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   NEWS: ACCOUNTING TODAY
Accounting Today
Sep 17, 2024

In the blogs: Nonsense
Projected brackets; the remote debate; relief and refunds; and other highlights from our favorite tax bloggers.

Accounting Today
Sep 17, 2024

Trump pledges to restore SALT write-off, tax break he curbed
Donald Trump said that he would revive the state and local tax deduction, a popular tax break for New Yorkers that the former president limited during his time in the White House.

Accounting Today
Sep 17, 2024

ATA scores private equity investment
The Regional Leader firm based in Jackson, Tennessee, has received a strategic investment from Copley Equity Partners LLC.

Accounting Today
Sep 17, 2024

Prager Metis to pay $1.95M for FTX audits, independence violations
The firm agreed to settle charges with the SEC over negligence for its work for the now shuttered crypto exchange.

Accounting Today
Sep 17, 2024

Prager Metis to pay $1.95M to SEC for FTX audits and independence violations
The firm agreed to settle charges with the SEC over negligence for its work for the now shuttered crypto exchange.

Accounting Today
Sep 17, 2024

Tax planning for the unknown
Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

Accounting Today
Sep 17, 2024

SEC charges tech execs with $1.3M fraud, lying to auditors
The SEC alleges Kubient's two former execs and former audit committee chair artificially inflated the company's revenue and lied to auditors.

Accounting Today
Sep 17, 2024

IASB looks to improve statement of cash flows
The International Accounting Standards Board has begun a research project to review the requirements for the statement of cash flows and related matters.

Accounting Today
Sep 17, 2024

IRS finalizes rules on basis reporting for estates
The Internal Revenue Service issued final regulations on consistent basis reporting between an estate and a person acquiring property from a decedent.

Accounting Today
Sep 17, 2024

IRS finalizes rules on consistent basis reporting for estates
The Internal Revenue Service issued final regulations on consistent basis reporting between an estate and a person acquiring property from a decedent.

Accounting Today
Sep 17, 2024

The future of group audit technology
Emerging technologies are revolutionizing the group audit process with solutions to navigate the complexities and enhance audit quality.

Accounting Today
Sep 17, 2024

Xero to buy reporting and analytics platform Syft
Business solutions platform Xero announced it will acquire cloud-based reporting, insights analytics platform Syft.

Accounting Today
Sep 17, 2024

Xero to buy Syft
Business solutions platform Xero announced it will acquire cloud-based reporting, insights analytics platform Syft.

Accounting Today
Sep 17, 2024

PCAOB shares best auditor independence practices
Auditor independence is an area of common deficiencies year after year, according to PCAOB inspections.

Accounting Today
Sep 17, 2024

Riveron acquires Effectus
The business advisory and consulting firm is adding a San Jose-based accounting advisory and financial operations firm.

Accounting Today
Sep 17, 2024

Who's filing for the CTC?
Those earning between $30,000 and $40,000 filed 3,160,016 refundable CTC claims and received a total of $6,561,128,000 in returns.

Accounting Today
Sep 16, 2024

KNAV takes on investment from India
In the latest example of accounting firms taking on outside investments, the internationally focused firm has sold a minority stake to an Indian billionaire.

Accounting Today
Sep 16, 2024

TIGTA faults IRS on data security, cloud security
The Treasury Inspector General for Tax Administration, in two reports, critiqued the IRS on cybersecurity for both its data warehouse and its cloud infrastructure.

Accounting Today
Sep 16, 2024

Art of Accounting: Clients' changing needs
Find out what the client needs and then figure out how to fill that need.

Accounting Today
Sep 16, 2024

Francine victims in Louisiana get tax relief
The IRS has postponed payment and filing deadlines for those affected by the storm.

Accounting Today
Sep 16, 2024

3 client scenarios that highlight tax advantages of donor-advised funds
The accounts are expected to grow by another trillion dollars over the next decade because of their tax and flexibility advantages, Daffy CEO Adam Nash said.

Accounting Today
Sep 16, 2024

PwC probe shifts to Hong Kong after record China fine
Hong Kong's Accounting and Financial Reporting Council said its review of PwC's local practice, which is separate from China's probe, is still "in progress."

Accounting Today
Sep 16, 2024

Trump tariffs would help pay for his tax cuts, JD Vance says
Former President Donald Trump's agenda of higher tariffs on U.S. imports would help offset his expanding tax-cut proposals if he's reelected in November, according to his running mate, Ohio Senator JD Vance.

Accounting Today
Sep 16, 2024

Trump tariffs would help pay for tax cuts, Vance says
Donald Trump's agenda of higher tariffs on U.S. imports would help offset his expanding tax-cut proposals if he's reelected in November, according to his running mate.

Accounting Today
Sep 16, 2024

Latest update of CCH Axcess Audit makes heavy use of integrations
Wolters Kluwer announced major enhancements to CCH Axcess Audit, which works with numerous other modules in the suite to produce more detailed insights and workflow integration.

Accounting Today
Sep 16, 2024

Figuring out alternative investments
John Napolitano of Napier Financial takes a long look at the host of unusual investment opportunities available to your wealthier clients.

Accounting Today
Sep 16, 2024

Standard vs. itemized: Who deducts what?
Taxpayers earning more are more likely to choose to itemize their deductions, while taxpayers earning less tend to favor the standard deduction.

Accounting Today
Sep 13, 2024

IRS proposes rules on tribal general welfare benefits
The Internal Revenue Service issued a notice on Friday excluding from gross income the value of any tribal general welfare benefit.

Accounting Today
Sep 13, 2024

Treasury, IRS propose rules on excluding Tribal general welfare benefits from income
The Treasury Department and the Internal Revenue Service issued a Notice of Proposed Rulemaking on Friday to implement Section 139E of the Tax Code, created by the Tribal General Welfare Exclusion Act of 2014, excluding from gross income the value of any Tribal general welfare benefit.

Accounting Today
Sep 13, 2024

Show financial leadership via the art of storytelling
Storytelling has many practical applications for accountants. Here's how to SPAR with your audience.

Accounting Today
Sep 13, 2024

AICPA, NASBA propose alternative to 150 hours
Instead of completing 150 credit-hours, this pathway would allow candidates with a bachelor's degree to earn their CPA by demonstrating their professional and technical skills.

Accounting Today
Sep 13, 2024

China levies record penalty on PwC over Evergrande fraud
China suspended the operations of PricewaterhouseCoopers LLP for six months and imposed a record penalty over lapses in its auditing of China Evergrande Group.

Accounting Today
Sep 13, 2024

Tech News: Oracle NetSuite announces new procurement solution
Oracle NetSuite announces new procurement solution; Gusto announces "Gus" AI; Boost launches cross-border payment solution; and other accounting tech news.

Accounting Today
Sep 13, 2024

On the move: Georgia CPAs fight hunger
Plus, CohnReznick expands its valuation practice, Herbein adds a director of business development, and Abdo and Mercadien each announce a wave of promotions.

Accounting Today
Sep 13, 2024

Trump pledges no taxes on overtime
The presidential nominee is looking to turn the page with a new populist tax cut proposal.

Accounting Today
Sep 13, 2024

Trump pledges no taxes on overtime in pitch to blue-collar vote
The presidential nominee is looking to turn the page with a new populist tax cut proposal.

Accounting Today
Sep 13, 2024

80% of software vendors to offer gen AI by 2026
Gartner estimates that, by 2026, around 80% of independent software vendors will embed gen AI capabilities in enterprise applications, versus less than 1% in 2023.

Accounting Today
Sep 13, 2024

80% of software vendors to offer gen AI by 2026, up from 1% last year
Gartner estimates that, by 2026, around 80% of independent software vendors will embed gen AI capabilities in enterprise applications, versus less than 1% in 2023.

Accounting Today
Sep 12, 2024

Tax Fraud Blotter: Mass misdeeds
Noted; loan sharks; lowering the Boomer; and other highlights of recent tax cases.

Accounting Today
Sep 12, 2024

Congressional panel advances repeal of 1099-K threshold change
The House Ways and Means Committee voted to advance a set of five tax-related bills, including one that would eliminate a twice-delayed requirement to report payments of at least $600 received through third-party networks like Venmo.

Accounting Today
Sep 12, 2024

Tax relief for weather victims in Conn., New York
The IRS is pushing back payment and filing deadlines for taxpayers hit by August weather.

Accounting Today
Sep 12, 2024

The accounting profession's role in ESG reporting
CPA firms are perfectly positioned to provide advisory and assurance services on ESG reporting, given their infrastructure around audit quality, independence requirements, and professional development.

Accounting Today
Sep 12, 2024

IRS and Treasury propose guidance on CAMT
The Internal Revenue Service and the Treasury Department issued proposed regulations Thursday offering guidance on the Corporate Alternative Minimum Tax.

Accounting Today
Sep 12, 2024

PwC lays off 1,800 employees in U.S.
The cutbacks are a sign of further retrenchment among the Big Four firms.

Accounting Today
Sep 12, 2024

Unexpected Apple tax payment 'exciting' for Ireland, PM Simon Harris says
The European Union's Court of Justice in Luxembourg backed a landmark 2016 decision that Ireland broke state-aid laws by giving the company tax benefits that resulted in an unfair advantage.

Accounting Today
Sep 12, 2024

Windfall Apple tax payment 'exciting,' says Irish PM
The EU Court of Justice backed a 2016 decision that Ireland broke state-aid laws by giving the company tax benefits that resulted in an unfair advantage.

Accounting Today
Sep 12, 2024

The family office: CAS for the wealthy
Whether your firm has a vibrant wealth management division or not is irrelevant when it comes to offering family office services: Consider it outsourced CFO work, except for a family rather than an entity.

Accounting Today
Sep 12, 2024

Thomson Reuters debuts AI audit suite
Thomson Reuters unveiled its AI-powered Audit Intelligence suite, and its first solution, Audit Intelligence Analyze, to identify anomalies and generate documentation.

Accounting Today
Sep 11, 2024

Tax inflation adjustments expected to shrink
Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.

Accounting Today
Sep 11, 2024

ICPAS Summit: Facing the 'hard trends' in accounting
Illinois CPA Society president and CEO Geoffrey Brown and chair Deborah Rood discussed some of the hot topics in the profession during a recent ICPAS Summit.

Accounting Today
Sep 11, 2024

Illinois CPAs meet to discuss major issues in profession
Illinois CPA Society president and CEO Geoffrey Brown and chair Deborah Rood discussed some of the hot topics in the accounting profession during a recent ICPAS Summit.

Accounting Today
Sep 11, 2024

November's election is shaping up to be critical to tax planning
Whoever wins, '2025 is going to be a very interesting tax legislative year.'

Accounting Today
Sep 11, 2024

Presidential debate touches on taxes
The debate Tuesday night between Kamala Harris and Donald Trump included little discussion about taxes, but pointed to at least some of their economic policies.

Accounting Today
Sep 11, 2024

Trump and Harris debate touched on taxes
The debate Tuesday night between Vice President Kamala Harris and former President Donald Trump in Philadelphia included little discussion about taxes, but pointed to at least some of their economic policies.

Accounting Today
Sep 11, 2024

Opportunity zones and other gain deferral strategies save on taxes
The OZ program allows investors to defer their capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

Accounting Today
Sep 11, 2024

Opportunity zones and other strategies to save on capital gains
The OZ program allows investors to defer capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

Accounting Today
Sep 11, 2024

Sustainability investments increased this year
Climate change remains a top issue for global business leaders in the C suite, according to a report by Deloitte.

Accounting Today
Sep 11, 2024

Working with ADHD: A toolkit for accountants
With the right support, the neurodivergent can thrive in accounting.

Accounting Today
Sep 11, 2024

Harris has Trump on defense in sharp-elbowed presidential debate
The vice president noted her plans for expanding the child tax credit, offering mortgage assistance to new homebuyers, and a deduction for small businesses — while attacking Trump over proposed tariffs.

Accounting Today
Sep 11, 2024

Oracle NetSuite boosts AI capacity across product suite
Oracle NetSuite announced major AI-related enhancements to numerous products across its product suite.

Accounting Today
Sep 10, 2024

Springline Advisory looks to expand
Springline Advisory, a private equity-funded firm, is growing by bringing in accounting firms.

Accounting Today
Sep 10, 2024

New BOI guidance issued for short-lived entities and foreign cos.
Understanding these updates is critical in guiding the tens of millions of LLCs, closely held businesses, and other small-business clients through the complexities of beneficial ownership compliance.

Accounting Today
Sep 10, 2024

New BOI reporting guidance issued for short-lived entities and foreign companies
For accounting firms and tax professionals, understanding these updates is critical in guiding the tens of millions of LLCs, closely held businesses, and other small business clients through the complexities of beneficial ownership compliance.

Accounting Today
Sep 10, 2024

In the blogs: Nothing but trouble
Tax targets; getting creative; one SALT workaround; and other highlights from our favorite tax bloggers.

Accounting Today
Sep 10, 2024

M&A roundup: Landmark, Forvis Mazars expand
Landmark CPAs merges in Garland & Greenwood CPAs; and Forvis Mazars completes acquisition of ConTech360.

Accounting Today
Sep 10, 2024

Ireland to decide how to use Apple's €13B it didn't want
Ireland just landed a challenge most countries would envy: how to spend an almost €13.8 billion ($15.2 billion) windfall that Apple Inc. was ordered to pay in taxes by the European Union's top court.

Accounting Today
Sep 10, 2024

Stampli touts "human level" AI for PO matching
Stampli unveiled Stampli Cognitive AI, which sports what it says are "human-level" purchase order matching abilities.

Accounting Today
Sep 10, 2024

Do we need a paradigm shift to overcome the accountant shortage?
Recent projections showing that we could have a deficit of up to 3.5 million accountants by 2025.

Accounting Today
Sep 10, 2024

Apple, Google lose multibillion dollar court fights with EU
Apple Inc. lost its court fight over a €13 billion ($14.4 billion) Irish tax bill and Google lost its challenge over a €2.4 billion fine for abusing its market power, in a double boost to the European Union's crackdown on Big Tech.

Accounting Today
Sep 10, 2024

Apple, Google lose multibillion dollar tax fights with EU
Apple lost its court fight over a ($14.4 billion Irish tax bill and Google lost its challenge over a €2.4 billion fine for abusing its market power.

Accounting Today
Sep 09, 2024

FBAR penalties: 'Grossly disproportionate'
The Eleventh Circuit splits with the First Circuit and reduces an FBAR penalty under the Constitution's Excessive Fines Clause.

Accounting Today
Sep 09, 2024

Audit teams missed risks of material misstatement by banks
The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.

Accounting Today
Sep 09, 2024

SEC approves PCAOB quality control standard
The SEC approved the PCAOB's QC 1000, which will require firms to identify risks to their practice and design quality control systems that can safeguard against those risks.

Accounting Today
Sep 09, 2024

IRS urged to take action on diversity in upper ranks
The Internal Revenue Service is more diverse than many workplaces, but more can be done, especially in the upper echelons, according to a new report.

Accounting Today
Sep 09, 2024

Buy-sell agreements in focus with Court decision and TCJA expiration
The handoff of a company carries important tax implications alongside a plethora of succession challenges. Here's what financial advisors need to talk about with clients.

Accounting Today
Sep 09, 2024

Accounting Today calls for nominations for 2024 Top 100 People
The annual list recognizes thought leaders, decision-makers, standard-setters and others who are shaping the future of the profession.

Accounting Today
Sep 09, 2024

Accounting Today calls for nominations for Top 100 People
The annual list recognizes thought leaders, decision-makers, standard-setters and others who are shaping the future of the profession.

Accounting Today
Sep 09, 2024

An ESG backlash erupts in Europe on world's strictest rules
Unlike the U.S., where the federal government can offer tax breaks, EU taxation rests with member states, leaving the bloc to work largely through loans and grants.

Accounting Today
Sep 09, 2024

Harris vows to end subminimum wages in policy push before debate
She also reiterated a call to end taxes on tips for service and hospitality workers, a proposal Trump made first.

Accounting Today
Sep 09, 2024

Art of Accounting: How to end the self-created pipeline problem
We have it within our power to change the pipeline issue. When will you start?

Accounting Today
Sep 09, 2024

All about ESOPs
Michael Bannon explains which accounting firms might want to look into employee stock ownership plans — and why,

Accounting Today
Sep 06, 2024

Yellen, IRS trumpet crackdown on wealthy tax cheats
In the first half year of Inflation Reduction Act-funded enforcement, the Internal Revenue Service has recovered over $1.3 billion.

Accounting Today
Sep 06, 2024

Supreme Court life insurance ruling has estate tax implications
In a landmark decision earlier this year, the Supreme Court addressed the valuation of shares in closely held corporations for federal tax purposes.

Accounting Today
Sep 06, 2024

Supreme Court ruling on life insurance proceeds has estate tax implications
In a landmark decision earlier this year, the Supreme Court addressed a crucial issue regarding the valuation of shares in closely held corporations for federal estate tax purposes.

Accounting Today
Sep 06, 2024

IRS-CI warns about sports betting and taxes
With football season now underway, the Internal Revenue Service's Criminal Investigation unit is urging taxpayers to play by the rules when it comes to sports betting.

Accounting Today
Sep 06, 2024

Best practices for recruiting college students
The accounting profession's labor shortage means relationships between firms and colleges have never been more crucial in recruiting new talent.

Accounting Today
Sep 06, 2024

On the move: Bennett Thrasher appoints COO
Marcum promotes 15 to partner; NDH Advisors rebrands; and more news from across the profession.

Accounting Today
Sep 06, 2024

Tech News: InterVal announces new dashboard, redesigns "opportunities" feature
InterVal announces new dashboard, redesigns "opportunities" feature; Certinia Customer Success (CS) Cloud now generally available; Zamp launches tax solution "Z"; and Paystand expands into Canada.

Accounting Today
Sep 06, 2024

Tech News: InterVal announces update
Plus, Certinia Customer Success Cloud now generally available; Zamp launches tax solution "Z"; and Paystand expands into Canada.

Accounting Today
Sep 06, 2024

The new path to wealth creation for CPAs
How do you fix an industry in consolidation? Enter private equity.

Accounting Today
Sep 06, 2024

Bonadio CEO shares M&A strategy
Top 50 Firm The Bonadio Group, has executed 22 successful mergers over the last 27 years.

Accounting Today
Sep 06, 2024

Bonadio Group CEO shares successful M&A strategy
The Bonadio Group, a Top 50 Firm based in Pitsford, New York, has executed 22 successful mergers over the last 27 years, many of which have been overseen by CEO and managing partner Bruce Zicari.

Accounting Today
Sep 06, 2024

Employers added 142K jobs in August, including 1,500 in accounting
One of the most closely watched jobs reports arrived ahead of a Federal Reserve decision on interest rate cuts.

Accounting Today
Sep 06, 2024

Employers added 142K jobs, with 1.5K in accounting
One of the most closely watched jobs reports arrived ahead of a Federal Reserve decision on interest rate cuts.

Accounting Today
Sep 06, 2024

Intuit announced major gen AI upgrades
Intuit announced major upgrades to its GenOS system, bolstering its development capabilities in generative AI.

Accounting Today
Sep 06, 2024

Intuit announces major gen AI upgrades
Intuit announced major upgrades to its GenOS system, bolstering its development capabilities in generative AI.

Accounting Today
Sep 06, 2024

The Fundamentals: Tax prep software
In this installment of The Fundamentals, we asked firm leaders and tech experts the basics of selecting solutions for tax preparation.

Accounting Today
Sep 05, 2024

Tax Fraud Blotter: Incorrect positions
On ice; the end of the beginning; Speed trap; and other highlights of recent tax cases.

Accounting Today
Sep 05, 2024

Meet the 2024 Best Midsized and Large Firms to Work For
An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

Accounting Today
Sep 05, 2024

Meet the 2024 Best Small Firms to Work For
An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

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