Explore the transformative impact of AI on the accounting industry, highlighting automation, predictive analytics, and the evolving role of accounting professionals.
Read more...
Explore how accounting firms are scaling operations and enhancing service delivery by leveraging emerging technologies like cloud accounting and automation.
Read more...
Explore the rise of cloud accounting as a sustainable and efficient solution for modern firms. Delve into its benefits and challenges, with insights from industry leaders.
Read more...
Explore the latest trends in tax compliance for accountants, including digital transformations, data analytics, and multi-state tax complexities.
Read more...
Explore the changing landscape of sales tax compliance amid e-commerce growth. Learn about the challenges and solutions for businesses navigating regulations.
Read more...
Explore significant leadership changes this week in leading accounting firms like Crowe, Deloitte, EY, and KPMG, reflecting strategic advancements and market trends.
Read more...
How AI Is Reshaping Payroll: What Every Business Needs to Know The 2025 Payroll Special Report explores how artificial intelligence is revolutionizing payroll—transforming it from a back-office function into a strategic powerhouse. Discover how AI is enabling greater efficiency, accuracy, and compliance while unlocking real-time insights and cost-saving automation. With insights from industry leaders at ADP, Paychex, KPMG, and more,…
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.
The