Some people may think pear trees, a selection of holiday birds, and a representative sampling of the Medieval European workforce are what people want for the holidays – but the good folks at BKR International, which represents 160 independent accounting and business advisory firms in over 500 offices and 80 countries, suggests your clients might be better off with an audit or review of accounting and operations, instead.“Regularly reviewing processes and procedures to identify weaknesses is a value-add and helps build trust between you and your client,” noted executive director Maureen Schwartz.With that in mind, BKR International put together this seasonally appropriate set of 12 reasons your clients should consider an audit or review (to the tune of “The 12 Days of Christmas”).
In Rev. Rul. 2019-13, the IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution. The company involved was originally a C corp…
The IRS intends to revise its regulations to make them consistent with the recent statutory changes to the automobile price inflation adjustment in Sec. 280F(d)(7), which affect the vehicle value that applies when valuing employees’ personal use of employer-provided vehicles (Notice 2019…
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