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Accounting Today
Jul 02, 2020

Tax Fraud Blotter: Run and gun
Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases.

Accounting Today
Jul 02, 2020

Global accounting groups urge long-term value creation amid coronavirus
Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic.

Accounting Today
Jul 02, 2020

IRS offers relief on low-income housing tax credits in response to coronavirus
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic.

Accounting Today
Jul 02, 2020

Auditors can improve ESG info amid coronavirus, says CAQ report
Audit firms can enhance the reliability of environmental, social and governance reporting, according to a new report from the Center for Audit Quality.

Accounting Today
Jul 02, 2020

People & firms on the move: BSSF marketing director named to local 2020 Women of Influence list
EisnerAmper and DHG each develop COVID-19-related workplace solutions; AAM elects four to board of directors; and more CPA news.

Accounting Today
Jul 02, 2020

Value pricing: How to gain a competitive edge and make more money
Finding ways to not just maintain revenues but increase them is becoming Job One for accounting practices large and small in the pandemic.

Accounting Today
Jul 02, 2020

What's on the table for the next round of U.S. coronavirus relief
With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus.

Accounting Today
Jul 02, 2020

Employers added 4.8M jobs in June despite coronavirus, including 17.5K in accounting
The unemployment rate fell to 11.1 percent, as employees returned to work despite the ongoing spread of COVID-19.

Accounting Today
Jul 02, 2020

House clears extension of Paycheck Protection Program to August
The House gave final last-minute congressional approval Wednesday to extending the popular loan program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.

Accounting Today
Jul 02, 2020

The 2020 VAR 100: The cloud and the coronavirus
The COVID-19 pandemic looks to be accelerating the long-term trend toward the adoption of the cloud.

Accounting Today
Jul 01, 2020

Paul Juras begins term as IMA global chair
The Babson College professor takes his post as the institute faces the challenge of the coronavirus pandemic.

Accounting Today
Jul 01, 2020

Deadline looms for unclaimed billions in federal refunds
$1.5 billion is available for taxpayers who didn't file a federal income tax return.

Accounting Today
Jul 01, 2020

FASB and GASB undergo leadership transitions amid coronavirus
The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their second terms.

Accounting Today
Jul 01, 2020

Continuous CPA Exam testing for U.S. candidates begins
The National Association of State Boards of Accountancy, the American Institute of CPAs and testing administrator Prometric have launched the Continuous Testing model for U.S. CPA Exam candidates, due to the ongoing coronavirus pandemic, effective July 1, 2020.

Accounting Today
Jul 01, 2020

Private sector added 2,369,000 jobs in June amid coronavirus, says ADP
Private sector employers added 2,369,000 jobs in June, according to payroll giant ADP, in a promising sign of business recovery despite the COVID-19 pandemic. ADP also revised upward its May total from a loss of 2,760,000 jobs to a gain of 3,065,000 jobs.

Accounting Today
Jul 01, 2020

Clarifying 5 common misconceptions about cost segregation
Cost segregation can be more complex than you think, depending on who owns the asset, how the property reports revenue, the nature of repairs and improvements made, and the depreciation time frame desired.

Accounting Today
Jul 01, 2020

Millionaires face near-zero chance of IRS audit — for now
If you have an income of $1 million or more there's less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.

Accounting Today
Jul 01, 2020

Avalara plans product for small business sales tax returns
Avalara Returns for Small Businesses arrives at the two-year mark of the Supreme Court Wayfair decision, which allows states to now collect sales tax from remote sellers.

Accounting Today
Jul 01, 2020

IRS can't find some check recipients as Congress weighs stimulus
The IRS still hasn't found everyone who is due a $1,200 stimulus check from the government, and locating everyone eligible for the payments will be key for any additional pandemic relief Congress may pass later this year.

Accounting Today
Jul 01, 2020

Senate passes extension of small business loan program
The Senate has passed an extension of the popular Paycheck Protection Program for small businesses, which was set to close down Tuesday night with more than $130 billion in funding left over.

Accounting Today
Jul 01, 2020

A post-pandemic to-do list
Accounting's thought leaders predict how the profession can expect to successfully emerge from the crisis.

Accounting Today
Jun 30, 2020

Filling the gaps in a client's financial plan
Sports fans have heard the adage, "The best offense is a good defense." I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to detail.

Accounting Today
Jun 30, 2020

In the blogs: You knew this was coming
Audits plunge; new pricing survey; Mnuchin does Europe; and other highlights from our favorite tax bloggers.

Accounting Today
Jun 30, 2020

Payrolls returning slowly amid coronavirus pandemic
The labor market has a long road ahead as businesses try to adjust to the outbreak of the COVID-19 pandemic.

Accounting Today
Jun 30, 2020

IRS revamps annual data book to highlight new areas of importance
The Internal Revenue Service has released its annual IRS Data Book for 2019 with a new format that aims to showcase the IRS's work in fiscal year 2019, along with an additional message about its response this year to the novel coronavirus pandemic, which delayed publication.

Accounting Today
Jun 30, 2020

M&A roundup: BDO, RubinBrown, Wessel and Hancoock Askew expand
BDO USA is adding CFO Advisors and MorganFranklin Consulting's public sector practice; RubinBrown Advisors combines with Wealth Management Advisors; Wessel & Company merges in Perry & Company; and CA P.A. joins Hancock Askew & Co.

Accounting Today
Jun 30, 2020

Small businesses start to reopen and add employee hours, Paychex finds
As small businesses in different parts of the country reopen in the midst of the novel coronavirus pandemic, they are beginning to increase the number of hours worked by their employees, according to payroll giant Paychex, although spikes in the virus are threatening to set back those gains.

Accounting Today
Jun 30, 2020

Inside the intentionally defective grantor trust
IDGT's are particularly useful estate planning tools in a low-interest-rate environment.

Accounting Today
Jun 30, 2020

Incoming GASB chair's lack of state audit experience prompts questions
Joel Black will succeed David Vaudt as chair of the Governmental Accounting Standards Board on July 1. He was appointed by the Financial Accounting Foundation six months ago and will be the first GASB chair without experience serving as a state auditor.

Accounting Today
Jun 30, 2020

IRS says it will not extend tax filing deadline beyond July 15
The Internal Revenue Service won't further delay the tax filing and payment deadline past July 15, despite requests to do so, the agency said Monday.

Accounting Today
Jun 29, 2020

SASB opens new project to set standards for plastics reporting
The Sustainability Accounting Standards Board voted during an online meeting last week to open a new standard-setting project to address single-use plastics and bio-alternatives in the chemicals and pulp and paper industries.

Accounting Today
Jun 29, 2020

New Taxpayer Advocate sees tax challenges from CARES Act
National Taxpayer Advocate Erin Collins released her first report to Congress Monday, discussing some of the difficulties confronting taxpayers and the IRS during the COVID-19 pandemic.

Accounting Today
Jun 29, 2020

Art of Accounting: Developing a niche or specialty
It is important to develop a specialty, but it needs to be balanced with the needs of the practice and your interests.

Accounting Today
Jun 29, 2020

Handling your own mistakes
Every accountant and financial planner will make mistakes, says John Napolitano of U.S. Wealth Management -- the question is how you handle them.

Accounting Today
Jun 29, 2020

Corporate audits fell 71% as coronavirus crippled IRS
The IRS initiated 71% fewer corporate audits this spring compared with the same time period a year ago as the coronavirus pandemic halted many agency operations.

Accounting Today
Jun 29, 2020

Ease up on multiple CAF requests, IRS asks
Multiple submissions for access to the same account slows processing times.

Accounting Today
Jun 29, 2020

Luckin seeks chairman's resignation amid accounting scandal
Luckin Coffee Inc.'s board will require Chairman Charles Zhengyao Lu to resign, adding to the fallout from an accounting scandal that has battered the onetime market darling.

Accounting Today
Jun 29, 2020

The top 3 state and local tax issues created by remote workers
Business leaders and accountants should understand three significant SALT issues, if they're expecting an increase of remote employees working in new state or local tax jurisdictions this year.

Accounting Today
Jun 29, 2020

5 tips for running a successful remote close
Even before the outbreak of COVID-19, CFOs and finance leaders faced an increasingly complex landscape, driven by a multitude of social, political, and economic threats.

Accounting Today
Jun 29, 2020

Watchdog's deceased mother one of 1.1M to get stimulus check
The head of a federal watchdog agency had some direct experience with the shortcomings of one of the coronavirus stimulus programs — a check from the IRS made out to his late mother.

Accounting Today
Jun 29, 2020

The coronavirus pandemic is just the end of the beginning
Long-term changes are brewing underneath the surface issues surrounding the current crises.

Accounting Today
Jun 29, 2020

RPA is ready for its close-up
Robotic process automation is on the cusp of making your job much easier

Accounting Today
Jun 26, 2020

UHY auditor aims to win in World Series of softball, despite pandemic
Hailee Johnson, a manager in UHY's audit practice in Michigan, led a softball team sponsored by the firm to a World Series C Softball Championship in 2017, and she is hoping to do the same this year.

Accounting Today
Jun 26, 2020

CPA firms down, but not out, from COVID-19, survey finds
A recent webinar hosted by Inovautus Consulting found that polled firms are largely optimistic about the future, but marketing and advisory services remain vital amid the pandemic.

Accounting Today
Jun 26, 2020

Think about changing your firm's partner compensation plan post-coronavirus
Setting partner compensation is an art and not a science. Show me your compensation plan and I'll tell you your firm's strategy.

Accounting Today
Jun 26, 2020

People & firms on the move: EisnerAmper appoints Pennsylvania forensics leader
ConvergenceCoaching launches annual "Anytime, Anywhere Work" survey; Mazars USA names chief people officer, chief marketing officer; and more CPA news.

Accounting Today
Jun 26, 2020

Wirecard auditors say ‘elaborate' fraud led to missing billions
Wirecard auditors say ‘elaborate' fraud led to missing billions

Accounting Today
Jun 26, 2020

France, U.K. offer to limit digital tax after U.S. threat
Italy and Spain also offered to limit the scope of a proposed global digital tax, a concession after the U.S. threatened to hit countries with tariffs if they moved ahead with levies on tech companies.

Accounting Today
Jun 26, 2020

IRS wasting millions on audits with no results, watchdog says
The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.

Accounting Today
Jun 25, 2020

How to build a successful exit planning practice
CPAs have a unique view into their clients who will exit their businesses in the not-too-distant future.

Accounting Today
Jun 25, 2020

Tax filing deadlines in the time of coronavirus
The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.

Accounting Today
Jun 25, 2020

Tax filing in the time of coronavirus, and the IRS extension on time to file
The extension also applies to Americans living abroad who would otherwise generally have a filing deadline of June 15.

Accounting Today
Jun 25, 2020

Tax Fraud Blotter: Contemptuous
Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax cases.

Accounting Today
Jun 25, 2020

IRS sent $1.4B in stimulus checks to dead people, audit finds
The federal government's quick action to issue stimulus payments in the wake of the coronavirus crisis led to more than a billion dollars of fraudulent payments, while slow action to address the health risks might have worsened the outbreak, according to a report by a government watchdog.

Accounting Today
Jun 25, 2020

Wirecard's wild week finally ends in insolvency filing
Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

Accounting Today
Jun 25, 2020

Democrats want to block stimulus for companies moving offshore
Top Democrats in the House and Senate are backing a measure that would deny coronavirus aid to companies that moved their official headquarters offshore to avoid U.S. taxes.

Accounting Today
Jun 25, 2020

Procrastination may pay this tax season, IRS says
Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service.

Accounting Today
Jun 25, 2020

Pathways to Growth: Everything's changed — but has it?
Accounting firm leaders need to hold fast to growth principles in changing times.

Accounting Today
Jun 25, 2020

Economic downturn? Not if you're smart
The pandemic has created many great opportunities for finance pros to help their clients.

Accounting Today
Jun 25, 2020

AICPA releases audit software for employee benefit plans
There are close to 84,000 employee benefit plan audits conducted in the United States each year, almost 70 percent of which are limited scope audits.

Accounting Today
Jun 24, 2020

ID theft heads ETAAC's latest recommendations
The committee's suggestions for the IRS include collaborating with the FTC.

Accounting Today
Jun 24, 2020

BDO continues to do M&A deals despite pandemic
The COVID-19 pandemic isn't stopping BDO USA from pursuing a constant series of M&A deals in recent years, although the latest one had to be mostly negotiated at a safe distance.

Accounting Today
Jun 24, 2020

ACCA sees long-term impact from coronavirus on organizations
The COVID-19 pandemic is likely to lead to long-term consequences for organizations, according to a survey of accountants around the world by the Association of Chartered Certified Accountants.

Accounting Today
Jun 24, 2020

IRS finalizes rules for impact of 199A deduction on REIT dividends
The Internal Revenue Service released final regulations Wednesday on how a regulated investment company that receives qualified real estate investment trust dividends should report the dividends paid by the company to its shareholders in accordance with section 199A of the Tax Code, which allows the investors to take a hefty deduction.

Accounting Today
Jun 24, 2020

4 ways HR outsourcing can help your clients get back to business after coronavirus
As businesses plan for reopening following the coronavirus (COVID-19) pandemic, your firm may be wondering how you can best advise clients on safety and HR-related topics during this time.

Accounting Today
Jun 24, 2020

Accounting Today accepting 2020 MP Elite submissions
The annual list recognizes top leaders from accounting firms across the country.

Accounting Today
Jun 24, 2020

British accounting firms face new setback as FRC opens probe
Britain's audit industry faces another dent to its reputation as the nation's accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.'s work for defunct London Capital & Finance Plc.

Accounting Today
Jun 24, 2020

Mnuchin says he may consider second tax due-date extension
Treasury Secretary Steven Mnuchin said he may consider a second extension in the U.S. tax filing deadline as the coronavirus pandemic continues.

Accounting Today
Jun 24, 2020

Tax deadlines extended for tornado victims
The IRS offers tax relief for those affected by storms and flooding in the Southeast.

Accounting Today
Jun 24, 2020

What's in your firm's social media policy?
A clear set of guidelines is a must to protect your firm.

Accounting Today
Jun 23, 2020

RMD rollover relief granted under CARES Act
The IRS offers guidance in Notice 2020-51 on the rollover period, which has been extended to Aug. 31.

Accounting Today
Jun 23, 2020

In the blogs: What a relief
Notices finally arriving; big breaks for Oprah and Walmart; the snares of working remotely; and other highlights from our favorite tax bloggers.

Accounting Today
Jun 23, 2020

Intuit changes tech development focus, lays off 715
Intuit CEO Sasan Goodarzi announced that the software giant would be changing focus to virtual solutions, omni-channel commerce and money benefits to small businesses, in light of the impact of COVID-19.

Accounting Today
Jun 23, 2020

GASB releases guidance on deferred compensation plans
The Governmental Accounting Standards Board issued guidance Tuesday to improve the reporting of Section 457 deferred compensation plans for state and local government employees.

Accounting Today
Jun 23, 2020

Assessing Sarbanes-Oxley compliance risk in the coronavirus environment
The pandemic is introducing changes — potentially significant ones — to the SOX compliance process.

Accounting Today
Jun 23, 2020

Assessing SOX compliance risk in the coronavirus environment
The pandemic is introducing changes — potentially significant ones — to the SOX compliance process.

Accounting Today
Jun 23, 2020

Supreme Court narrows power of SEC to recoup illegal gains
The U.S. Supreme Court limited the power of the Securities and Exchange Commission to recoup illegal profits from wrongdoers, putting new curbs on one of the agency's most potent legal weapons.

Accounting Today
Jun 23, 2020

Tax Strategy: QIP post-CARES Act
The rules governing qualified improvement property ...

Accounting Today
Jun 23, 2020

Former Wirecard CEO Braun arrested over missing cash scandal
Wirecard AG's former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany's financial industry.

Accounting Today
Jun 22, 2020

IRS proposes rules for elimination of commuting benefits deduction
The Internal Revenue Service has issued a set of proposed regulations to provide guidance on the elimination of the deduction of qualified transportation fringe and commuting expenses in the Tax Cuts and Jobs Act.

Accounting Today
Jun 22, 2020

M&A roundup: Anders and Adams Brown expand
Anders CPAs Advisors plans to merge in Cummings, Ristau & Associates at the end of June; and Adams, Brown, Beran & Ball, Chtd.has acquired the Jonesboro, Arkansas, office of EGP PLLC.

Accounting Today
Jun 22, 2020

On Wayfair's 2nd anniversary, issues remain
Two years in, state and businesses are still figuring out all the ramifications of the landmark sales tax decision.

Accounting Today
Jun 22, 2020

Tech companies rejected by top court on tax breaks
The U.S. Supreme Court refused to question a ruling that technology companies including Facebook Inc. and Google say will cost them billions of dollars in taxes by limiting deductions for stock payments to employees.

Accounting Today
Jun 22, 2020

A hand up but a bill due: Taxes and unemployment
Tax pros share what they're telling clients about relief for the jobless during the pandemic.

Accounting Today
Jun 22, 2020

Wirecard fights for survival as billions may not exist
Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably don't exist, deepening an accounting scandal that has rattled Germany's financial industry.

Accounting Today
Jun 22, 2020

Art of Accounting: New partner responsibilities
Many new partners continue as they were, but with a higher status, and more pay. However, there is plenty for new partners to know and do, and unfortunately many firms do not have any "new partner training,"

Accounting Today
Jun 22, 2020

SEC chief urged to drop U.S. Attorney bid amid political battle
U.S. Securities and Exchange Commission Chairman Jay Clayton was surprised and dismayed by the political battle that quickly erupted over his pending nomination to be the top federal prosecutor in New York, said people familiar with the matter.

Accounting Today
Jun 22, 2020

Wayfair at 2: The complexity continues
With the landmark Supreme Court decision marking its second anniversary, Avalara's Scott Peterson and Liz Armbruester dive into its origins -- and its many, many ramifications.

Accounting Today
Jun 22, 2020

Trump administration flips on PPP disclosures after backlash
The Trump administration, following a backlash, said it would release details about companies that received loans of $150,000 or more from a coronavirus relief program for small businesses.

Accounting Today
Jun 19, 2020

5 reasons to move into sell mode at your firm amid coronavirus
It's a good time to be opportunistic about your firm's future — and to poke these embers in a meaningful way.

Accounting Today
Jun 19, 2020

IRS expands relief for coronavirus-related retirement plan withdrawals
The Internal Revenue Service provided guidance on expanded eligibility and more.

Accounting Today
Jun 19, 2020

Fathom debuts educational platform for accountants
Advisable taps advisory teams from around the world who share their insights and experience.

Accounting Today
Jun 19, 2020

People & firms on the move: CLA opens registration for virtual summer program
Mindbridge named a World Economic Forum Technology Pioneer; Mazars USA opens office in Dallas; and more CPA news.

Accounting Today
Jun 19, 2020

Credit strategies for protecting working capital in a crisis
For B2B sellers, extending credit to customers always carries a degree of risk — payments could be delayed, or worse yet delinquent, jeopardizing working capital. But in an economic crisis, that risk is compounded.

Accounting Today
Jun 19, 2020

Wirecard's missing $2.1B forces out CEO, panics lenders
Markus Braun's almost two decades as Wirecard AG's chief executive officer ended after accusations about the company's accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

Accounting Today
Jun 19, 2020

IRS employees are returning to offices amid coronavirus
Internal Revenue Service employees are beginning to go back to their offices to deal with the mountain of paperwork awaiting them, even as some are testing positive for COVID-19, but they quickly adapted to working remotely in recent months, according to a group of top IRS officials.

Accounting Today
Jun 18, 2020

EY and multinational tax clients adjust to coronavirus
Ernst & Young and its business tax clients at companies across the U.S. and other countries have faced a series of challenges amid the pandemic.

Accounting Today
Jun 18, 2020

Dates, times released for IRS Tax Forums
The popular events will be entirely online this year.

Accounting Today
Jun 18, 2020

Tax Fraud Blotter: On Top no more
Not ferry nice; bettering their living conditions; precious Metal; and other highlights of recent tax cases.

Accounting Today
Jun 18, 2020

NJCPA honors 40 Ovation Awards recipients for 2020
The New Jersey Society of CPAs highlighted local professionals who are advancing the profession forward in such areas as diversity, innovation and education.

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