IRS Audit Rate Continued to Decline Last Year
By Michael Cohn The Internal Revenue Service’s audit rate went down again in 2018, according to data released Monday by...
The Ten Commandments of an IRS Audit
By Jim Buttonow Behold, the IRS audit. They are rare these days. Only one out of every 184 taxpayers experienced...
Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters
By Suzanne M. Holl, CPA CPAs at times come under fire from banks and other lenders pressuring them to provide...
The Eternal Question: What are a Taxpayer’s Chances of an IRS Audit?
By Jim Buttonow As IRS budgets and audit staff continue to diminish, audit numbers are at an all-time low. But...
Audit Documentation: Tips for Getting it Right
By Ahava Z. Goldman, CPA, CGMA; Charles E. Landes, CPA; and Carl R. Mayes Jr., CPA For many staff auditors,...
FASB Tweaks Credit Losses Standard
By Michael Cohn The Financial Accounting Standards Board released an accounting standards update Thursday making narrow improvements to the credit losses...
It’s Crunch Time for Private Companies on Revenue Recognition
By Ken Tysiac It’s understandable that FASB’s new revenue recognition standard might not be top-of-mind for private company finance personnel...
Six Tips for Starting an Advisory Practice
In order to stand out in a crowded profession, many financial professionals are leveraging the escalating trend toward advisory services....
Skills That Help Accounting Professionals Succeed Alongside AI
By Ken Tysiac There’s some understandable concern these days about the possibility that increased use of artificial intelligence (AI) will...
Areas of Risk for the 2017 Audit Cycle
Some of the more judgmental or complex audit areas that practitioners may encounter during the 2017 audit cycle are discussed...