The Latest

The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners.

Xero kicked off Xerocon, the cloud accounting software provider’s North American user conference, by announcing new partnerships, including relationships with Apple and Avalara.

Employment in the private sector increased by 201,000 jobs last month in another healthy sign of an improving economy, according to figures from payroll giant ADP.

The New York State Society of CPAs has elected Joseph M. Falbo Jr. as its new president.

Accounting software company Sage launched the Sage Foundation on Tuesday, which looks to "set the standard for Corporate Compassionate Capitalism around the world."

Sage announced the launch of the Sage Foundation, with a model of charitable donations and employee volunteerism.

Intuit introduced online resource FirmoftheFuture.com, a hub of curated content for accountants that includes step-by-step guides and resource links.

The Internal Revenue Service discovered last month that criminals accessed around 104,000 tax returns through its Get Transcript application and tried to get hold of approximately 100,000 more.

As accountants pay increased attention to evaluating the performance of a client’s life insurance portfolio, life insurance is becoming recognized as a “buy and manage” asset rather than as a “buy and hold” asset.

The Governmental Accounting Standards Board has voted unanimously to approve two new standards that it believes will significantly improve the accounting and financial reporting by state and local governments for postemployment benefits other than pensions, primarily retiree health insurance.