HK News

Auditors are skeptical of accounting estimates. Here’s what they’re looking for and why, in recent years, they’ve upped the ante on audit procedures related to estimates and the use of specialists.

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. CAMs relate to accounts or disclosures that are material to a company’s financial statements and involve especially difficult judgment from auditors. A recent post-implementation review of the CAM rules reveals that the average number of CAMs has declined over time. However, stakeholders find them beneficial. In fact, 80% of investors who read CAMs use them to identify key financial reporting risks, but many want more specific language for CAMs.

Should your organization outsource its accounting needs? Here are some potential advantages to consider.

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023?

1. Retirement Plan Distribution Tax Rules 2. Consequences of Unpaid Federal Tax Debt 3. A Proposal to Scrap the IRS 4. Advantages of Using Direct Deposit 5. Excludable Income from Some States

Some charitably inclined seniors will be happy to hear that the tax rules for qualified charitable distributions (QCDs) have just become more favorable under the new SECURE 2.0 law. If you have an IRA, here are two major improvements you might be able to use, along with an overview of how QCDs can have favorable tax implications.

When times are tough, debt forgiveness may seem like a blessing — but it can result in unexpected tax consequences for the unwary. Here's an overview of rules for so-called "cancellation of debt" (COD) income, including the differences between recourse and nonrecourse loans. Beware: There are many exceptions and exclusions that complicate the rules.

Jordan Knapp promoted to Supervisor, Mitchell Madnefort promoted to Senior Accountant and welcome Diana Clevinger

Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.

1. Energy Efficient Home Tax Credit FAQs 2. Two Innocent Spouse Relief Outcomes in Court 3. Whistleblower Qualifies for IRS Award 4. Didn't File a Tax Return? The IRS May File for You 5. Clean Vehicle Tax Credit List Expands

On December 29, President Biden signed the omnibus spending bill, which includes the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Among many other provisions, this new law includes five major taxpayer friendly changes that may help you save for retirement. Here are the details.

Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more.