Accounting
IIA and ACCA extend MoU
The Institute of Internal Auditors and the Association of Chartered Certified Accountants have renewed their memorandum of understanding for another three years.
The two organizations have been working together on research projects as well as enabling each other to obtain certifications under their earlier MoU. In 2022, the IIA and ACCA partnered on a
The two groups have also been advocating for each other’s qualifications and use their own channels to support efforts to raise awareness and promote their respective initiatives and programs. As part of the three-year agreement, the IIA will continue to offer ACCA members the opportunity to improve their skills in internal audit with a challenge exam to earn their
The MoU was signed by IIA president and CEO Anthony Pugliese and ACCA chief executive Helen Brand.
“We are excited to extend our partnership with ACCA,” Pugliese said in a statement Monday. “This collaboration allows us to leverage our combined expertise to better serve our members and the broader profession. Together, we can continue to drive significant progress in internal auditing and governance to advance the public interest.”
The partnership helps advance the role and impact of internal auditors as leaders in emerging areas of corporate governance and improving the public trust.
“Over the years we’ve formed a strong relationship with The IIA which continues to benefit both memberships,” Brand stated. “I’m delighted this will continue and look forward to building on what we’ve achieved with collaboration on shared research, events and other initiatives.”
Easing restrictions, sharpening personal attention and clarifying denials are among the aims of
The programs focus on “fast track settlement,” which allows IRS Appeals to mediate disputes between a taxpayer and the IRS while the case is still within the jurisdiction of the examination function, and post-appeals mediation, in which a mediator is introduced to help foster a settlement between Appeals and the taxpayer.
The IRS has been revitalizing existing ADR programs as part of transformation efforts of the agency’s new strategic plan, said Elizabeth Askey, chief of the IRS Independent Office of Appeals.
“By increasing awareness, changing and revitalizing existing programs and piloting new approaches, we hope to make our ADR programs, such as fast-track settlement and post-appeals mediation, more attractive and accessible for all eligible parties,” said Michael Baillif, director of Appeals’ ADR Program Management Office.
Among other improvements, the pilots:
- Align the Large Business and International, Small Business and Self-Employed and Tax Exempt and Government Entities divisions in offering FTS issue by issue. Previously, if a taxpayer had one issue ineligible for FTS, the entire case was ineligible.
- Provide that requests to participate in FTS and PAM will not be denied without the approval of a first-line executive.
- Clarify that taxpayers receive an explanation when requests for FTS or PAM are denied.
Another pilot, Last Chance FTS, is a limited scope SB/SE pilot in which Appeals will call taxpayers or their representatives after a protest is filed in response to a 30-day or equivalent letter to inform taxpayers about the potential application of FTS. This pilot will not impact eligibility for FTS but will simply test the awareness of taxpayers regarding the availability of FTS.
A final pilot removes the limitation that participation in FTS would preclude eligibility for PAM.
The traditional appeals process remains available for all taxpayers.
Inquiries can be addressed to the ADR Program Management Office at
The Internal Revenue Service has updated and added new guidance for taxpayers claiming the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit.
The updated
New sections have been added on how long a taxpayer has to claim the tax credits, guidance for condominium and co-op owners, whether taxpayers who did not previously claim the credit can file an amended return to claim it, and a series of questions on qualified manufacturers and product identification numbers. Other material has been added on how to claim the credits, what kind of records a taxpayer has to keep for claiming the credit, and for how long, and whether taxpayers can include financing costs such as interest payments in determining the amount of the credit.
The IRS states that “financing costs such as interest, as well as other miscellaneous costs such as origination fees and the cost of an extended warranty, are not eligible expenditures for purposes of the credit.”
The beginning of the end of the Trump era
Cities where you can quickly save a 20% home down payment
deeply unpopular despite growth and jobs
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Economics7 days agoAlafe Wakili is A Pioneer in African Media and Communications
-
Leaders1 week agoHow to Feature your business success on this page
-
Economics1 week agoFriday’s jobs report may give mixed view of labor market. What to expect
-
Economics1 week agoInnovations in Green Computing and Energy Efficient Devices
-
Accounting1 week agoIRS, Treasury finalize rules for clean energy investments in low-income communities and Indian land
-
Accounting1 week agoInventory Management For Financial Accuracy and Operational Success
-
Accounting1 week agoAAM opens marketing award nominations, launches business development award
-
Technology1 week agoThe Role of Technology in Combating Climate Change