One quarter of all individual tax returns so far this filing season are being processed by the Internal Revenue Service's modernized account information computer system. The Customer Account Data Engine, or CADE, has processed 15.1 million individual tax returns through March 7, more than 25 percent of all those processed so far this year by the IRS. The number of tax returns processed this year by CADE has already topped the 11.2 million returns the system handled for all of last year. CADE, which is at the core of the effort to replace many of the agency's aging systems, dramatically speeds up internal IRS processing, permitting taxpayer accounts to update on a daily basis, rather than the older system's weekly basis. The IRS is rolling out CADE in a series of "releases," each improving on and adding to the system capabilities. The current release, launched in January, permits CADE to process certain 1040, 1040A and 1040EZ forms, as well as Schedules C, E and F for Form 1040 and a number of other IRS schedules, such as the Earned Income Tax Credit.
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Bassim Michael has created Practice Gauge, a cloud-based analytics platform for his fellow accountants to use with their dentistry and veterinary clients.
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Private sector employers cut 33,000 jobs in June, the first decline in over two years, while annual pay grew 4.4% year-over-year, payroll giant ADP reported.
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The Top 25 Firm plans to launch a data warehouse service for smaller organizations this year and has been using AI to develop some of its rollout strategies.
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The Internal Revenue Service's Electronic Tax Administration Advisory Committee delivered its annual recommendations.
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Tariffs and the impact of government debt on the economy remain major concerns, according to a Grant Thornton survey.
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North Carolina Gov. Josh Stein signed into law a bill that adds an additional pathway to CPA licensure, effective Jan. 1, 2026.
July 2