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The Public Company Accounting Oversight Board (PCAOB) released a proposed new standard today intended to improve auditor evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties, enhance the auditor's identification and evaluation of a company's significant unusual transactions, and improve understanding of a company's financial relationships with its executive officers, according to a PCAOB press release.
President Barack Obama has called for the corporate income tax to be lowered from its current statutory 35 percent rate to 28 percent, a shift that would be balanced by closing certain loopholes and ending certain subsidies, according to a Feb. 22 proposal outline released by the U.S. Treasury Department.
CPAs--and even members of the general public--have been receiving emails claiming to be from the AICPA that say that the Institute has received complaints about the recipient and as a result their licenses are in immediate danger of being revoked.
The New York State Department of Taxation and Finance is now tweeting regularly, with reminders of rules, such as e-filing regulations; lists of resources, such as local sales tax rates; and advice for tax professionals, such as how to conduct online tax transactions on behalf of clients.