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^ please point me to the simplification in the code 😂
So many letters...so sleepy.
Yeah. There was zero simplification.
LOL there is no simplification. If anything it’s more complicated. There is going to be good solid work for tax the next few years... And you audit people better realize that you will need to know enough to at least coordinate with the tax specialty teams and client...
I am inclined to think would create more work for tax service lines and not necessarily FAAS
I feel like CMAAS is more accounting changes related to financial reporting. Like obviously taxes tie into fin statements, but that’s just a number printed on the 10K at the end of the day and it’s up to tax to help get to that new number
Added ~150 hours to an audit from a specialty group just to prove out the toll charge.
Think it helped those practices from a goodwill impairment, significance test standpoint, the rest was tax
What I’ve heard is that in the short term there will be more tax work related to the change. However, in long term, it may result in a slight decrease in tax work due to simplification of the code.