By a margin of 240-179, House lawmakers approved funding for the Internal Revenue Service for fiscal 2008 and in the process eliminated a provision that would have capped spending on the service's private debt collection program at $1 million. The program, which has divided Congress along party lines, allows the IRS to contract with private debt agencies to collect delinquent taxes. Having a $1 million limit would have ended the program. Currently the IRS has contracted with two private agencies, but is looking to expand the program this year according to reports.
-
Despite high confidence from leaders in AI outputs, more than a quarter of executives said internal audits have detected AI errors that reached external audiences or the board.
10h ago -
The Treasury Department's Financial Crimes Enforcement Network issued a final rule permanently removing the requirement for U.S. companies and people to report beneficial ownership information.
10h ago -
The American Institute of CPAs asked the Treasury and the IRS to revise three of their recent notices on the corporate alternative minimum tax.
11h ago -
The proposed regulations clarify nondiscrimination requirements for employers offering Trump account contribution programs and dependent care assistance.
August 11 -
The International Financial Reporting Foundation named Steven Maijoor as the next chair of the IFRS Foundation Trustees, and Sam Woods as chair of the International Accounting Standards Board.
August 11 -
UHY acquired Michigan CFO Associates in Clinton Township, Michigan, expanding the Top 50 Firm's advisory capabilities.
August 11





