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THE SMOKE DETECTOR: Changes to how the IRS will audit partnerships

As a part of the enacted Bipartisan Budget Act of 2015 , there was a major shift in how the IRS will audit and collect tax from partnerships. The new law will go into effect beginning January 1, 2018, and will repeal the partnership audit rules of the Tax Equity and Fiscal Responsibility Act...

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THE SMOKE DETECTOR: Digital Badges Demonstrate Competency

The AICPA has developed new certificate programs specific to employee benefit plan audits and single audits. According to the AICPA’s Frequently Asked Questions related to the employee benefit plan (EBP) certificates, “these programs provide a way for audit practitioners to demonstrate...

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THE SMOKE DETECTOR: You're Asked For Proof Of CPE -- What Do You Do Now?

Good question. You just got an email from the Indiana Professional Licensing Agency asking for proof of your CPE for the last reporting period. Your CPE is being audited for the last reporting period - January 1, 2012 to December 31, 2014. What do you do? First don't panic....

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THE SMOKE DETECTOR: CPA Profession Top Priorities for 2015

It’s hard to believe 2015 is already here and another busy season is upon us. The beginning of a new year is a time for making resolutions, personally and professionally. It is also a time to consider what the new year may bring for the CPA profession. In December 2014, the AICPA published an ...