special reportSPECIAL REPORT: HANDLING THE INCREASINGLY COMMON AUTOMATED IRS EXAMINATION

The Automated Underreporter (AUR) program initiates inquiries about discrepancies between information reported on tax returns and information reported to the IRS by employers, banks, and other third parties. The issues vary, but can include wages reported on a Form W-2, or interest or dividend income reported on a Form 1099. AUR cases come from the Individual Master File (IMF), which contains information from filed individual tax returns, and the Information Returns Master File (IRMF), which contains Information submitted by third parties. After all current-year returns are processed, they are computer-matched to the corresponding IRMF file.

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SPECIAL REPORT: THE AICPA’S FINANCIAL REPORTING FRAMEWORK FOR SMALL- AND MEDIUM-SIZED ENTITIES—AN UPDATE

A year has now passed since the AICPA issued its new, optional reporting framework for small and medium-sized entities. At that time, we at Thomson Reuters issued our Special Report on the Framework, in which we shared data and insights regarding expected use. We are now providing this update to share with you where we see things today. We hope that you find this information to be useful and valuable as you consider how this new Framework might meet the needs of your clients.

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