Explore the latest trends in financial regulation with a focus on auditing updates and their impact on accounting firms and compliance practices.
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Explore the evolving importance of ESG metrics within accounting firms, highlighting how this shift influences financial reporting and corporate accountability in the United States.
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Discover how quantum computing is poised to transform accounting, offering unparalleled speeds and efficiency in data processing, financial analysis, and real-time decision-making.
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Explore recent trends in tax compliance with insights on IRS updates, digital transactions, and the challenges of state-specific sales tax regulations.
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Explore how businesses are navigating the complexities of sales tax compliance through technology and strategic planning, minimizing legal risks and optimizing operations.
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Explore recent key shifts in accounting personnel across major firms like Deloitte, PWC, EY, and KPMG. Discover how these changes are influencing the industry's direction.
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Payroll isn’t just a back-office function; it’s a strategic engine that powers both financial performance and employee confidence. Every payroll run influences cash flow, compliance, and reporting accuracy, while shaping how employees perceive their value within the organization. This special report reframes payroll as a critical driver of financial discipline and a cornerstone of the employee experience, elevating it from…
The American Institute of Certified Public Accountants is supporting the repeal of a law that requires withholding of 3 percent of payments made to government contractors, as well as certain other payments such as Medicare. The AICPA said it supports H.R. 674 which would repeal the requirement passed by Congress in 2005. Federal, state and local governments were affected by the law.
The AICPA said the withholding requirement would have a pronounced negative impact on government contractors with low profit margins. Members are also telling the organization that the law would also have a negative impact from a Medicare payment perspective on physicians, nurses, medical support staff and hospital administrators.
In a prepared statement, Patricia A. Thompson, chair of the AICPA's executive tax committee wrote that "We emphasize this latter point, particularly since we are not aware of any data suggesting that medical professionals (in general) are a compliance risk with respect to their payment of federal income taxes, considered the fundamental reason for imposing a withholding regime."
The withholding requirements were delayed from Jan. 1, 2011 to Jan, 1, 2012 and the IRS issued regulations on May 9 that delayed the date to Jan. 1, 2013.
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