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Jul 13, 2020
The Tax Court struck down four more abusive syndicated conservation easement transactions last week, prompting the IRS to call on any taxpayer involved in such transactions who receives a settlement offer from the Service to accept it soon.
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Jul 13, 2020
A group of five national tax authorities has been working together for the past two years on cooperating in the fight against tax crimes, with one man pleading guilty last week in Germany to fraud charges involving cryptocurrency.
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Jul 13, 2020
Managing cash flow has become the top priority for financial professionals as their businesses have seen significant drops in cash flow, revenue and profits amid the COVID-19 pandemic, according to a new survey.
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Jul 13, 2020
Breakaway Bookkeeping & Advising, a startup company based in Portland, Oregon, is starting to build a network of accountants, bookkeepers and financial advisors who can act as virtual CFOs for small business clients.
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Jul 13, 2020
The Sustainability Accounting Standards Board and the Global Reporting Initiative announced a collaborative work plan to provide more clarity on how their two sets of standards can be used together.
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Jul 13, 2020
In response to the coronavirus pandemic, Dixon Hughes Goodman created a re-entry readiness framework and risk analytics platform that the firm is now offering clients.
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Jul 13, 2020
Deloitte has opened a legal business services practice in the U.S., expanding a line of business it has offered abroad.
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Jul 13, 2020
Management of an accounting practice (MAP) articles and books offer a wealth of information, shared experiences, best practices and hard-learned secret sauces yet they are not taken advantage of by a large majority of accountants.
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Jul 13, 2020
Dozens of millionaires from the U.S. and six other countries have a message for their governments: "Tax us. Tax us. Tax us."
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Jul 13, 2020
The best time to make changes? When everything you've ever known has been turned upside down.
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Jul 10, 2020
Donald Trump will get a chance next week to try new arguments against Manhattan District Attorney Cyrus Vance's subpoena of his tax returns and other financial records after the U.S. Supreme Court rejected the president's claim of immunity in the matter.
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Jul 10, 2020
The controls over the pseudonym program used by Internal Revenue Service employees to protect their identities could be improved, according to a recent report.
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Jul 10, 2020
The American Institute of CPAs' Auditing Standards Board released an updated standard for auditing accounting estimates and disclosures to deal with the increased volatility of the economy this year in the midst of the novel coronavirus pandemic.
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Jul 10, 2020
The Top 20 Firm is inviting clients and the local community to a July 14 webinar centered on "addressing positive change and equality for all people."
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Jul 10, 2020
The Senate and House passed bipartisan legislation to help nonprofits, state and local governments, and federally recognized tribes remain financially viable during the COVID-19 pandemic by ensuring they receive federal help for unemployment payments upfront, instead of being reimbursed later.
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Jul 10, 2020
IRS criminal investigation chief announces retirement; Connecticut Society of CPAs and FEI install new boards of directors; and more CPA news.
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Jul 10, 2020
As an accounting professional, these are tough days. But that doesn't mean your practice can't grow during this season.
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Jul 10, 2020
France held firm on its plans to resume collection of a national digital tax that hits technology giants including Amazon.com Inc., Alphabet Inc.'s Google and Facebook Inc., saying it wouldn't be swayed by threats of U.S. sanctions.
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Jul 09, 2020
Donald Trump scored a tactical victory from the Supreme Court that will likely keep his personal financial records out of public view through the November election, but he framed Thursday's two rulings as a loss imposed by his enemies.
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Jul 09, 2020
Sentence stayed; stealing on multiple levels; the loot you took; and other highlights of recent tax cases.
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Jul 09, 2020
The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations.
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Jul 09, 2020
The American Institute of CPAs' Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.
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Jul 09, 2020
Meanwhile, the AICPA is working to come up with a uniform approach for the applications.
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Jul 09, 2020
Manhattan District Attorney Cyrus Vance could soon get his hands on President Donald Trump's tax returns, but that doesn't mean the public will see them.
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Jul 09, 2020
By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet.
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Jul 09, 2020
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
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Jul 09, 2020
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.
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Jul 09, 2020
The U.S. Supreme Court cleared a New York grand jury to get President Donald Trump's financial records while blocking for now House subpoenas that might have led to their public release before the election.
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Jul 09, 2020
Box 7 on the 1099-MISC is moving to its own form in January 2021, and companies need to be ready.
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Jul 09, 2020
2020 is testing the profession's resiliency like nothing has before, and accountants are losing sleep, skipping vacations, and working longer hours to adapt to the challenges COVID-19 has brought.
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Jul 08, 2020
The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.
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Jul 08, 2020
The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.
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Jul 08, 2020
The Institute of Internal Auditors and the International Federation of Accountants are calling on audit committees to be vigilant about risk management, performance, controls and processes during the COVID-19 pandemic.
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Jul 08, 2020
The explosion in e-commerce since early March has resulted in a significant increase in online sales tax revenues in most states.
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Jul 08, 2020
A "new normal" is framing day-to-day life as those in professional services return to work.
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Jul 08, 2020
The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor's former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms' shortcomings.
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Jul 08, 2020
New data shows the extent to which multinational companies shift profits around the globe to avoid tax, increasing pressure on international efforts to rewrite rules for a digital era, the OECD said.
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Jul 08, 2020
Apple Inc. will find out next week whether it won the first round of its bid to topple a record 13 billion-euro ($14.7 billion) Irish tax bill imposed by European Union state-aid regulators.
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Jul 08, 2020
Prices have risen significantly in the past two years, preparers report.
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Jul 08, 2020
150,000 reasons to protect yourself against ransomware, and nine other developments in technology from this past month and how they'll impact your clients and your firm.
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Jul 08, 2020
The global coronavirus pandemic has created an atmosphere of change for VAT countries as they struggle to come to terms with the financial impact of the crisis.
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Jul 08, 2020
The global coronavirus pandemic has created an atmosphere of change for VAT countries as they struggle to come to terms with the financial impact of the crisis.
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Jul 08, 2020
Vertex has filed for an IPO, riding the wave of success the Supreme Court Wayfair decision has brought tax automation providers.
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Jul 08, 2020
Property tax disparity; finding clients with social media; remembering Kleinbard; and other highlights from our favorite tax bloggers.
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Jul 07, 2020
Deloitte is helping its corporate clients get ready to prepare their quarterly financial statements in the midst of the novel coronavirus pandemic, as its own employees grow more accustomed to doing remote audits while working from home.
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Jul 07, 2020
But they remain attractive to countries looking to countries looking to tax U.S. tech giants and to U.S. states hungry for revenue.
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Jul 07, 2020
The American Institute of CPAs has organized a coalition of 21 business trade groups in urging the Federal Reserve and the Treasury Department to provide a new lending facility to small businesses for short-term liquidity needs.
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Jul 07, 2020
The American Institute of CPAs has organized a coalition of 21 business trade groups to push for help for businesses' short-term liquidity needs.
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Jul 07, 2020
Your clients don't want to have to pick up the phone and wait four days for an answer.
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Jul 07, 2020
You can't have a bunch of B, C, D or even F clients if you want it to be an A practice.
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Jul 07, 2020
You can't have a bunch of B, C, D or even F clients if you want it to be an A practice.
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Jul 07, 2020
KPMG appointed new leaders in the U.S. of its audit, tax and advisory businesses as the Big Four firm tries to regain trust after a bruising series of scandals.
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Jul 07, 2020
A new study also found that accountants are, by and large, very pleased with how their firms have responded to the pandemic.
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Jul 07, 2020
This year is expected to be the worst for the global economy since World War II, according to a new survey by the Association of Chartered Certified Accountants and the Institute of Management Accountants.
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Jul 06, 2020
The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic.
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Jul 06, 2020
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.
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Jul 06, 2020
Disclosures of nonfinancial information, such as environmental, social and governance issues, aren't always "clear or useful," according to a report by the Government Accountability Office.
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Jul 06, 2020
The Trump administration released details of almost 4.9 million loans to businesses - from sole proprietors to restaurant and hotel chains - under the federal government's largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.
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Jul 06, 2020
The New York State Society of CPAs highlighted local up-and-coming accounting professionals who have excelled in leadership both inside and outside of the profession.
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Jul 06, 2020
The New York State Society of CPAs highlighted local up-and-coming accounting professionals who have excelled in leadership both inside and outside of the profession.
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Jul 06, 2020
With the switch to remote work, new training methods are needed. Here are some things you can try.
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Jul 06, 2020
The U.K.'s dominant accounting firms must separate their audit units from other operations by June 2024 as the country's industry watchdog reacts to shortcomings that led to the collapse of several companies.
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Jul 06, 2020
The 2017 tax law eliminated the federal write-offs previously allowed for unreimbursed business expenses and home offices, along with most other miscellaneous itemized deductions.
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Jul 06, 2020
The American Institute of CPAs announced that it is offering education grants to 25 accounting students who have been monetarily impacted by the ongoing pandemic.
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Jul 02, 2020
Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases.
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Jul 02, 2020
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.
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Jul 02, 2020
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.
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Jul 02, 2020
Audit firms can enhance the reliability of environmental, social and governance reporting, according to a new report from the Center for Audit Quality.
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Jul 02, 2020
EisnerAmper and DHG each develop COVID-19-related workplace solutions; AAM elects four to board of directors; and more CPA news.
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Jul 02, 2020
Finding ways to not just maintain revenues but increase them is becoming Job One for accounting practices large and small in the pandemic.
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Jul 02, 2020
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.
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Jul 02, 2020
The unemployment rate fell to 11.1 percent, as employees returned to work despite the ongoing spread of COVID-19.
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Jul 02, 2020
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.
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Jul 02, 2020
The COVID-19 pandemic looks to be accelerating the long-term trend toward the adoption of the cloud.
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Jul 01, 2020
The Babson College professor takes his post as the institute faces the challenge of the coronavirus pandemic.
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Jul 01, 2020
$1.5 billion is available for taxpayers who didn't file a federal income tax return.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
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.
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Jul 01, 2020
Accounting's thought leaders predict how the profession can expect to successfully emerge from the crisis.
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Jun 30, 2020
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.
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Jun 30, 2020
Audits plunge; new pricing survey; Mnuchin does Europe; and other highlights from our favorite tax bloggers.
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Jun 30, 2020
The labor market has a long road ahead as businesses try to adjust to the outbreak of the COVID-19 pandemic.
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Jun 30, 2020
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.
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Jun 30, 2020
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.
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Jun 30, 2020
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.
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Jun 30, 2020
IDGT's are particularly useful estate planning tools in a low-interest-rate environment.
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Jun 30, 2020
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.
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Jun 30, 2020
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.
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Jun 29, 2020
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.
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Jun 29, 2020
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.
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Jun 29, 2020
It is important to develop a specialty, but it needs to be balanced with the needs of the practice and your interests.
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Jun 29, 2020
Every accountant and financial planner will make mistakes, says John Napolitano of U.S. Wealth Management -- the question is how you handle them.
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Jun 29, 2020
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.
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Jun 29, 2020
Multiple submissions for access to the same account slows processing times.
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