IRS announced that it will give relief for late-payment tax penalties to individuals and businesses who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute tax law changes in the American Taxpayer Relief Act of 2012, P.L. 112-240.

As you plan for your next financial statement audit, there are changes in auditing standards that may impact your engagement. Statements on Auditing Standards (SAS) Nos. 122-125 (referred to as the Clarified Auditing Standards) introduce some changes that go into effect for financial statement audits for periods ending on or after December 15, 2012. For most companies, that means they’ll be effective for the year ending December 31, 2012 or later.

Petersen CPAs & Advisors recently completed their peer review process and received a clean report: Peer Review 2012

Federal income taxes will rise by an average of $3,500 a year if Bush-era and other tax breaks expire this year as scheduled.  Read more

Employee reports of fraud are steadily increasing, both as a percentage of all compliance-reporting activity and in raw numbers. http://www3.cfo.com/article/2012/9/regulation_fraud-whistleblower-sec-jimmy-lin-jonny-frank