Accounting, Audit & Advisory

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4 tips for organizations looking to build on their culture of inclusion
accountingtoday.com Nov 19, 2020
About 20 years ago, professional services firms realized they were facing a potential problem. They needed more talented people who stayed longer with their firms. The number of accounting graduates wasn’t keeping pace with demand and half of the...
IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire
accountingtoday.com Nov 19, 2020
The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year,...
$7.2M in SBA coronavirus aid went to family’s fake farms
accountingtoday.com Nov 18, 2020
The single-family house on Forestview Avenue in Euclid, Ohio, a suburb of Cleveland, shows no signs of farming activity. The only things growing on the one-eighth-acre plot are trees, shrubs and grass. But 20 companies registered at that address,...
States want sales taxes in real time
accountingtoday.com Nov 17, 2020
Even before the pandemic hit, states were looking for ways to increase their revenue. Of course, as a result of the pandemic and the accompanying shut downs it engendered, many states are facing unprecedented shortfalls in revenue. States have...
New GASB leases standard could be as difficult to implement as FASB’s
accountingtoday.com Nov 13, 2020
The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will probably need it because it has some complexities similar to those...
Divided Congress may slow new tax legislation
accountingtoday.com Nov 12, 2020
Tax policy for the next two years, and therefore tax planning strategies, may be determined in Georgia early next year. On Jan. 5, 2021, the state will hold runoff elections for two Senate seats, which may determine whether Republicans retain...
PCAOB adjusts plans for coronavirus
accountingtoday.com Nov 11, 2020
The Public Company Accounting Oversight Board has been making changes to its strategic plans and agenda in response to the COVID-19 pandemic as it sees auditors doing more work remotely and facing issues with auditing financial statements issued...
IRS improving e-filing and technology for tax-exempt orgs
accountingtoday.com Nov 9, 2020
The Internal Revenue Service is rolling out new systems and expanding the number of forms that can be electronically filed by tax-exempt organizations, while also dealing with some technology glitches resulting from the COVID-19 pandemic. One of...
Tax Strategy: Post-election tax planning
accountingtoday.com Nov 8, 2020
Prior to the presidential election, one of the year-end focuses for tax planning was on a possible presidential victory for Joe Biden combined with a Democratic majority in the Senate that might result in tax increases in 2021 for higher-income...
Tax Fraud Blotter: What they deserve
accountingtoday.com Nov 5, 2020
What a steel; there go the judge; children’s books; and other highlights of recent tax cases. North Scituate, Rhode Island: Steven M. Allard, owner of two businesses that supply steel and iron to construction sites, has admitted that over two years...
FASB deals with uncertainties from pandemic and election
accountingtoday.com Nov 4, 2020
Financial Accounting Standards Board Chairman Richard Jones had to deal with the coronavirus pandemic just as he was starting the transition with immediate past chair Russell Golden, and now he is facing the uncertainty of the presidential election...
Auditing in a pandemic: What will stick in 2021?
accountingtoday.com Nov 4, 2020
Nothing you learn in school prepares you for your first audit. College students spend years learning about the concepts and mechanics of accounting, business and statistics, but you can’t really learn how to be a CPA until you put it into practice...
Cannabis: ‘A bit of a bright spot’ for accountants
accountingtoday.com Nov 4, 2020
In a year that has been astonishing for the many and varied ways it can generate bad news, it’s nice to be able to highlight a good-news story — and the extraordinary success of the fledgling cannabis industry is definitely one of those. “It’s...
Practitioners and the pandemic
accountingtoday.com Nov 3, 2020
With the COVID-19 pandemic passing the half-year mark, individuals and businesses have learned to cope with a host of issues. Whether they’re dealing directly with clients, or with the Internal Revenue Service on behalf of clients, it is a...
An avalanche of fraud buried a small-business relief program
accountingtoday.com Oct 30, 2020
For a few months this year, a U.S. government aid program meant for struggling small-business owners was handing out $10,000 to just about anyone who asked. All it took was a five-minute online application. You just had to say you owned a business...
Tax Fraud Blotter: Hoop schemes
accountingtoday.com Oct 30, 2020
Spreading the theft around; re-routed refunds; AIG loses, mostly; and other highlights of recent tax cases. Beaverton, Oregon: Engineer Jeffrey Fitch has been sentenced to a year and a day in prison for failing to collect or pay over federal...
Finding a better model for a financial planning program
accountingtoday.com Oct 29, 2020
A lot of time has passed since CPA firms were first allowed to get into the wealth management business. Like all businesses, these practices and business models need to adapt to changing facts, circumstances and situations in order to stay both...
The election will create headaches for tax pros, regardless of who wins
accountingtoday.com Oct 29, 2020
The final debate is in the books, and the 2020 election between President Donald Trump and Vice President Joe Biden is in just a matter of days. As the country looks to make its choice between two decidedly different candidates, tax preparers are...
Accountants look to educate younger generation in latest tech skills
accountingtoday.com Oct 28, 2020
Institute of Management Accountants president and CEO Jeff Thomson told an online meeting Wednesday of the Accountants Club of America about how the profession can appeal more to young people by emphasizing technology know-how in areas like data...
Lawmakers propose bill to improve retirement plans and tax breaks
accountingtoday.com Oct 28, 2020
The top Democrat and Republican on the tax-writing House Ways and Means Committee introduced bipartisan legislation to encourage more Americans to save for retirement, with increased tax credits and improvements for 401(k), 403(b), IRA and SIMPLE...
Practice Profile: Surviving a pandemic
accountingtoday.com Oct 28, 2020
As businesses struggle to weather the COVID-19 pandemic, or in some cases experience a surge of business because of it, they seek a range of services beyond CPA firms’ typical compliance and even advisory assistance. Recognizing this opportunity,...
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