The Internal Revenue Service's Business Systems Modernization, a $200 million-plus effort to upgrade the service's systems and processes, is moving ahead, but several of the project's milestones have been riddled by completion delays and cost overruns, the Government Accountability Office said. Specifically, the GAO cited the Customer Account Data Engine -- the new taxpayer information database -- as exceeding its planned schedule by 66 percent and experiencing a 15 percent cost increase; a companion project to the CADE incurred a 153 percent cost overrun; and the modernized e-file program experienced a 41 percent schedule delay.
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Check churning; a Maserati and a McLaren; private family foundation; and other highlights of recent tax cases.
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The American Institute of CPAs' Auditing Standards Board adopted new guidance governing the auditor's responsibility for identifying fraud or suspected fraud.
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The digitally authenticated report can be used when applying for a job, loan, government benefit or another service requiring tax compliance information.
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The AICPA is finding a growing number of pet owners including their cherished pets as part of their estate plan, and CPAs can help them set up wills and trusts.
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The Internal Revenue Service and the Treasury Department issued a notice extending a safe harbor for carbon capture and sequestration technology.
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Under the proposed regulations, funds can only be invested in eligible investments beginning when the account is established until the beneficiary turns 17.
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