While the current Social Security system is not in crisis mode, it faces serious problems with regard to solvency and sustainability, according to the Government Accountability Office. The auditor general said that if nothing was changed with the 70-year-old program until 2042, "achieving an actuarial balance" would require a 30 percent reduction in benefits or a 43 percent increase in payroll taxes. The GAO also labeled Social Security's problems "a subset of our nation's overall fiscal challenge." Absent reform, the country would have to choose among escalating federal deficits and debt, gargantuan tax increases, or federal budget cuts. However, the GAO warned that when evaluating any reform measure, financial stability should not be the sole criteria. A equitable balance with regards to benefits, as well as administrative and operational issues, also require consideration. The auditor general added that any changes enacted with Social Security should be made "in the context of the broader challenges facing our nation," such as those concerning private pension systems, Medicare and Medicaid.
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The Public Company Accounting Oversight Board plans to host a series of five in-person forums this year, with different members of the board visiting cities including Chicago, Los Angeles, Denver, Miami, and Jersey City.
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The first class members of the AICPA and NASBA's pilot Experience, Learn & Earn program are completing their inaugural semester.
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A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service identified for this year's rogues gallery.
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The process of becoming a remote partner isn't much different from the traditional path — but it may take a little extra effort.
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The Internal Revenue Service is extending tax relief on required minimum distributions from inherited retirement accounts not made in 2024 after providing similar relief in recent years.
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Internal Revenue Service commissioner Danny Werfel testified at a hearing of the Senate Finance Committee to discuss this past tax season and the proposed budget for carrying out the agency's future plans.
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