Hot Topics Article Archives
Clay Worden of RSM US LLP Named Recipient of 2024 Silver Bowl Award by National Society of Accountants for Cooperatives
[Cincinnati, Ohio, February 27, 2024] - The National Society of Accountants for Cooperatives (NSAC) is proud to announce Clay Worden, Partner at RSM US LLP, as the distinguished recipient of the 2024 Silver Bowl Award. This esteemed accolade, the highest honor within the cooperative industry, recognizes individuals whose exceptional contributions have significantly enhanced the reputation and functionality of the cooperative sector. For nearly ...
Read MoreTime Sensitive Alert: Re-Registering TCCs for 1099s
ALERT – TIME SENSITIVE: NSAC’s Tax Committee has learned that several taxpayers, who have historically filed their 1099s directly with the IRS via the FIRE system, have been caught off-guard by a new requirement. The key issue appears to be that Transmitter Codes issued before Sept 26, 2021 must have been re-registered in order to transmit 1099s in January of 2024. Below is an announcement from Thompson Reuters that ...
Read MoreTreasury Moves Forward with Database on Corporate Ownership
WASHINGTON (AP) — Tens of millions of small U.S. companies will be required to provide the government with details on their owners and others who benefit from them under a regulation finalized Thursday that’s intended to peel back the layers of ownership that can hide unlawfully obtained assets. The Treasury Department said it was moving to create a database that will contain personal information on the owners of at least 32 million ...
Read MoreESG and Cybersecurity Compliance Are Every Employee’s Concern
The following opinion piece was written by Wharton legal studies and business ethics lecturer Leeza Garber, Esq., and Allison Jegla, global director of impact at 100 Women in Finance. In late spring 2022, the Securities and Exchange Commission (SEC) charged an elite investment adviser for “misstatements and omissions” about Environmental, Social, and Governance (ESG) considerations related to its managed mutual funds. This same ...
Read MoreA $2 Trillion Fraud with Employee Retention Credits Puts Financial Advisors on Edge
This story has been updated with comments from the IRS. Larry Pon was driving home from the gym following a workout in Redwood City, California, when the too-good-to-be-true barrage began. He was glued to a local sports radio station, digesting the latest baseball disaster for the San Francisco Giants. But over the course of an hour, he heard four different commercials from four different companies advertising a lucrative tax break for small ...
Read More