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   NEWS: ACCOUNTING TODAY
Accounting Today
May 29, 2024

ISSB releases jurisdictional guide to sustainability standards
The International Sustainability Standards Board and the IFRS Foundation published an inaugural guide to using their standards in different countries.

Accounting Today
May 29, 2024

Treasury, IRS propose guidance on clean electricity tax credits
The proposed rules on the Clean Electricity Production Credit and the Clean Electricity Investment Credit aim to spur renewable energy development.

Accounting Today
May 29, 2024

SECURE Act expands eligibility for 401(k) plans
There's a new method of counting defined contribution retirement plan participants on the Form 5500 Annual Return/Report.

Accounting Today
May 29, 2024

Expanded 401(k) eligibility is taking businesses by surprise
There's a new method of counting defined contribution retirement plan participants that can make a big difference for clients.

Accounting Today
May 29, 2024

Move beyond the busy season mindset
There are advantages to an extended (but carefully scheduled) tax season.

Accounting Today
May 29, 2024

Move beyond the busy season mindset and take control
There are advantages to an extended (but carefully scheduled) tax season.

Accounting Today
May 29, 2024

Yellen embraces carbon market potential
The Biden administration unveiled a framework that includes principles to help ensure the trading regimes deliver real emissions reductions.

Accounting Today
May 29, 2024

PwC lost Big China clients after Evergrande-linked probe
China Taiping Insurance Holdings, China Merchants Bank, China Railway Group, China Electronics Huada Technology and People's Insurance Company (Group) of China are among those that changed auditors.

Accounting Today
May 29, 2024

Gen Z is tired of being called lazy
Gen Z accounting interns believe the biggest misconception about their generation is that they don't want to work hard, according to a new KPMG survey.

Accounting Today
May 29, 2024

PwC to become reseller for OpenAI's ChatGPT Enterprise
PwC announced it has made a deal with OpenAI to become the first reseller for ChatGPT Enterprise.

Accounting Today
May 29, 2024

Recruiting practices to combat the hiring crisis in accounting
Firms are using different recruiting practices to attract younger talent, thinking outside the standard talent pool and prioritizing company culture and personal growth opportunities.

Accounting Today
May 28, 2024

GASB guidance aims to improve government financial reporting
The Governmental Accounting Standards Board released an updated standard to improve some of the main components of the financial reporting model for state and local governments.

Accounting Today
May 28, 2024

In the blogs: Something fishy
Debate over the Tax Cuts and Jobs Act; assessing last season; Etsy and sales tax; and other highlights from our favorite tax bloggers.

Accounting Today
May 28, 2024

Excluding capital gains of $10M — or more — from taxes with QSBS
Qualified small business stock carries major potential savings for startup founders and investors, but the benefits come with some important caveats to keep in mind.

Accounting Today
May 28, 2024

Application portal opens for bonus energy credit
The Internal Revenue Service is accepting applications for the Low-Income Communities Bonus Credit Program through June 27.

Accounting Today
May 28, 2024

IRS update: Boosting alternative dispute resolution, and more
The decline in taxpayers taking advantage of the ADR process was a major topic at a recent IRS meeting.

Accounting Today
May 28, 2024

Hillary Salo named as FASB vice chair
The Financial Accounting Foundation announced Hillary Salo as the next vice chair of the Financial Accounting Standards Board.

Accounting Today
May 28, 2024

Hillary Salo named FASB vice chair
Having joined the Financial Accounting Standards Board as a technical assistant in 2003, Salo will serve a five-year term on the board starting in July.

Accounting Today
May 28, 2024

Accountants on the front lines of CSRD
It's logical that accounting and finance will be essential to complying with Europe's new ESG reporting requirements.

Accounting Today
May 28, 2024

Accountants on the front lines of CSRD preparedness
Day to day, accountants are already involved in everything from improving energy efficiency to waste management, recycling and digital solutions.

Accounting Today
May 28, 2024

KPMG agrees to merge U.K. and Swiss operations
The new firm will be led by KPMG's U.K. CEO, Jon Holt, while Stefan Pfister, currently the boss of the Swiss arm, will become deputy CEO.

Accounting Today
May 28, 2024

Intuit's TurboTax lost 1M free users this tax season
Intuit has been working to cater its TurboTax software to those with more complicated tax situations, betting on the idea that those particular customers could use online assistance from experts.

Accounting Today
May 28, 2024

Intuit's TurboTax lost 1M users this tax season
Intuit has been working to cater TurboTax to those with more complicated tax situations, betting that those customers could use online help from experts.

Accounting Today
May 28, 2024

Yellen says U.S. isn't ready to sign global tax agreement
About 140 countries signed on to the outline of a groundbreaking pact in 2021 to reform the way large multinational companies are taxed.

Accounting Today
May 28, 2024

Yellen says US isn't ready to sign pending global tax agreement
About 140 countries signed on to the outline of a groundbreaking pact in 2021 to reform the way large multinational companies are taxed.

Accounting Today
May 28, 2024

Connected Leaders: Cultivating deeper bonds for team success
Taking a different approach to leadership, management and community can yield tremendous results.

Accounting Today
May 27, 2024

Art of Accounting: Invest time to save time
Sometimes spending a little more time on something will save a lot more time later on or reduce the stress level for those involved with that project.

Accounting Today
May 24, 2024

On the move: Baker Tilly appoints next MP of tax
Connecticut Society of CPAs installs board of directors; CohnReznick establishes merger integration and carve-out services practice; and more news from across the profession.

Accounting Today
May 24, 2024

The new CPA exam points to the future for the profession
Accounting needs to evolve in order to face a new reality.

Accounting Today
May 24, 2024

Tech news: AuditBoard acquired for $3 billion
Plus, Xero goes from $113 million loss to $175.9 million profit; and other accounting technology news.

Accounting Today
May 23, 2024

Tax Fraud Blotter: Pure fabrications
Collared; gone deep; to protect and disserve; and other highlights of recent tax cases.

Accounting Today
May 23, 2024

AI tools that find answers, suggest tax strategies and draft emails for you
Available technology solutions could boost professionals' efficiency in serving their clients — but only if financial advisors and their customers are open to them.

Accounting Today
May 23, 2024

IRS tax audits may show unintended racial, ethnic bias
The Internal Revenue Service doesn't collect data on taxpayers' race or ethnicity, but some of its methods could lead to disparities in its audit rate.

Accounting Today
May 23, 2024

Accounting Today news quiz: May 23
Test your accounting knowledge on AI job opportunities, M&A, and more. No. 2 pencil not required!

Accounting Today
May 23, 2024

AICPA names Carla McCall as new chair
The American Institute of CPAs elected the managing partner of AAFCPAs as its next chair.

Accounting Today
May 23, 2024

Intuit to cease QuickBooks Desktop 2021 support May 31
Intuit will cease support for QuickBooks Desktop 2021 starting next Friday, May 31

Accounting Today
May 23, 2024

Financial professionals need collaborative strategies
Barriers keep CPAs, attorneys, financial advisors and brokers from communicating effectively for their client's benefit — and the benefits of collaboration are significant.

Accounting Today
May 23, 2024

KKR signs private credit loan for Australia's MYOB
The private equity giant acquired the accounting software firm in 2019.

Accounting Today
May 23, 2024

New York City's tourists fuel record $4.9B in tax revenue
Tourists are expected to generate a record $4.9 billion in sales and other tourism-related tax revenue in the current fiscal year, a 16% jump from 2020.

Accounting Today
May 23, 2024

Hunter Biden criminal tax trial postponed to Sept. 5 in Los Angeles
President Biden's son had been scheduled to go on trial on June 20 on charges he failed to pay $1.4 million in taxes from 2016 to 2019.

Accounting Today
May 23, 2024

Two-thirds of businesses say audits hinder growth
Traditional audits may hinder business growth potential as accounting firms are slow to embrace modern approaches, according to an Inflo report.

Accounting Today
May 22, 2024

HSAs come with pitfalls — here's how to avoid them
They have oft-cited tax advantages, but the available research raises alarms about fees, interest rates and investing in assets other than cash.

Accounting Today
May 22, 2024

IRS extends Free File through 2029
The program with third-party tax vendors will continue for another five years despite the IRS's recent Direct File pilot test.

Accounting Today
May 22, 2024

CAQ asks PCAOB to delay standards
The Center for Audit Quality wants the Public Company Accounting Oversight Board to postpone sending two of its newly approved standards, on quality control and auditor responsibilities, to the SEC for final approval.

Accounting Today
May 22, 2024

Melancon to retire at year's end
The long-time head of the AICPA — and one of the foremost leaders of the profession — will step down on Dec. 31

Accounting Today
May 22, 2024

The wisdom of being a lazy CPA
Once you see how much more value you and your managers can deliver to the firm when you're freed up from doing routine client work, you'll never want to go back to the old way of doing business.

Accounting Today
May 22, 2024

S&P 500 companies boost profit by stripping more items from earnings
Large companies are bolstering their adjusted earnings per share by excluding items such as litigation expenses and amortization of intangible assets from their net income.

Accounting Today
May 22, 2024

Hedge fund founder on trial for £1.4B tax scam treated himself to Ferrari
Testifying at a London court from a Danish prison via a video call, Sanjay Shah insisted that his controversial so-called Cum-Ex trades were lawful and that any rumors circulated in the industry were merely due to jealousy.

Accounting Today
May 22, 2024

Massachusetts risks $1B in lost tax revenue as rich flee
If the current trend continues, more than 96,000 residents making a combined $19.2 billion in adjusted gross income are set to leave the state annually by 2030.

Accounting Today
May 22, 2024

AI specialists draw 18% more pay
A PwC survey found that AI specialists can command a wage premium of up to 18% at accounting firms.

Accounting Today
May 22, 2024

OneStream debuts "Sensible" AI suite
OneStream debuted a series of AI solutions built for finance leaders.

Accounting Today
May 22, 2024

Ohio tornado victims get filing relief
The IRS is postponing tax and filing deadlines for storm victims.

Accounting Today
May 21, 2024

PCAOB fines MaloneBailey $400K for quality control violations
The Public Company Accounting Oversight Board has levied a $400,000 fine against MaloneBailey and sanctioned the auditingfirm for pervasive quality violations.

Accounting Today
May 21, 2024

GASB plans new standards and guidance for accountants
The Governmental Accounting Standards Board is getting ready to roll out new rules and proposals for state and local governments, including improvements to the financial reporting model, classification of capital assets, and measurement of infrastructure assets.

Accounting Today
May 21, 2024

In the blogs: Speculation rules
IRS errors; hiring your kids; investment fund audits; and other highlights from our favorite tax bloggers.

Accounting Today
May 21, 2024

PwC to build corporate governance framework with COSO, NACD
The Big Four firm will assist the Committee of Sponsoring Organizations and the National Association of Corporate Directors in developing a corporate governance framework.

Accounting Today
May 21, 2024

INCPAS conference talks diversity: 'It's a simple math problem'
"If we don't diversify, we're not going to have enough CPAs," said INCPAS president and CEO Courtney Kincaid.

Accounting Today
May 21, 2024

EY, KPMG upgrade AI capacities for auditors
Both Big Four firms announced significant upgrades to its AI capacities for audit and assurance work.

Accounting Today
May 21, 2024

75% of UK audits failed to raise alarm before collapses
The Audit Reform Lab published a report analyzing Britain's audit industry after high-profile corporate collapses and criticism.

Accounting Today
May 21, 2024

How being a camp counselor helped me become a CPA
While being a camp counselor is a rite of passage for many college students, it's not an obvious prerequisite for a career in audit. But it should be!

Accounting Today
May 20, 2024

M&A roundup: KSM, Eide Bailly, Forvis and Avantax expand
Katz, Sapper & Miller is adding Cassady Schiller; Eide Bailly merged in Edward White & Co.; Forvis plans to acquire ConTech360; and Avantax acquired GA Investment Management.

Accounting Today
May 20, 2024

5 tax strategies that pay off in real estate and homeownership
Changes in residency, qualified personal residence trusts and other methods cited by experts carry big savings — with some caveats.

Accounting Today
May 20, 2024

Art of Accounting: Data focus plan
Strategic planning meetings and retreats for the firm should be free of distractions to be successful.

Accounting Today
May 20, 2024

With Trump in court, former advisors are quietly drafting his economic and tax policy
These competing factions of outside advisors are offering sometimes conflicting plans on tariff hikes, China, health care and taxes.

Accounting Today
May 20, 2024

The Fundamentals: Practice management systems
In this first installment of The Fundamentals, we asked firm leaders and tech experts the basics of selecting a practice management system.

Accounting Today
May 20, 2024

The 20 most financially savvy states


Accounting Today
May 17, 2024

Getting ready for new digital asset reporting regs
Insights into the IRS's progress on the Form 1099-DA and forthcoming regs on crypto asset reporting.

Accounting Today
May 17, 2024

The unique challenges of auditing REITs
These investment vehicles present obstacles that require a deep understanding of the real estate industry and robust financial expertise.

Accounting Today
May 17, 2024

Two contenders jockey to run Trump's Treasury
One man, in the eyes of Donald Trump, is a "money machine." The other is a guy named "Scott."

Accounting Today
May 17, 2024

Ex-Soros star Scott Bessent jockeys with John Paulson to run Trump's Treasury


Accounting Today
May 17, 2024

Key conservative group advises Trump: more tax cuts, no tariffs


Accounting Today
May 17, 2024

Is the profession damaging its own pipeline?


Accounting Today
May 17, 2024

On the move: Forvis adds assurance partner


Accounting Today
May 17, 2024

Tech news: Wolters Kluwer debuts AI-driven CPM


Accounting Today
May 17, 2024

Going corporate: Why letting pros handle estates can be best for clients


Accounting Today
May 17, 2024

Accounting Today news quiz: May 17


Accounting Today
May 16, 2024

Tax Fraud Blotter: Load of CRAT


Accounting Today
May 16, 2024

AICPA approves revised attestation standards


Accounting Today
May 16, 2024

Baker Tilly merges in Seiler


Accounting Today
May 16, 2024

CFOs need change management before new tech


Accounting Today
May 16, 2024

CFOs seeking tech solutions need change management


Accounting Today
May 16, 2024

Billionaire's pilot pleads guilty to tax evasion


Accounting Today
May 16, 2024

Biden seeks to bolster solar manufacturers with tax and trade moves


Accounting Today
May 16, 2024

Majority use AI in financial reporting, auditors expected to review use


Accounting Today
May 16, 2024

Insurance, investor protection most common regulatory violations


Accounting Today
May 16, 2024

Gimme (tax) shelter: The unlimited annuity shielding ultrawealthy clients


Accounting Today
May 16, 2024

Wolters Kluwer: insurance, investor protection most common regulatory violations


Accounting Today
May 15, 2024

Businesses worry about bribery and corruption


Accounting Today
May 15, 2024

Businesses worry about bribery and corruption impact


Accounting Today
May 15, 2024

How to foster alignment and accountability with your partners


Accounting Today
May 15, 2024

NPAG shares pipeline survey results and solutions


Accounting Today
May 15, 2024

You can't maximize ROI without ROR


Accounting Today
May 15, 2024

IRS intensifies safeguards for transcripts, CAF security


Accounting Today
May 15, 2024

U.K. spends 798 years on hold to tax authority, watchdog says


Accounting Today
May 15, 2024

IRIS buys Utah-based Swipeclock
UK-based IRIS Software announced its acquisition of Swipeclock, the Utah-based maker of solutions WorkforceHub and ApplicantStack.

Accounting Today
May 14, 2024

In the blogs: Age before beauty
Old IRS tech; lead, don't manage; an MP want-ad; and other highlights from our favorite tax bloggers.

Accounting Today
May 14, 2024

IRS cuts PTIN fees
The Internal Revenue Service published final regulations officially lowering the fees for new Preparer Tax Identification Numbers and renewed PTINs.

Accounting Today
May 14, 2024

IRS warns of new tax scams spread by social media
The Internal Revenue Service cautioned consumers to beware of inaccurate advice involving the Fuel Tax Credit, the Sick and Family Leave Credit and household employment taxes that prompted thousands of taxpayers to file overblown claims and held up their refunds.

Accounting Today
May 14, 2024

PCAOB resets agendas as standards fall into place
The Public Company Accounting Oversight Board updated its standard-setting, research and rulemaking agendas to reflect recent progress on modernizing the its older standards and rules.

Accounting Today
May 14, 2024

AI makes zero-based budgeting practical
The convergence of machine learning, generative AI and autonomous sourcing gives organizations the ability to realize most of the ZBB ideal.

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