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Business Frame Weekly - 2023 Tax Filing to Start Jan 23 / Troubleshooting QuickBooks Opening Balances / Effective Big Corporation Tax Rate Fell to 9%
The average effective tax rate of profitable large corporations fell from 16% in 2014 to 9% in 2018 after passage of the Tax Cuts and Jobs Act of 2017, according to a report released last Friday by the Government Accountability Office.
Business Frame Weekly - $80 Billion IRS Funding Bill Reintroduced / IRS Issues 12 Million Refunds / Audits Drop Slightly in 2022
The Family and Small Business Taxpayer Protection Act was reintroduced on Monday in order to rescind the extra $80 billion funding for the IRS under the Inflation Reduction Act.
Business Frame Weekly - IRS $600 Threshold Rule Delayed / New York Salary Transparency Law Passed / PCAOB Proposes New Auditing Standard
According to recent guidance by the IRS, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K for the $600 threshold amount enacted as part of the American Rescue Plan of 2021.
Business Frame Weekly - 2023 GAAP Fin’l Reporting Taxonomy Available / Inflation to Fuel More Small Business Formation / 1099-K Reporting Threshold Reduced
Read more to learn all about Business Frame Weekly - 2023 GAAP Fin’l Reporting Taxonomy Available / Inflation to Fuel More Small Business Formation / 1099-K Reporting Threshold Reduced.
Business Frame Weekly - Financial Acct’g Foundation Appoints New Member / Salary Transparency Laws Challenge Small Businesses / Audit Deficiencies to Increase 25% YoY
The Board of Trustees of the Financial Accounting Foundation (FAF) is appointing Katherine (Katina) Curtis to the Private Company Council (PCC) for a three-year term effective on January 1, 2023. The PCC advises the FASB on the accounting treatment for private companies.
Business Frame Weekly - U.S. Labor Participation Rate Fell to 62.1% / FASB Issues Accounting Standards Update / Intuit Small Business Revenue Up 38%
Businesses are continuing to struggle to find enough workers as the U.S. labor force participation rate fell to 62.1%, according to government data released last week. The rate for workers aged 25 to 54, specifically, dropped from 82.5% to 82.4%.
Business Frame Weekly - FASB Seeks Input on Conceptual Framework / SEC Unveils 5-Year Strategic Plan / Alation Connected Sheets Launches
The Financial Accounting Standards Board (FASB) is currently seeking comments from stakeholders on the proposed new chapter of its Conceptual Framework related to the recognition/derecognition of an item in financial statements. Comments are due by Feb 21, 2023.
Business Frame Weekly - IRSAC Members Discuss Modernization / Crypto Traders Up 149% in 2020 / QuickBooks Desktop UK Discontinuing
The IRS Advisory Council (IRSAC) suggested in a report issued Wednesday that the IRS must build better trust with Congress members and speak more plainly with taxpayers in order to “modernize” the agency.
Business Frame Weekly - U.S. Inflation Cooling / Accounting & Finance Apprenticeship Program Launches / Financial Benefits of Offering a 401(k)
U.S. inflation cooled down in October by more than forecast. According to a Labor Department report, the consumer price index was up 7.7% year-over-year, and core prices advanced 6.3%, pulling back from a 40-year high.
Business Frame Weekly - Intuit Expects Above-Guidance Fiscal Year 2023 / Supreme Court May Challenge SEC, FTC / IRS Tax Gap to Increase
Global financial tech platform Intuit Inc., which consists of TurboTax, Credit Karma, QuickBooks, and Mailchimp, expects to report results for the first quarter fiscal 2023 above guidance ahead of its Nov 29 earnings announcement.