Michael Cohn

The Financial Accounting Standards Board released an accounting standards update aimed at improving the usefulness of information offered to investors about certain loan refinancings, troubled debt restructurings, vintage disclosures and gross write-offs, amending its credit losses standard.

Employees across the world defrauded their employers of more than $4.7 trillion each year from 2020 to 2022, according to a new report.

The board unveiled two proposed standards for general sustainability-related and specific climate-related disclosure requirements.

The service has been auditing the poorest wage earners more than higher-earning taxpayers, according to an updated report.

The NTA issued a directive calling on the service to implement scanning technology as a way to reduce the backlog of unprocessed tax returns by 2023.

The board approved charters for the membership and activities to revive its old Investor Advisory Group and set up a new Standards and Emerging Issues Advisory Group.

Private sector employers added 455,000 jobs this month, payroll giant ADP reported Wednesday, as the economy continued to bounce back despite the ongoing pandemic, although continuing labor shortages held back stronger growth.

The House overwhelmingly passed legislation that would expand the tax benefits for retirement accounts to bolster the savings of Americans.

The commission’s proposed rule would involve accountants and auditors more heavily in their clients’ efforts to provide assurance on sustainability reporting.

Employment growth at small businesses moderated slightly in March, but wages continued to increase, according to payroll giant Paychex.

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

The board issued an accounting standards update aimed at better aligning hedge accounting with an organization’s risk management strategies.

The Internal Revenue Service is suspending a number of notices it usually mails to tax-exempt organizations and governmental entities when it’s missing their tax returns, citing the pandemic and the IRS’s own backlog of unprocessed tax returns and correspondence.

The Internal Revenue Service updated its frequently asked questions page on how tax professionals should deal with the third round of Economic Impact Payments for their clients.

Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report.

The IRS warned Friday of a fast-approaching deadline for $1.5 billion in unclaimed tax refunds for 2018, which need to be claimed before the mid-April tax deadline.

The service needs to make changes in its management of taxpayer accounts to reduce the backlog of millions of unprocessed tax returns, according to a new report.

The board said Thursday that it is still meeting with Chinese authorities to discuss the ability to inspect auditing firms in that country.

The CI division has conducted more than 660 investigations over the past two years.

The competing sustainability standard-setters have come under increasing pressure in recent years to do more to align their sometimes conflicting standards.