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 NEWS: ACCOUNTING TODAY
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   NEWS: ACCOUNTING TODAY
Accounting Today
Jan 22, 2020

Grant Thornton offers indirect tax software
Grant Thornton LLP has introduced its new iNDIRECT.360 system to help companies manage their indirect tax processes and data needs.

Accounting Today
Jan 22, 2020

Global TaxUpdate offers international tax legislation translated into English
Global TaxUpdate, a Lisbon, Portugal-based global tax information provider, has introduced GTU OnDemand, an e-commerce service that provides access to an online store of translated tax legislation.

Accounting Today
Jan 22, 2020

Federal tax lawsuits plunge
Federal civil tax lawsuits have fallen by more than half over the past decade, according to a new analysis.

Accounting Today
Jan 22, 2020

IESBA proposes major revisions to independence standards for auditors
The International Ethics Standards Board for Accountants has released two exposure drafts for proposed ethical standards aimed at strengthening the non-assurance services and fee-related independence provisions of the International Code of Ethics for Professional Accountants.

Accounting Today
Jan 22, 2020

Most taxpayers confident about tax prep
Taxpayers are feeling good about their tax-filing abilities, according to a new survey, with 89 percent indicating they feel confident they have their withholding set up correctly and 95 percent saying they're confident that they're taking all the deductions they can.

Accounting Today
Jan 22, 2020

PwC showcases new technologies
PricewaterhouseCoopers showed off some of its new and upcoming technologies it has been developing for its staff and clients, particularly in the auditing field, at an event Tuesday in its offices in New York.

Accounting Today
Jan 22, 2020

The art of the deal
The last several years have seen a "merger frenzy," with small and midsize CPA firms (with annual revenues between $10 million and $24 million) getting acquired by larger CPA firms that have a strong brand and a track record of average to above average equity partner profitability.

Accounting Today
Jan 22, 2020

Pentagon racks up $35T in accounting changes in one year
The Pentagon made $35 trillion in accounting adjustments last year alone — a total that's larger than the entire U.S. economy and underscores the Defense Department's continuing difficulty in balancing its books.

Accounting Today
Jan 22, 2020

Mnuchin uses auto tariff threats as leverage over digital taxes
Even as France indicated a willingness to postpone a disputed tax on technology companies, U.S. Treasury Secretary Steven Mnuchin dangled the prospect of retaliatory tariffs on automobile imports if the issue isn't resolved.

Accounting Today
Jan 22, 2020

Fordham University wins 19th annual 'FanTAXtic' competition
The student team succeeded against more than 40 other colleges and universities in Deloitte's national case study tournament.

Accounting Today
Jan 21, 2020

AICPA drafts guidance for insurance standard
The American Institute of CPAs' Financial Reporting Executive Committee has proposed several working drafts of its guidance on the long-duration insurance accounting standard for insurance companies.

Accounting Today
Jan 21, 2020

In the blogs: The coming grind
Popular forms' deadlines; sharper eye on S corps; when restitution has mattered; and other highlights from our favorite tax bloggers.

Accounting Today
Jan 21, 2020

FloQast raises $40M, looks forward to IPO
At first, FloQast focused on smaller businesses, but today its software serves companies ranging in size from 200 to 10,000 employees.

Accounting Today
Jan 21, 2020

Transforming business functions to meet complex sales tax challenges
Tax and finance leaders are now dealing with some unprecedented pressures coming from several sources.

Accounting Today
Jan 21, 2020

CTCPA to honor seven 'Women's Awards' recipients
The Connecticut Society of CPAs will honor four "Distinguished Service" professionals and three "Women to Watch" at its inaugural CTCPA Women's Awards Breakfast on Jan. 22.

Accounting Today
Jan 21, 2020

Macron, Trump may have tariff truce in 2020 digital tax spat
Presidents Emmanuel Macron and Donald Trump agreed to a truce in their dispute over digital taxes that will mean neither France nor the U.S. will impose punitive tariffs this year.

Accounting Today
Jan 21, 2020

Maryland firm donates $100K to Towson University
Rosen, Sapperstein & Friedlander's contribution will go toward expanding programs at the university's College of Business and Economics.

Accounting Today
Jan 21, 2020

Global economic confidence rebounded in Q4, say ACCA and IMA
Global economic confidence bounced back in the fourth quarter of last year to approximately the level it enjoyed in mid-2019, with a particularly strong improvement in North America, according to a new survey of accountants from the Association of Chartered Certified Accountants and the Institute of Management Accountants.

Accounting Today
Jan 21, 2020

Built Technologies acquires lienwaivers.io
Built Technologies, a provider of construction finance software, has acquired lienwaivers.io, a developer of lien waiver management and payment technology for commercial and residential construction.

Accounting Today
Jan 21, 2020

AppZen enhances AI finance platform
AppZen has released its enhanced AppZen Platform, using artificial intelligence to automate audits and other financial processes.

Accounting Today
Jan 20, 2020

Monetize clients while building their value
CPA firms have lost sight of their central mission: building client value.

Accounting Today
Jan 20, 2020

Expat tax services directory updated and expanded
American Citizens Abroad, a group that promotes the interests of U.S.-born expatriates, has updated and relaunched its online Expat Tax Services Directory of firms providing tax services, tax preparation, accounting services, financial advisory and legal services.

Accounting Today
Jan 20, 2020

Senate Democrats investigate corporate loopholes in TCJA regulations
A group of Senate Democrats has launched an investigation of the regulatory process for the Tax Cuts and Jobs Act and the ways in which exceptions were made for corporations as a result of fierce lobbying with the passage of the 2017 tax overhaul.

Accounting Today
Jan 20, 2020

Yount, Hyde and Barbour merges in Woodcock & Associates
Yount, Hyde and Barbour, a firm in Winchester, Virginia, is acquiring Woodcock & Associates, PC in Fredericksburg, Virginia, bolstering YHB's construction industry expertise.

Accounting Today
Jan 20, 2020

IRS needs to improve service for taxpayers with limited proficiency in English
The Internal Revenue Service did a good job last tax season dealing with the many changes in the tax law, despite the 35-day government shutdown, but it still needs to improve its dealings with taxpayers who have limited proficiency with the English language, according to a new report.

Accounting Today
Jan 20, 2020

Art of Accounting: Withum SOTF 2020
Withum's annual State of the Firm (SOTF) event, attended by over 1,000 Withum team members, was held at the New Jersey Performing Arts Center last Monday.

Accounting Today
Jan 20, 2020

Crunching the numbers on growth
Setting a growth goal is about much more than picking a percentage -- firms need to dive deeper to understand what it will really take to hit that goal, says Bob Lewis of The Visionary Group -- and they need to make sure they have people who can bring in the new business they need.

Accounting Today
Jan 20, 2020

IRS considers relief for corporations from double taxation for repatriation
The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act.

Accounting Today
Jan 17, 2020

IRS to restore some sequestered funds
Less than a thousand businesses were affected by an OMB determination involving the refundable corporate minimum tax credit.

Accounting Today
Jan 17, 2020

Firms on the move: Boyer & Ritter constructs can sculptures to benefit local food bank
Baker Newman Noyes and Aronson cut ribbons on new offices; Sweeney Conrad celebrates 40 years; and more CPA news.

Accounting Today
Jan 17, 2020

Transforming accounting partners into marketing advocates
Marketing directors and partners at accounting firms share the same goal: advancing the firm's brand and helping it achieve specific growth and profitability targets.

Accounting Today
Jan 17, 2020

People on the move: DHG appoints senior manager of inclusion and diversity
Aprio promotes a dozen to partner and director; Mathieson, Moyski, Austin & Co. hires first firm administrator; and more personnel news.

Accounting Today
Jan 17, 2020

Trump tax cut hands $32B windfall to America's top banks
Savings for the top six U.S. banks from President Donald Trump's signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

Accounting Today
Jan 17, 2020

International accounting groups call for better sustainable development disclosures
A group of international accounting organizations is calling for improved reporting and action on the UN's Sustainable Development Goals to hit the ambitious goals set for 2030.

Accounting Today
Jan 17, 2020

Intuit names Barry Pennett VP and GM of ProConnect group
Barry Pennett has been placed in the new role of vice president and general manager of Intuit's ProConnect Group, just in time for tax season.

Accounting Today
Jan 17, 2020

Intuit names new VP and GM of ProConnect group
Barry Pennett has been named to the new role of vice president and general manager of Intuit's ProConnect Group, just in time for tax season.

Accounting Today
Jan 17, 2020

The millionaires who actually want to pay more in taxes
They call themselves the Patriotic Millionaires, and they say with straight faces it's time the ultra-affluent kick in more to Uncle Sam.

Accounting Today
Jan 17, 2020

Tax season is coming and it might be as chaotic as last year
Filing taxes last year was a nightmare for taxpayers, their accountants and the Internal Revenue Service. This year might not be much better.

Accounting Today
Jan 17, 2020

Firms giving back: H&R Block holds nationwide school supply drive
Top 100 Firm Boyer & Ritter also donated more than 3,100 cans of food as part of the firm's holiday party.

Accounting Today
Jan 16, 2020

Tax Fraud Blotter: Her little secrets
A little off the top; noted; over the Edge; and other highlights of recent tax cases.

Accounting Today
Jan 16, 2020

M&A roundup: Double mergers, and more
UHY Advisors and UHY LLP merged in Pattison, Koskey, Howe and Bucci, CPAs; MBAF expanded its tax and accounting practice by adding Kramer & Associates; and Fiondella, Milone & LaSaracina merged in Viola Chrabascz Reynolds and Formica & Dobkin.

Accounting Today
Jan 16, 2020

FASB clarifies accounting for equity securities
The Financial Accounting Standards Board has issued a standards update aimed at clarifying the interaction between the rules related to equity securities, equity method investments and certain derivatives.

Accounting Today
Jan 16, 2020

State sales and use tax changes in 2019 and what to expect in 2020
The year 2019 was a continuation of the banner year of 2018 for major law and administrative changes in sales and use tax compliance, inspired and driven in large part by the Supreme Court's decision in South Dakota v Wayfair.

Accounting Today
Jan 16, 2020

ACCA launches 'wellbeing hub' for students' mental health
The Association of Chartered Certified Accountants will provide mental health, lifestyle and community support as part of a new online resource.

Accounting Today
Jan 16, 2020

IRS offers tax relief for student loan debt discharges
The Internal Revenue Service and the Treasury Department are offering a safe harbor to provide relief to taxpayers who borrowed money to attend a nonprofit or for-profit school and had their student loan debts discharged.

Accounting Today
Jan 16, 2020

USC professor honored with AAA 2020 Lifetime Contribution Award
Professor S. Mark Young, the George Bozanic and Holman G. Hurt chair in sports entertainment business and professor of accounting at the University of Southern California, was recognized for his contributions to management accounting education.

Accounting Today
Jan 16, 2020

High-tech taxman who loves hockey is Putin's new premier
Vladimir Putin is putting his trust in an obscure technocrat with little political experience to be prime minister and revive Russia's flagging economy, as he prepares the country for the most significant constitutional overhaul in a generation.

Accounting Today
Jan 16, 2020

IRS leaker who outed Michael Cohen's banking secrets is spared jail time
A former Internal Revenue Service analyst persuaded a judge not to send him to prison for leaking confidential government records on suspicious banking activity by President Donald Trump's former lawyer Michael Cohen.

Accounting Today
Jan 16, 2020

Expense management vendors unite to form Emburse
A group of six travel and expense management software vendors — Abacus, Captio, Certify, Chrome River, Nexonia and Tallie — have come together under a single company, Emburse, in an effort to challenge SAP Concur.

Accounting Today
Jan 15, 2020

FASB is the villain!
The ability to explain accounting clearly is the power that will make accountants superheroes.

Accounting Today
Jan 15, 2020

Moody's predicts CECL will have limited impact on big banks
The new credit losses accounting standard is not expected to have a major impact on the loan loss reserves of most large publicly listed U.S. banks, according to Moody's Investors Service.

Accounting Today
Jan 15, 2020

Whistleblower protections for accountants and tax professionals bolstered by new law
The Taxpayer First Act protects a broad range of disclosures about potential violations of IRS rules or tax fraud.

Accounting Today
Jan 15, 2020

Illinois CPA Society honors 2020 'Mary T. Washington' program grads
Twenty-six diverse college students are the most recent class to graduate from the three-day internship preparation course.

Accounting Today
Jan 15, 2020

Audit fees keep rising, thanks to new accounting standards
Average audit fees increased 4.25 percent from 2017 to 2018, according to a new report.

Accounting Today
Jan 15, 2020

Putting the 'C' in CRM
Customer relationship management is an essential part of an accounting firm's business, but it often gets overlooked in favor of the good accounting work the firm does for their client.

Accounting Today
Jan 15, 2020

Trump tax fight with House put on hold for McGahn ruling
House Democrats' lawsuit seeking President Donald Trump's federal tax returns was put on hold as a judge said he's waiting for a higher court's ruling in a separate case on whether Congress can make ex-White House counsel Don McGahn testify.

Accounting Today
Jan 15, 2020

Trump's SALT cap fuels a wealth exodus from high-tax states
Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax U.S. states like New York and New Jersey and into low-tax states including Florida.

Accounting Today
Jan 15, 2020

White House plans tax cut, hopeful of a Republican House majority
The White House continues to work on a tax-cut plan in hope that Republican lawmakers will be in control of Congress after the 2020 elections, President Donald Trump's top economic aide Larry Kudlow said.

Accounting Today
Jan 15, 2020

It's time to help clients eliminate 'minimum credit card' policies
With a little bit of data analysis, accountants can help small businesses develop more profitable approaches.

Accounting Today
Jan 14, 2020

In the blogs: Less than 100 days
Tracking refunds; an extra deadline; the Advocate's report; and other highlights from our favorite tax bloggers.

Accounting Today
Jan 14, 2020

Citrin Cooperman merges in LGSH
The firm has continued its recent expansion streak in Southern California, snapping up its third firm in the Los Angeles area in recent months.

Accounting Today
Jan 14, 2020

Tax pros' top worry for 2020 is late client info
Far fewer are concerned about the Tax Cuts and Jobs Act, unlike last year.

Accounting Today
Jan 14, 2020

Accountants to rely more on Big Data in 2020
Technology such as data analytics, artificial intelligence, machine learning, blockchain and robotic process automation will be playing a greater role in the accounting profession this year, according to a recent report from the Institute of Management Accountants.

Accounting Today
Jan 14, 2020

Service disruption hits Thomson Reuters platforms
Accountants are left disgruntled with a lack of information.

Accounting Today
Jan 14, 2020

BlackRock pushes for clearer accounting of climate risks from companies
BlackRock, the world's biggest fund manager, said Tuesday that it plans to put sustainability at the center of its investment strategy and it will push companies to improve their climate risk disclosures.

Accounting Today
Jan 14, 2020

IRS improves online Withholding Estimator to reflect new W-4
The Internal Revenue Service unveiled an enhanced Tax Withholding Estimator on its website Tuesday, designed to help workers fill out the new W-4 withholding form and hopefully avoid the problems seen last year when many taxpayers found themselves owing more taxes or receiving less of a tax refund than they expected.

Accounting Today
Jan 14, 2020

How AI in ERP will create the finance team of the future
The move to the cloud is allowing users to make more of their data and of the many new intelligent tools that are out there.

Accounting Today
Jan 14, 2020

KPMG opens Lakehouse campus in Orlando
The Big Four firm's $450 million, 55-acre learning and development center is set to host 28,000 professionals through its first year of operation.

Accounting Today
Jan 14, 2020

Family-owned businesses urged to sell before the party ends
For the owner of a multimillion-dollar company, selling by the end of 2020 could result in a much smaller tax bill than striking a deal in 2021 under new rules.

Accounting Today
Jan 13, 2020

New Jersey governor signs bill to bypass SALT cap on small business tax deductions
New Jersey Governor Phil Murphy signed legislation Monday giving small businesses in the Garden State a workaround for the $10,000 cap on state and local tax deductions under the Tax Cuts and Jobs Act.

Accounting Today
Jan 13, 2020

IRS whistleblower awards declined steeply in FY19
The Internal Revenue Service's Whistleblower Office made 181 awards to whistleblowers in fiscal year 2019, totaling over $120 million and collected more than $616 million.

Accounting Today
Jan 13, 2020

Meet the new W-4
The brand-new withholding form for 2020 will present taxpayers with challenges, and tax pros with opportunities, says ADP's Pete Isberg.

Accounting Today
Jan 13, 2020

Art of Accounting: Preparing for a client meeting
I always prepare for client meetings. Sometimes I overprepare because I don't want to be unprepared and also because I want to control the pace, direction and timing of the meeting.

Accounting Today
Jan 13, 2020

German payment processor's chair resigns amid of accounting controversy
Wulf Matthias of Wirecard AG resigned after months of controversy over the digital payments company's accounting practices.

Accounting Today
Jan 13, 2020

Wirecard chairman resigns in midst of accounting controversy
Wirecard AG Chairman Wulf Matthias resigned after months of controversy over the digital payments company's accounting practices.

Accounting Today
Jan 13, 2020

Tech News: Expensify launches charitable corporate card, and more
Priority ERP integrates AvaTax, Vertex achieves "Built for NetSuite" status, and Doc.It updates portal software.

Accounting Today
Jan 13, 2020

Expensify launches charitable corporate card and charity organization, and more tech news
Priority ERP integrates AvaTax, Vertex achieves "Built for NetSuite" status, and Doc.It updates portal software.

Accounting Today
Jan 13, 2020

Professors recognized for research paper on performance-based incentives
The Association of International Certified Professional Accountants and the Management Accounting Section of the American Accounting Association recognized three college professors with the 2020 Greatest Potential Impact on Management Accounting Practice Award.

Accounting Today
Jan 13, 2020

Better Every Day: From advisor to arbiter of elegance and civility
Accountants should be ‘ladies and gentlemen serving ladies and gentlemen.'

Accounting Today
Jan 10, 2020

Thomson Reuters introduces virtual currency organizer
The company has also partnered with Verady, a crypto-focused accounting firm, to acquire reliable data on the volatile virtual currency markets.

Accounting Today
Jan 10, 2020

Firms on the move: Armanino distributes $50K in grants to six nonprofits
BKD and MBAF each relocate NYC offices; AAM celebrates 30 years with new logo and Facebook Live event; and more CPA news.

Accounting Today
Jan 10, 2020

Firms on the move: Armanino distributes $50K to six nonprofits
BKD and MBAF each relocate NYC offices; AAM celebrates 30 years with new logo and Facebook Live event; and more CPA news.

Accounting Today
Jan 10, 2020

IRS opens revamped Free File program
Changes should make it easier for taxpayers to find the free versions of tax prep software from vendors who have been accused of misleading consumers into paying for the products.

Accounting Today
Jan 10, 2020

People on the move: Prager Metis names strategic innovation officer
Katz, Sapper & Miller appoints first CIO; Reynolds, Bone & Griesbeck announces next MP; and more personnel news.

Accounting Today
Jan 10, 2020

Financial technology will transform the public accounting sector
The amount of time needed to prepare an audit or create a budget or forecast is greatly reduced with fintech, leaving staffers with the time they need to do more strategic work.

Accounting Today
Jan 10, 2020

AICPA wants more clarity on Sec. 465 reporting relief for S corps
The institute has asked the IRS and the Treasury to issue a notice clarifying that relief will also apply to S corporations.

Accounting Today
Jan 10, 2020

Consumers increasingly see tax-the-rich plans hurting economy
Consumers in 2019 were more likely to say plans to hike taxes on the wealthy would harm economic growth than they were in prior years, despite it being a key campaign pledge for nearly every Democratic presidential candidate, according to a new University of Michigan survey.

Accounting Today
Jan 10, 2020

Post-Wayfair woes: how to get ahead of sales tax risks


Accounting Today
Jan 10, 2020

Firms giving back: EY launches worldwide 'Ripples' program
Illinois firm Scheffel Boyle also donated 34 care packages to active U.S. service members.

Accounting Today
Jan 10, 2020

Is the rainmaker model drying up?
For years, accounting firms have relied on firm partners to use their personal and professional connections, charisma, and contacts to "make it rain" — to bring in new business and revenue that would enable the firm to grow and succeed.

Accounting Today
Jan 10, 2020

Run my own payroll? No thanks
Most small businesses do run their own payroll, but they also wish they didn't have to.

Accounting Today
Jan 10, 2020

Tax Fraud Blotter: Packin'
Bad news; 'tis the season; injunction schmunction; and other highlights of recent tax cases.

Accounting Today
Jan 09, 2020

Blockchain makes advances, but audit firms remain wary
Accounting firms are beginning to wade into the use of blockchain technology for audits, but with caution as the technology spreads beyond the cryptocurrency space where it's been used for digital assets like Bitcoin.

Accounting Today
Jan 09, 2020

Many 501(c)4 tax-exempt groups aren't notifying the IRS
Many dark money groups that raise funds for political and social causes and don't pay taxes aren't notifying the Internal Revenue Service of their intent to operate as tax-exempt organizations under section 501(c)4 of the Tax Code and haven't been penalized, according to a new report.

Accounting Today
Jan 09, 2020

Changes to PCAOB quality control standards could lead to more exposure for audit firms
The proposed changes could have the potential for expanding future enforcement proceedings.

Accounting Today
Jan 09, 2020

IRS's failure to collect from tax cheats could cost you $3,000 a year
The average U.S. household is paying an annual surtax of more than $3,000 to subsidize taxpayers who aren't paying all they owe, a new report from the Taxpayer Advocate Service found.

Accounting Today
Jan 09, 2020

U.S. seeks three months jail for IRS leaker of Cohen's bank records
U.S. prosecutors recommended a three-month prison sentence for a former Internal Revenue Service analyst who pleaded guilty to illegally disclosing suspicious activity reports related to the private banking information of Michael Cohen, the former personal lawyer of President Donald Trump.

Accounting Today
Jan 09, 2020

Wealthy investors steer billions toward new Trump tax break
The controversy keeps mounting over a new tax break for investing in poor U.S. communities. But investors keep piling in.

Accounting Today
Jan 09, 2020

IRS sets up online Gig Economy Tax Center
The Internal Revenue Service debuted a new Gig Economy Tax Center on its IRS.gov website to help taxpayers who work with companies like Uber and Airbnb meet their tax obligations through more streamlined information.

Accounting Today
Jan 09, 2020

Independence trap: Helping clients with rev rec implementations
CPAs should be wary of these seven client requests around revenue recognition.

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