’ core responsibilities, including areas such as professional skepticism, independence, competence and professional judgment.

How do I even begin to tackle this mountain of debt on a single income with minimal child support help? Costas is the vice president of EP Wealth Advisors and a certified divorce Financial Analyst. The snowball method is about using small financial achievements to fuel larger ones. The sense of victory you will feel from paying off that small debt will help you feel you've conquered a challenge, which will go a long way in helping you summit the $60,000 mountain of debt in your path. Ways to make your money go furtherKennedy also encouraged you to start saving money while you continue prioritizing paying down debt.

☆ Dangers from Hacks Stretch Beyond Broken Computer Systems
▼ + stars: | 2023-03-15 | by ( James Rundle | Kim S. Nash | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. Part of the delay, he said, was in getting details from the cloud company, which he declined to name. Cybersecurity companies should be held to a higher standard than others in relaying information about hacks quickly and thoroughly, Mr. Toubba said. The lessons learned from cyberattacks can be just as important as how a company responds to a breach, security chiefs say. LastPass has also rolled out several security tools in its infrastructure, data center and cloud systems, Mr. Toubba said.

☆ How to Read a Form 1098-E
▼ + stars: | 2023-03-02 | by ( ) www.wsj.com time to read: +10 min

By Kerri Anne RenzulliIf you have student loans, chances are you’ll encounter the IRS’s Form 1098-E. Those with multiple loans across multiple lenders will be sent a separate 1098-E form by each lending institution. But for those who do, this mark indicates that you took out your student loan before Sept. 1, 2004. Instead of relying on the Form 1098-E, you’ll need to request or download records of what you paid in interest and your payment history from your loan servicer, says Greene-Lewis. Who can claim the student loan interest deduction The $2,500 deduction phases out as your modified adjusted gross income rises.

☆ A shortage of accountants is pushing the industry to reboot its image to win over young talent: 'You have to sell them'
▼ + stars: | 2023-02-02 | by ( Erica Sweeney | ) www.businessinsider.com time to read: +9 min

Accountants manage financial processes and financial reporting and ensure regulatory compliance. To combat shortages, those in the accounting industry are working to attract more people to the field. Sandy Torchia, the vice chair of talent and culture at KPMG, said the company hasn't been impacted by the accountant shortage yet. How the accounting industry is addressing the shortageMany firms are shifting to remote-work policies and investing in automation and technology to attract and retain talent. Lisa Simpson says the accounting industry needs automation to allow accountants to focus on "higher-value work."

☆ PCAOB Proposes Tighter Requirements for Audit Firms Verifying Outside Information About Clients
▼ + stars: | 2022-12-20 | by ( Mark Maurer | ) www.wsj.com time to read: +4 min

The Public Company Accounting Oversight Board proposed tightening the requirements around how audit firms obtain and verify outside evidence about their clients, such as from customers and lenders, a process aimed at preventing fraud. Under the current rule, audit firms must send out requests, typically electronically, asking a third party to confirm the accuracy of certain information, such as the amount of accounts receivable. Audit firms are allowed to assume that the lack of a response is a corroboration of accuracy. The PCAOB now wants audit firms to go a step further by confirming the amounts of cash and cash equivalents held by third parties—typically lenders. The PCAOB last proposed changes to its confirmation rules in 2010, but the proposal, which some audit firms at the time called overly prescriptive, didn’t advance further.

☆ Struggling to Find Accountants, Businesses Boost Salary Offers, Hire Temporary Workers
▼ + stars: | 2022-12-19 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Companies’ accounting and finance departments in particular, which are crucial for managing financial operations, internal controls and financial reporting, are suffering from the lack of personnel. It has 20 to 30 open finance and accounting positions globally, Mr. Juillard said. Companies also try to retain the finance and accounting workers they have. “Securing that talent has been the biggest problem,” Mr. Thorpe said. GEE used to elevate staff accountants to senior accountants in one to three years and to managers in three to six years, Mr. Thorpe said.

☆ More Crypto Exchanges Verify Reserves, But Questions About Assets Remain
▼ + stars: | 2022-12-05 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Most crypto exchanges are privately held, meaning they don’t have to file financial statements with the Securities and Exchange Commission or get them audited. He added that customers of crypto exchanges should “look for as rigorous of that as you can look for regulatory reporting.”FTX founder Sam Bankman-Fried sat down with The Wall Street Journal to discuss what happened to the billions of dollars deposited by the exchange’s customers. Photo: Kenny Wassus/The Wall Street JournalSuch a third-party verification represents a step toward more transparency around crypto exchanges, but there are significant shortcomings, some academics said. Coinbase Global Inc. last month reported $95.11 billion in both customer crypto assets and liabilities for the quarter ended Sept. 30, up from $88.45 billion the previous quarter, filings show. Still, the PCAOB encourages investors to review reports on the work those companies’ auditors have done, Chair Erica Williams said at a conference Tuesday.

☆ Poor sleep can make you prickly. Here’s what to do
▼ + stars: | 2022-12-01 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +6 min

Develop a sleep debt from those worries, and you’ll pay a price in your ability to think, plan and manage your emotions. “Sleep debt, also called a sleep deficit, is the difference between the amount of sleep someone needs and the amount they actually get,” said sleep specialist Dr. Raj Dasgupta, an associate professor of clinical medicine at the University of Southern California’s Keck School of Medicine. Research has found many people have little idea how much poor sleep has affected their mood and coping skills, said Dr. Bhanu Prakash Kolla, a sleep medicine specialist in the Center for Sleep Medicine at the Mayo Clinic in Rochester, Minnesota. Loss of sleep can directly affect your ability to control emotions and manage expectations, said Dr. Bhanu Prakash Kolla of the Mayo Clinic. “Sleep medications are seldom the solution for chronically poor sleep and impaired daytime functioning,” he said.

☆ Audit Standards Overseer Also Backs Startups
▼ + stars: | 2022-11-27 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

An accounting trade body has invested in audit-related tech startups, while setting auditing standards and overseeing millions of audits—prompting concerns within the industry of potential conflicts of interest. The American Institute of Certified Public Accountants says its “shark-tank style startup accelerator,” illustrated on its website by a skateboarding man in a suit, is designed to foster innovation.

☆ U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls
▼ + stars: | 2022-11-18 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The regulator inspects audit firms’ approach to quality controls as part of its reviews. Fourteen audit firms issued audit reports for over 100 businesses apiece last year, the PCAOB’s website shows. Audit firms would have to conduct the first evaluation of their quality controls by the following Nov. 30. It is considering revising changes to rules on confirmations, a process by which audit firms obtain and evaluate audit evidence from independent third parties. The regulator is working to update more than 30 audit rules related to 10 of its standard-setting projects, many of which refer to outdated technology.

☆ An original Frank Lloyd Wright house in Wisconsin just hit the market for the first time in history and is now on sale for $725,000
▼ + stars: | 2022-09-24 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +1 min

A Wisconsin home designed by Frank Lloyd Wright just hit the market for the first time in its history. The Usonian-style residence, designed in 1954, is listed for $725,000. Wright built hundreds of homes in his lifetime and has been called the greatest American architect of all time. The house at 1425 Valley View Drive in Mount Pleasant, Wisconsin, made its market debut last week, listing for $725,000. Wright designed more than 1,100 architectural works in his lifetime, of which more than 500 were built, according to his foundation's website.

The federal tax deadline, when tax returns and payments are due, will move to May 17. The extension automatically applies to individual federal tax returns and payments for 2020 normally due on April 15. "Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns." The IRS moved the tax deadline back in 2020Last year the IRS moved the tax deadline from April 15 to July 15 to give taxpayers and preparers more time to file and pay during widespread coronavirus shutdowns. After winter storms knocked out power in several states in February, the IRS extended the federal tax deadline for residents and business in Texas, Louisiana, and Oklahoma to June 15.

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