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The ideal time to review your finances

With the income tax deadline behind them, many Americans are eager to file away their financial records until next year. But experts advise not putting those documents away just yet — now is an opportune time to review them, make any necessary…
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Americans’ financial satisfaction hits high mark

The AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018 — an indicator that Americans are still feeling positive about their financial situation, even despite recent stock market volatility.…
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Many corporations will pay a blended federal income tax

Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes.  Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes…
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Se Extiende Fecha Límite para Puerto Rico y las Islas Vírgenes

Se Extiende Fecha Límite de Presentación de Impuestos Hasta el 29 de Junio para Víctimas del Huracán María en Puerto Rico y las Islas Vírgenes. El Servicio de Impuestos Internos (IRS) les recuerda a las víctimas del huracán María…
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Virtual Income Transactions Need to Be Reported to IRS

Income from virtual currency transactions must be reported on individual income tax return, and the IRS says it is scrutinizing these currencies more than ever before. Virtual currency transactions are taxable by law…
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How to Minimize the Risk of Losing Your Work in Excel

Most spreadsheet users would love to have a dollar for every time something has gone awry with an Excel spreadsheet. Sometimes it’s a power outage, or a computer crash, or simply closing the wrong document without saving. Fortunately in all…
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How internal audit can improve by embracing technology

Rapid technological advancements pose a significant challenge to internal audit functions at organizations of all sizes. “Not only does internal audit need to have a point of view on what risks come with those technologies,” said…
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Need More Time for Your Taxes? A 6 Month Extension is Easy

Taxpayers who can't meet the tax filing deadline can use options available via Free File on IRS.gov, to file an extension that gives six more months. The tax deadline this year is April 17. Taxpayers who submit Form 4868, Application for…
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Interest on Home Equity Loans Often Still Deductible Under New Law

The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite…