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 NEWS: ACCOUNTING TODAY
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   NEWS: ACCOUNTING TODAY
Accounting Today
May 27, 2020

10 takeaways on the PPP loan forgiveness application
The SBA's form clarifies some issues, but still leaves questions to be answered.

Accounting Today
May 27, 2020

R&D tax credits and the coronavirus
Research credits could look very different for some companies in 2020 compared to other years.

Accounting Today
May 27, 2020

The focus shifts to PPP forgiveness
The release of the SBA's loan forgiveness application highlights the questions that remain around the Paycheck Protection Program.

Accounting Today
May 26, 2020

In the blogs: It's a date
Waiting for refunds; EIP debit cards; using state-level OICs; and other highlights from our favorite tax bloggers.

Accounting Today
May 26, 2020

PCAOB eyes audits involving cryptocurrency
The Public Company Accounting Oversight Board released a document Tuesday with information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies.

Accounting Today
May 26, 2020

NASBA proposes changes in CPA requirements
The National Association of State Boards of Accountancy has proposed a set of revisions to the Uniform Accountancy Act Model Rules for CPAs, including the addition of more course content on data analytics and digital acumen, and the ability to take courses outside a school of business.

Accounting Today
May 26, 2020

Treasury, SBA post rules for Paycheck Protection Program loan forgiveness
The Treasury Department and the Small Business Administration released an interim final rule for loan forgiveness under the PPP, supporting small businesses with SBA-backed loans under the CARES Act that will be forgiven as long as they meet the requirements.

Accounting Today
May 26, 2020

Treasury, SBA post rules for PPP loan forgiveness
The Treasury Department and the Small Business Administration released an interim final rule after posting the loan forgiveness application.

Accounting Today
May 26, 2020

Lawsuit seeks PPP agent fees for accountants
The class action claims banks aren't paying practitioners their fair share.

Accounting Today
May 26, 2020

IAASB offers guidance on auditor reporting during coronavirus
The International Auditing and Assurance Standards Board released guidance for auditors to consider when issuing audit reports amid the COVID-19 pandemic.

Accounting Today
May 26, 2020

Time for a change? The what and how about business entity conversion
Your clients' businesses evolve over time — and the business environment in which they operate changes as well, especially at a time like this.

Accounting Today
May 26, 2020

Time for a change? The what and how of business entity conversion
Your clients' businesses evolve over time — and the business environment in which they operate changes as well, especially at a time like this.

Accounting Today
May 26, 2020

You work in an office? What a luxury
Just as air travel was never the same after 9/11 and lending was never the same after the 2008 financial crisis, working in an office setting will never be the same post-pandemic.

Accounting Today
May 26, 2020

Samsung heir summoned for questioning in accounting probe
South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country's largest corporation.

Accounting Today
May 26, 2020

Looking ahead: Tax planning and the coronavirus
From more OICs and higher state taxes, to managing NOLs and the long-term ramifications of the PPP, experts advice predictions for practitioners.

Accounting Today
May 26, 2020

O.J., accounting fraud, Icahn: The story of Hertz going bust
The short version of Hertz Global Holdings Inc.'s bankruptcy story goes something like this: Global pandemic obliterates the travel business and lands an iconic 102-year-old company in court to seek protection from creditors.

Accounting Today
May 26, 2020

ICPAS announces 2020 academic scholarship recipients
The Illinois Society of CPAs awarded $84,000 to 43 collegiate accounting students as part of its Accounting Scholarship Program.

Accounting Today
May 26, 2020

How to arbitrage U.S. taxes for difficult economic times
Pandemic-induced market volatility and warnings from Wall Street that tax rates are bound to rise have more Americans preparing to move money from traditional individual retirement accounts into Roth IRAs.

Accounting Today
May 25, 2020

Art of Accounting: Planning your strategic planning meeting
This year all playbooks have to be discarded and a fresh start needs to be developed.

Accounting Today
May 22, 2020

IRS Tax Forums to go virtual this year
The live-streamed webinars will start in July.

Accounting Today
May 22, 2020

Coronavirus changes priorities for corporate tax pros
The COVID-19 pandemic is forcing corporate tax departments to reconsider their top priorities for this year, according to a new survey.

Accounting Today
May 22, 2020

SEC requires more disclosure of acquisitions and dispositions of businesses
The Securities and Exchange Commission voted to add amendments to its rules and forms to improve financial information about acquired or disposed businesses for investors, and decrease the complexity and costs of preparing such disclosures.

Accounting Today
May 22, 2020

Senate bill would stop garnishment of stimulus payments by debt collectors
A bipartisan group of lawmakers has introduced legislation to close a loophole in the CARES Act.

Accounting Today
May 22, 2020

People & firms on the move: Maner Costerisan names first director of marketing
Grant Thornton appoints leaders of 18 offices; Clayton & McKervey introduces PPP consulting services; and more CPA news.

Accounting Today
May 22, 2020

Retention rules vary for state e-file signature authorization forms
How long should tax professionals hold onto the e-file signature authorizations of their clients? It depends on where they and their clients reside.

Accounting Today
May 22, 2020

All the loopholes U.S. states have to ‘balance' their budgets
As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets.

Accounting Today
May 21, 2020

Tax Fraud Blotter: Skim game
Yacht happening; going, going, gone; grey and bootleg; and other highlights of recent tax cases.

Accounting Today
May 21, 2020

Koziel leaving AICPA to head Allinial
After 14 years, the institute EVP will take up his new position in August.

Accounting Today
May 21, 2020

Rethink your 2020 partner retreat with coronavirus in mind
Every firm and many businesses are going through a crisis like none that anyone could foresee, or one that any of us have had to ever navigate before.

Accounting Today
May 21, 2020

Pelosi: House will review bill to delist Chinese cos. over audits
Under the Senate legislation, if a company can't show that it is not under control of a foreign government, or the PCAOB isn't able to audit the company for three consecutive years to determine that is the case, the company's securities would be banned from the exchanges.

Accounting Today
May 21, 2020

Pruning the branches that bear no fruit
Do you have someone on your team who's not flourishing and developing?

Accounting Today
May 21, 2020

ICMA releases first 2020 CMA exam results
The Institute of Certified Management Accountants also announced a change in the testing window schedule for 2020, due to COVID-19.

Accounting Today
May 21, 2020

State and local gov'ts should forego tax revenue to boost businesses now
Business operations need cash influxes now more than ever.

Accounting Today
May 21, 2020

AICPA Council elects Deloitte's Tracey Golden as chair, approves CPA Evolution model
The American Institute of CPAs' Council elected Tracey Golden, an audit partner with Deloitte, as AICPA chair for a one-year term, starting June 1, during the governing group's first-ever virtual Council meeting.

Accounting Today
May 21, 2020

AICPA Council elects new chair, approves CPA Evolution model
The American Institute of CPAs' Council elected Tracey Golden, an audit partner with Deloitte, as AICPA chair for a one-year term, starting June 1, during the governing group's first-ever virtual Council meeting.

Accounting Today
May 21, 2020

Senate approves bill to require Chinese companies to give PCAOB access to audits
The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world's two largest economies.

Accounting Today
May 21, 2020

Senate approves bill to require Chinese cos. to give PCAOB access to audits
The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world's two largest economies.

Accounting Today
May 21, 2020

Diversity and inclusion is a marathon, not a sprint
Firms need to take the long view in pursuing their D&I ‘North Star.'

Accounting Today
May 21, 2020

KPMG offers performance enhancement platform for midsized companies
The platform is built to unify processes, tech platform and application support in one SaaS service.

Accounting Today
May 20, 2020

The accountant's role in recovery
Accountants are looking cautiously at the prospects for reopening the economy, shares Ohio Society of CPAs president and CEO Scott Wiley -- and they have an important part to play in that.

Accounting Today
May 20, 2020

FASB delays rev rec and leases standards in response to coronavirus
The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards.

Accounting Today
May 20, 2020

FASB delays rev rec standard in response to coronavirus
The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition standard.

Accounting Today
May 20, 2020

IRS increases HSA limits for 2021
The Internal Revenue Service issued its annual inflation adjustment Wednesday for health savings accounts for 2021, at a time when many taxpayers are worried about their health in the midst of the novel coronavirus pandemic.

Accounting Today
May 20, 2020

MSCPA awards educational scholarships to 37 local students
The Massachusetts Society of CPAs awarded a record $146,500 in scholarships as part of its Educational Foundation Scholarship Program.

Accounting Today
May 20, 2020

Changes to changes: Financial planning after the CARES Act and the SECURE Act
Both pieces of legislation have caused sweeping changes to retirement planning and wealth management.

Accounting Today
May 20, 2020

Coronavirus's impact on the SECURE Act and life insurance
The CARES Act has modified the SECURE Act, which itself caused sweeping changes to retirement planning.

Accounting Today
May 20, 2020

Why CPA firms should leverage RPA during a pandemic
With the world going through a recession, stakeholders and investors of client companies will lean on accounting firms more than ever to maintain trust and confidence in their companies.

Accounting Today
May 20, 2020

Virus accounting maneuvers criticized by European authorities
Europe's top markets watchdog is warning companies against getting creative with financial statements that obscure the effect of the coronavirus pandemic on their bottom line.

Accounting Today
May 20, 2020

SEC charges three former KPMG partners for exam misconduct
The Securities and Exchange Commission announced Tuesday settled charges against three former KPMG audit partners for sharing answers to internal training exams.

Accounting Today
May 20, 2020

PwC sued by Matalan founder over Monaco move tax advice
The founder of U.K. discount retailer Matalan Plc is suing PricewaterhouseCoopers over claims he lost as much as 135 million pounds ($165 million) by relying on advice the accounting firm gave him when he moved to Monaco 20 years ago.

Accounting Today
May 20, 2020

As clients struggle, Mazars creates PPP Analysis Tool
The Top 100 Firm has its eye on more COVID-19 solutions.

Accounting Today
May 19, 2020

In the blogs: Hero hour
Mute points; a twist on taking the AOTC; abolishing estate exclusions; and other highlights from our favorite tax bloggers.

Accounting Today
May 19, 2020

IRS criminal investigators' undercover travel expenses probed
The Internal Revenue Service's Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report.

Accounting Today
May 19, 2020

‘That's not R&D': Changing how engineers view R&D can increase tax credits
Equip your boots on the ground to recognize R&D worthy of credit.

Accounting Today
May 19, 2020

How to advise clients with household help during the coronavirus pandemic
For families who employ a nanny to care for their children in the home, there is the extra concern of what to do with their employee.

Accounting Today
May 19, 2020

Internal auditors prepare for the return to work post-coronavirus
But relatively few audit execs are actually performing reviews of critical risk areas such as health and safety.

Accounting Today
May 19, 2020

5 things companies should do in tough times
As companies are evaluating continued operations, balancing profits with acceptable levels of loss, functioning with massively more remote work and trying to make up for economic disruptions, the first thought tends to be "How can we cut costs?"

Accounting Today
May 19, 2020

More clarity needed on PPP forgiveness
The application from the Treasury leaves many questions unanswered.

Accounting Today
May 19, 2020

IRS starts using prepaid debit cards to send coronavirus stimulus payments
The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

Accounting Today
May 19, 2020

IRS starts using prepaid debit cards to send stimulus payments
The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

Accounting Today
May 19, 2020

Amex offers Invoiced to merchant customers at 40 percent discount
The provision gives customers much-needed access to easier ways to receive payment from clients during a time when many businesses are experiencing interruption due to the coronavirus pandemic.

Accounting Today
May 19, 2020

Crowe creates PPP loan forgiveness management solution for lenders
Crowe has joined the growing number of firms offering solutions to aid in Paycheck Protection Program participation.

Accounting Today
May 18, 2020

IRS adding 3,500 phone reps to answer stimulus payment calls
The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.

Accounting Today
May 18, 2020

Congress should leave accounting standards to FASB
Members of the American Accounting Association's Financial Reporting Policy Committee denounce provisions in the CARES Act they see as threatening FASB's independence and setting a dangerous precedent with serious potential to undermine confidence in corporate financial reporting.

Accounting Today
May 18, 2020

Accountants can help companies set strategy to deal with coronavirus
Management accountants and CFOs can play an important role in guiding companies through the strategic options available to cope with the COVID-19 pandemic.

Accounting Today
May 18, 2020

Art of Accounting: Small firms were the first, but are they now the last?
Many will reconfigure what they do to the new reality and will make some investments in updating and formalizing some of their Band-Aid processes.

Accounting Today
May 18, 2020

Protecting businesses from fraud
Grant Thornton CEO Brad Preber and principal Linda Miller, who leads the firm's fraud and financial crimes practice, offer strategies to help businesses protect themselves from fraud amid the pandemic environment.

Accounting Today
May 18, 2020

SBA and Treasury roll out PPP loan forgiveness application
The U.S. Small Business Administration, in conjunction with the Treasury Department, released a loan forgiveness application for the SBA's troubled Paycheck Protection Program, along with detailed instructions for the application.

Accounting Today
May 18, 2020

Stim pickings: What to tell clients about coronavirus relief
Tax practitioners share the questions they're getting asked most, and how they're answering.

Accounting Today
May 18, 2020

House passes $3 trillion stimulus with no future in Senate
The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks

Accounting Today
May 18, 2020

Taking a professional approach to niche building
You may find more similarities among your clients than you expect.

Accounting Today
May 15, 2020

BKD acquires CampbellWilson
The Top 20 Firm is adding a Dallas-based consulting firm that focuses on the health care industry.

Accounting Today
May 15, 2020

With sales tax revenues down sharply, nexus becomes tool of choice for states
The CPA's first line of defense is to protect e-tailers and brick-and-mortar shops.

Accounting Today
May 15, 2020

Accounting resilience and sustainability in a post-pandemic economy
A lack of modern lease accounting capabilities makes it difficult for many businesses with large lease portfolios to regain control, improve liquidity and plan for the future.

Accounting Today
May 15, 2020

Coronavirus shows importance of improving lease accounting
A lack of modern lease accounting capabilities makes it difficult for many businesses with large lease portfolios to regain control, improve liquidity and plan for the future.

Accounting Today
May 15, 2020

People & firms on the move: Rehmann rebrands
RSM graduates third class in Industry Eminence program; Brown Smith Wallace raises money to feed health care workers; and more CPA news.

Accounting Today
May 15, 2020

Accountants worry about losing clients amid the pandemic
More than half expect to be back to a more normal work environment in less than six months, according to a new survey.

Accounting Today
May 15, 2020

China blacklists six executives linked to $4.2B fraud
China's securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country's biggest drugmakers.

Accounting Today
May 15, 2020

Companies that left U.S. for tax reasons could qualify for Fed's aid
Lax eligibility requirements are raising new questions about which firms should get access to public money.

Accounting Today
May 15, 2020

KPMG offers policy and technical framework for bringing workers back to office
The COVID-19 pandemic has forced workers across the US to stay home. KPMG offers a robust plan for bringing staff back to the workplace when the time comes.

Accounting Today
May 15, 2020

KPMG offers policy and technical framework for reopening offices
The COVID-19 pandemic has forced workers across the U.S. to stay home. KPMG offers a robust plan for bringing staff back to the workplace when the time comes.

Accounting Today
May 14, 2020

Tax Fraud Blotter: Snow jobs
A fuel and his money; see ya labor; low miles but high taxes; and other highlights of recent tax cases.

Accounting Today
May 14, 2020

Grant Thornton introduces blockchain platform for managing intercompany transactions
The firm has implemented inter.x in-house, but it is also available to clients to manage dealings between financial entities of a business, which account for 30 to 40 percent of the global economy.

Accounting Today
May 14, 2020

More PPP loans seem to be coming through for anxious business owners
The Small Business Administration's troubled Paycheck Protection Program appears to be providing more businesses with long-awaited loans, despite the rocky rollout and ever-changing guidance, according to a new survey.

Accounting Today
May 14, 2020

IRS limits loan forgiveness in Paycheck Protection Program
The Internal Revenue Service guidance caused some consternation among some small businesses and tax experts.

Accounting Today
May 14, 2020

Marriage lockdown: Divorce in the time of coronavirus
Divorce and COVID-19 each bring various tax considerations.

Accounting Today
May 14, 2020

Post-implementation review process overhauled for accounting standards
The Financial Accounting Foundation's board of trustees is changing the process for assessing the effectiveness of standards.

Accounting Today
May 14, 2020

In crisis, small businesses need small accounting firms
In this environment where information is fluid and everything is changing on a daily basis, accountants must stay out in front of clients' needs.

Accounting Today
May 14, 2020

Trump looking at Chinese cos. on U.S. exchanges that don't follow accounting rules
The president acknowledged the move could prompt Chinese companies to move off of the NYSE and Nasdaq.

Accounting Today
May 14, 2020

The six levers of value creation
Professional services firms need to adopt a business catalyst mindset to drive value acceleration.

Accounting Today
May 13, 2020

Democrats' $3 trillion aid bill has seeds for eventual GOP deal
Republicans universally rejected a $3 trillion stimulus measure drafted by House Democrats to bolster the U.S. economy, but the draft plan has the seeds for an eventual, smaller compromise.

Accounting Today
May 13, 2020

Study questions effectiveness of TCJA at stemming foreign R&D shifting
The international tax provisions of the Tax Cuts and Jobs Act will likely have less impact on the willingness of multinational companies to shift their income abroad than the money they can save by using foreign employees to do research and development.

Accounting Today
May 13, 2020

5 ideas to help take your practice to the next level
There are no fixed rules and you can grow your firm in many ways.

Accounting Today
May 13, 2020

Proposed regs address deductibility of fines and penalties
The IRS is aiming to clarify some of the ramifications of the TCJA.

Accounting Today
May 13, 2020

Coronavirus's impact on Q1 reporting and financial closing
As the world grapples with the escalating impact of the pandemic, a stark realization is now sweeping over accounting and finance teams — they're the ones who have to figure out how countless uncertainties fit into their reporting and GAAP.

Accounting Today
May 13, 2020

Has coronavirus changed bookkeeping forever?
As businesses and employers make the sudden shift to agile working from home, how does this change their approach to maintaining their accounts?

Accounting Today
May 13, 2020

Trump tax returns remain elusive after mixed high court argument
Democrats may be as far as ever from seeing President Donald Trump's tax returns after a U.S. Supreme Court argument suggested a legal fight over House subpoenas could extend for months.

Accounting Today
May 13, 2020

A great time for fraudsters
Grant Thornton CEO Brad Preber and principal Linda Miller explain why the coronavirus pandemic and the government response to it have created unique opportunities for fraud.

Accounting Today
May 13, 2020

Heat-seeking cameras and other tech stories you may have missed
Ten pandemic-related technology developments from the past month, and how they'll impact your clients and your firm.

Accounting Today
May 13, 2020

Your firm and the pandemic: Better after broken
During stressful times like these, it's natural to feel like everything around you is broken.

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