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 NEWS: ACCOUNTING TODAY
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   NEWS: ACCOUNTING TODAY
Accounting Today
Feb 27, 2021

Corporate-tax proposal in Senate stokes economists' concern
A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

Accounting Today
Feb 27, 2021

House passes Biden aid with $1,400 checks; focus moves to Senate
The House passed President Joe Biden's $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.

Accounting Today
Feb 26, 2021

Tax executives have trouble plotting strategy this year
The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.

Accounting Today
Feb 26, 2021

IFAC teams with IIRC on integrated reporting assurance
The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative.

Accounting Today
Feb 26, 2021

Leverage data analytics to curb fraud risks
Analytics can help auditors focus on high-risk issues for further analysis and investigation.

Accounting Today
Feb 26, 2021

Trump's tax returns arrive at Manhattan prosecutor's office
New York prosecutors have received eight years of Donald Trump's individual and corporate tax returns from the former president's accounting firm, according to a spokesman for Manhattan District Attorney Cyrus Vance Jr.

Accounting Today
Feb 26, 2021

Key senators float corporate tax to enable minimum-wage hike
Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden's push to boost the minimum wage to that level in his COVID-19 aid bill.

Accounting Today
Feb 26, 2021

People & firms on the move: Anchin appoints first COO
Lumsden & McCormick promotes four; Oklahoma Society of CPAs announces 2021 Trailblazer and Path Finder award winners; and more CPA news.

Accounting Today
Feb 26, 2021

Schumer weighs big-firm tax to enable minimum wage hike
Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don't pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

Accounting Today
Feb 26, 2021

No progress without a pandemic?
Even after the coronavirus, the accounting profession will need to keep changing and adapting at a rapid pace.

Accounting Today
Feb 25, 2021

Companies investing in crypto may be in for a rude accounting surprise
Corporations are starting to buy digital assets like Bitcoin to bolster their treasuries, but the volatility in prices could put a dent in their balance sheet.

Accounting Today
Feb 25, 2021

IRS warns: Stop taking this deduction — it's been repealed
A ‘wave' of claims for the Domestic Production Activities Deduction sparks an alert.

Accounting Today
Feb 25, 2021

Tax Fraud Blotter: Walk-in fall
RAP sheet; shipping out; Pelicon; and other highlights of recent tax cases.

Accounting Today
Feb 25, 2021

RSM US announces DE&I-focused collaborative for middle market
The Top Five Firm welcomed 14 inaugural organizations from a wide range of industries to "actively enhance diversity, equity and inclusion within their organizations."

Accounting Today
Feb 25, 2021

Audit fees spike as complexity rises
Auditing costs have been increasing in recent years for public companies, thanks to new accounting standards and corporate acquisitions, according to a study released Thursday.

Accounting Today
Feb 25, 2021

5 regulatory issues to watch in 2021
To best serve your clients, and your own firm, these are the top items to closely monitor in the year ahead.

Accounting Today
Feb 25, 2021

5 regulatory issues you and your clients should watch in 2021
To best serve your clients, and your own firm, these are the top items to closely monitor in the year ahead.

Accounting Today
Feb 25, 2021

A Trump tax break kicked off a race to redraw U.S. Census maps
Maneuvers played out across the country as census tract boundaries were changed to accommodate wealthy investors whose projects fell outside the lines of roughly 8,700 opportunity zones. About 140 tracts grew in size.

Accounting Today
Feb 25, 2021

Generational Viewpoints: Cultivating culture at a distance
Professionals from Top 100 Firm PKF O'Connor Davis share the strategies they're using to maintain firm culture in a remote environment.

Accounting Today
Feb 25, 2021

Tax Strategy: Issues for the 2021 tax filing season
A host of developments promise to complicate this year's run-up to April 15.

Accounting Today
Feb 24, 2021

Tax Court denies attorney's lodging deduction as he wasn't away from home
The Tax Court added its voice to the dilemma facing many taxpayers working remotely due to the pandemic, denying an attorney his lodging expenses in Maryland because he was not "away from home" while working in the Washington, D.C. area.

Accounting Today
Feb 24, 2021

Tax Court: You have to be 'away from home' to take lodging deduction
The Tax Court added its voice to the dilemma facing many taxpayers working remotely due to the pandemic.

Accounting Today
Feb 24, 2021

PwC rolls out tax and accounting AI apps
PricewaterhouseCoopers is turning some of the digital tools it developed internally to train its staff into artificial intelligence products its clients can use in their finance departments.

Accounting Today
Feb 24, 2021

FinCEN sees stimulus payment fraud schemes rising
The Treasury Department's Financial Crimes Enforcement Network issued an advisory warning about a growing variety of scams involving Economic Impact Payments aimed at recipients of COVID-19 relief.

Accounting Today
Feb 24, 2021

Treasury sees jump in stimulus payment fraud
The Financial Crimes Enforcement Network issued a warning about the widening range of scams involving Economic Impact Payments aimed at recipients of COVID-19 relief.

Accounting Today
Feb 24, 2021

IRS faces obstacles uncovering noncompliance of tax-exempt groups
The Internal Revenue Service is confronting some barriers in detecting improper conduct by tax-exempt organizations who abuse the federal tax laws.

Accounting Today
Feb 24, 2021

The unbalanced balance sheet: Make intangibles count
The lens through which we view a company affects how we measure success. A more complete picture contributes to a more unified understanding of value.

Accounting Today
Feb 24, 2021

Boomer's Blueprint: Virtual — exposure and opportunity
Gary Boomer shares five lessons for the future for accountants.

Accounting Today
Feb 24, 2021

4 things to know about the federal solar power tax credit
More and more accountants are recommending their homeowner clients consider solar panels. Here's why.

Accounting Today
Feb 23, 2021

In the blogs: Fun times ahead
Delaying filing; inbox anxiety; a new voice; and other highlights from our favorite tax bloggers.

Accounting Today
Feb 23, 2021

Congress asks IRS to help ID theft victims with stolen unemployment benefits
Leaders of the House Ways and Means Committee want the Internal Revenue Service to assist taxpayers who are getting information returns in the mail for unemployment benefits they never received.

Accounting Today
Feb 23, 2021

SEC suspends ex-KPMG auditors over audits of defunct college
The Securities and Exchange Commission suspended two former KPMG auditors accused of improper professional conduct during an audit of the now defunct College of New Rochelle.

Accounting Today
Feb 23, 2021

Global tax leaders see extra risks from pandemic
Governments around the world are confronting budget deficits due to the COVID-19 pandemic and corporate tax leaders are worried about higher tax assessments, double taxation, penalties, interest and surcharges.

Accounting Today
Feb 23, 2021

Tax deadlines extended for victims of Texas weather
Following the disaster declaration by FEMA, the IRS is able to offer all sorts of relief to Texans.

Accounting Today
Feb 23, 2021

2021 is already presenting early complications for next tax season
Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have ripple effects when tax pros sit down with their clients next winter.

Accounting Today
Feb 23, 2021

U.K. watchdog puts more space between ‘Big Four' units
The U.K.'s accounting regulator introduced fresh recommendations to put further distance between the Big Four accounting firms and their consulting arms ahead of their impending split.

Accounting Today
Feb 23, 2021

A star trader turns star witness in $12B tax scandal
His story reveals the far-reaching net that continues to entangle individuals and firms who were engaged in so-called Cum-Ex transactions, almost a decade after the dividend-tax practice ended.

Accounting Today
Feb 23, 2021

Trump taxes, long guarded, will soon be in prosecutor's hands
Donald Trump, who managed to keep his tax returns a secret the entire time he was in the White House, is about to see them fall into the hands of a New York prosecutor looking into possible criminal charges against him.

Accounting Today
Feb 23, 2021

Tax refunds and stimulus checks: What advisors say clients should do now
A COVID-wrecked economy has changed the calculus for some financial planners.

Accounting Today
Feb 22, 2021

Intuit boosts e-commerce capabilities with acquisition
Intuit has acquired OneSaas, provider of e-commerce data integration software, and plans to accelerate the integration of third party e-comm solutions with its QuickBooks platform.

Accounting Today
Feb 22, 2021

CalCPA names interim CEO
Past chair and retired Grant Thornton audit partner Richard Simitian will take the helm on March 1.

Accounting Today
Feb 22, 2021

Lawmakers tell IRS to stop sending incorrect tax delinquency notices
Two leaders of Congress's main tax committee are questioning why the Internal Revenue Service keeps sending notices to taxpayers about missing returns when it's still catching up on unprocessed mail.

Accounting Today
Feb 22, 2021

IRS urged to fix security holes in tax transcript program
The Internal Revenue Service should be doing more to protect the security of tax transcript information available through its Income Verification Express Service program, according to a new report.

Accounting Today
Feb 22, 2021

Less than half of accountants say the profession is equitable
A new report from the IMA and CalCPA also found that 43 to 55 percent of female, nonwhite, and LGBTQIA respondents polled have left a U.S. accounting company due to a perceived lack of equitable treatment.

Accounting Today
Feb 22, 2021

Building an exit ramp
No one likes to contemplate their own mortality, but John Napolitano of U.S. Wealth Management makes it clear why accountants need to get their business-owner clients thinking about exit planning.

Accounting Today
Feb 22, 2021

Trump rejected as Supreme Court lets prosecutor get tax records
The U.S. Supreme Court put a New York grand jury on the brink of getting eight years of Donald Trump's tax returns and other financial records, ending months of delay by rejecting his bid to keep the information private.

Accounting Today
Feb 22, 2021

PwC offers free masters degree for Black, Latinx accountants
The Big Four firm created the program to give more people of color the opportunity to become CPAs.

Accounting Today
Feb 22, 2021

Art of Accounting: Overloaded with tax work, underloaded with staff
A firm found itself shorthanded during tax season when two of its most experienced tax return reviewers left. What should they do?

Accounting Today
Feb 22, 2021

3 pillars of an end-of-pandemic strategy
The vaccine rollout may not be happening as fast as we'd like, but an end to the worst of the pandemic is on the horizon. Is your firm ready for it?

Accounting Today
Feb 22, 2021

White House will give small firms two-week exclusive PPP access
The Biden administration will give exclusive access to the Paycheck Protection Program to the nation's smallest businesses for two weeks as part of a broader effort to steer federal aid to the most vulnerable parts of the economy.

Accounting Today
Feb 22, 2021

Biden's economic legacy at stake as next package takes shape
Progressives are eyeing tax measures including an increase in the capital-gains levy.

Accounting Today
Feb 22, 2021

What does it mean to be a ‘highly automated' firm?
Automation isn't just about improving your business processes — it's also a key way to better serve your clients.

Accounting Today
Feb 19, 2021

Tax season off to a slow start, lawmakers complain to IRS
Leaders of the tax-writing House Ways and Means Committee are sounding the alarm over the slow start to tax season, reflected in the initial week of data from the IRS.

Accounting Today
Feb 19, 2021

Lawmakers look to offer tax relief to beauty salons
Two members of Congress teamed up Friday to introduce a bipartisan bill that would offer tax credits for income from tips to beauty salon owners and workers.

Accounting Today
Feb 19, 2021

FASB OK's goodwill alternative for private cos., nonprofits
The Financial Accounting Standards Board approved a tweak to the goodwill rules for private businesses and not-for-profits, giving them more flexibility on when to do impairment assessments of triggering events.

Accounting Today
Feb 19, 2021

FASB OKs goodwill alternative for private cos., nonprofits
The Financial Accounting Standards Board approved a tweak to the goodwill rules for private businesses and not-for-profits, giving them more flexibility on when to do impairment assessments of triggering events.

Accounting Today
Feb 19, 2021

Cryptocurrency investors turn to opportunity zones for tax relief and social good
You can provide a bit (coin) of good news for clients with outsize short-term gains from alternative assets.

Accounting Today
Feb 19, 2021

TurboTax adds Credit Karma integration
Taxpayers who file through TurboTax can now opt to open a Credit Karma Money Spend account and have their tax refund sent there directly.

Accounting Today
Feb 19, 2021

Tech News: ADP brings payroll platform to Canada and Mexico
Quadient updates document management, SafeSend rebrands, and Rippling adds time and attendance tracking.

Accounting Today
Feb 19, 2021

Accountants can save the planet while helping businesses flourish
For accounting to take a pivotal role in tackling the climate emergency, a single set of sustainability standards is critical.

Accounting Today
Feb 19, 2021

Accountants could save the planet while helping businesses flourish
Accountants must now take a pivotal role in tackling the climate emergency, while guiding businesses through an age of unprecedented change.

Accounting Today
Feb 19, 2021

People & firms on the move: BKD names first chief practice officer
Citrin Cooperman appoints leader of entertainment, music and sports industry practice; Lindquist promotes four; and more CPA news.

Accounting Today
Feb 18, 2021

Lawmakers ask IRS to extend tax season until July 15
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15.

Accounting Today
Feb 18, 2021

Lawmakers ask IRS to extend tax season until July 15 due to COVID
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15.

Accounting Today
Feb 18, 2021

IRS offers flexibility on carrying over FSA funds
New guidance shows how employees and employers can carry over unused money from flexible spending accounts and dependent care assistance programs.

Accounting Today
Feb 18, 2021

IRS offers flexibility on carrying over unused FSA funds amid coronavirus
The Internal Revenue Service provided guidance Thursday on how employees and employers can carry over unused money from flexible spending accounts and dependent care assistance programs during the COVID-19 pandemic.

Accounting Today
Feb 18, 2021

Tax season: What the IRS says clients and advisors can expect
The agency's commissioner is upbeat, but tax preparers and financial planners worry that this year could be especially chaotic due to the COVID pandemic.

Accounting Today
Feb 18, 2021

Democrat bills would help the IRS go after wealthy, corporations
House Democrats are proposing two pieces of legislation that would also provide more funding for the Internal Revenue Service.

Accounting Today
Feb 18, 2021

Democrats introduce bills to increase taxes on wealthy and corporations
House Democrats are proposing two pieces of legislation to increase taxes on high earners and corporations and provide more funding for the Internal Revenue Service.

Accounting Today
Feb 18, 2021

IRS continues to face mail backlog amid pandemic
The Internal Revenue Service is still dealing with a backlog of unprocessed mail from 2020, hurting its efforts to provide help with COVID-19 relief payments and this year's tax season.

Accounting Today
Feb 18, 2021

Tax Fraud Blotter: Pants on fire
Family affairs; Ultimate crime; level effects; and other highlights of recent tax cases.

Accounting Today
Feb 18, 2021

Tax changes are brewing for online alcohol marketplaces
A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic.

Accounting Today
Feb 18, 2021

Tax changes brewing for online alcohol marketplaces
A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic.

Accounting Today
Feb 18, 2021

Tax strategy can help private equity firms unlock long-term value
Amid regulatory change, margin pressure and technological shifts, private equity firms need to rethink their approach to tax and finance functions. Petter Wendel, EY global tax private equity leader, shares how based on findings from the 2020 EY Tax and Finance Operate Survey.

Accounting Today
Feb 18, 2021

Illinois governor's budget cuts costs, corporate tax breaks
Illinois Governor J.B. Pritzker is seeking to cut spending and end some corporate tax breaks to help close the worst-rated state's nearly $3 billion deficit in the coming fiscal year.

Accounting Today
Feb 17, 2021

KPMG speaks out against Asian-American violence
Paul Knopp, KPMG U.S. Chair and CEO, posted an internal message on LinkedIn reiterating the firm's condemnation of "discrimination, harassment or racism" against Asian-Americans during the COVID-19 pandemic.

Accounting Today
Feb 17, 2021

YouTube star deserts California for Puerto Rico over taxes
The pandemic has fueled a dramatic new wave of high-profile migration, sending tech workers to Texas, Wall Street types to Florida — and now YouTube provocateur Logan Paul to Puerto Rico.

Accounting Today
Feb 17, 2021

YouTube star Logan Paul deserts California for Puerto Rico thanks to taxes
The pandemic has fueled a dramatic new wave of high-profile migration, sending tech workers to Texas, Wall Street types to Florida — and now YouTube provocateur Logan Paul to Puerto Rico.

Accounting Today
Feb 17, 2021

DAFs stepped up charitable giving during pandemic
Holders of donor-advised funds increased their disbursements last year in response to urgent demands for greater charitable contributions to cope with the COVID-19 pandemic.

Accounting Today
Feb 17, 2021

IRS warns of ghost tax preparers
The Internal Revenue Service issued a warning Wednesday to taxpayers to beware of unethical "ghost" tax preparers who don't sign tax returns for clients.

Accounting Today
Feb 17, 2021

Drive growth with a partnership marketing plan
While one marketer is good, two or more working toward a common goal is even better.

Accounting Today
Feb 17, 2021

Ted on Tech: Another unusual tax season bears a new look at scanners
With tax season starting later than usual, and many of your clients still stuck working remotely, you'll need all of the tools you can get to make the tax prep process go as smoothly as possible.

Accounting Today
Feb 17, 2021

Take control of your calendar this busy season
Get back 10-plus hours of every week with this strategy.

Accounting Today
Feb 17, 2021

BlackRock's latest climate instructions come with a new threat
BlackRock has previously endorsed companies reporting climate risks based on frameworks developed by the Task Force on Climate-related Financial Disclosures and the Sustainability Accounting Standards Board. This year, it went a step further.

Accounting Today
Feb 17, 2021

Democrats' bill targets private equity, hedge fund tax break
Three House Democrats are pushing legislation that would repeal the carried-interest tax break used by fund managers to reduce the levies they owe to the Internal Revenue Service.

Accounting Today
Feb 17, 2021

Rollable phones, and other tech stories you may have missed
A first-ever online integration for QuickBooks, robot restaurants, ‘One Outlook,' and seven other developments in technology you may have missed.

Accounting Today
Feb 17, 2021

Growing your practice — without adding new clients
These five strategies can help you boost your profits, without ever have to sell to a prospect.

Accounting Today
Feb 17, 2021

CAQ, AICPA publish ESG reporting roadmap
The Center for Audit Quality and the American Institute of CPAs released a guide Wednesday to environmental, social and governance reporting and attestation for accountants.

Accounting Today
Feb 16, 2021

Pandemic forces CFOs to manage financial liquidity better
CFOs and other finance executives are finding they need to reforecast their company's liquidity and cash flow on a weekly and even daily basis as they cope with the pandemic.

Accounting Today
Feb 16, 2021

In the blogs: Oh, the places we'll tax
New digital advertising tax; ripping off PPP; careful with prenups; and other highlights from our favorite tax bloggers.

Accounting Today
Feb 16, 2021

Tax policy shifting this year under Biden
The Biden administration is likely to dramatically change its approach to tax policy, with the first step in the stimulus package it began pushing through Congress this month.

Accounting Today
Feb 16, 2021

Xero adds pay later option for U.K. clients
IwocaPay becomes the first pay later software integration on the Xero accounting software platform.

Accounting Today
Feb 16, 2021

CPACA responds to pandemic, shuffles leadership
The CPA Consultants Alliance held its annual meeting online to discuss challenges confronting the accounting profession from COVID-19 and elect a new slate of officers for this year.

Accounting Today
Feb 16, 2021

Avoiding the SALT cap might actually spark a larger tax bill
Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.

Accounting Today
Feb 16, 2021

Accounting without borders
Growth consultant Gale Crosley talks about taking a practice across the country and around the world.

Accounting Today
Feb 16, 2021

Dixon Hughes Goodman launches diversity-focused 'Futures Program'
The Top 20 Firm will hold an annual summer program designed to recruit, develop and retain minority accounting students with a Diversity Leadership Summit and internship opportunities.

Accounting Today
Feb 16, 2021

SPACs may bring accounting risks
Like most financial instruments, special purpose acquisition companies present risks and rewards, and require due diligence from accounting firms to help avoid landmines.

Accounting Today
Feb 16, 2021

New complexities arise in taxation of domestic employment clients
Over the past few years, household employers have seen a rapid increase in labor law requirements driven by state-level Domestic Worker Bill of Rights legislation, as well as state and municipal paid time off and paid sick leave ordinances.

Accounting Today
Feb 16, 2021

New complexities in taxation for domestic employers
Household employers have seen a rapid increase in labor law requirements, as well as state and municipal paid time off and paid sick leave ordinances.

Accounting Today
Feb 15, 2021

Art of Accounting: Work-life balance doesn't stop for tax season
Don't make tax season the deciding factor in the important things in your life.

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