The Internal Revenue Service expects four out of five returns submitted during the tax season that kicks off on January 23 to be efiled. The agency also predicts a similar proportion of refunds issued through direct deposit.

The American Institute of CPAs has issues its first online edition of Audit & Accounting Guide on Revenue Recognition. The Institute has published the work because of changes in accounting standards for revenue recognition for publicly held companies for annual reporting periods that begin after December 15.

Changes  made under the administration of President-elect Donald Trump will likely drive businesses to outsourcers, Paychex CEO Martin Mucci said during his company's recent earnings webcast. And Mucci believes that it does not matter which directions the changes go because "it makes people worry about whether they can keep up with change."