Broker-Dealers May be on the Hook for Inadequate Audits

…focus areas Areas reviewed closely by the Board inspectors included: Auditor independence Identifying and assessing risks of material misstatement Consideration of fraud in a financial statement audit Revenue testing Related…

How and When to Use Retirement Plan Forfeiture Balances

…disqualification of the plan’s tax-exempt status and/or penalties by the Internal Revenue Service (IRS). What is a retirement plan forfeiture? Defined contribution plans typically include a separate account to accumulate…

Proposed Bill Provides Tax Relief for Businesses

…aggressive marketing tactics from bad actors that lured ineligible taxpayers to claim the credit. In response, the Internal Revenue Service (IRS) rolled out initiatives to assist businesses that have been…

Virginia Income Tax Conformity Update

…the American Rescue Plan. Further, Virginia de-conforms to certain provisions of the Internal Revenue Code. These are summarized below. Key Provisions of Virginia Tax Conformity for Businesses and Individuals Certain…