Accounting, Audit & Advisory

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Macron, Trump may have tariff truce in 2020 digital tax spat
www.accountingtoday.com Jan 21, 2020
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. Macron said on Monday he had a great discussion with Trump on the...
State sales and use tax changes in 2019 and what to expect in 2020
www.accountingtoday.com Jan 16, 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 Courts decision in South Dakota v Wayfair. This landmark...
FASB is the villain!
www.accountingtoday.com Jan 15, 2020
A I speak to CPAs around the country, it's becoming clearer and clearer to me that many accountants and business owners view the Financial Accounting Standard Board as something of a villain. Three different audience members all mild-mannered...
Accountants to rely more on Big Data in 2020
www.accountingtoday.com Jan 14, 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...
How AI in ERP will create the finance team of the future
www.accountingtoday.com Jan 14, 2020
Finance and accounting professionals are under constant pressure from the C-Suite to lift up and elevate the strategic relevance of their function. At the same time, they are under day-to-day pressure to help their organizations stay ahead of...
Tax Fraud Blotter: Packin
www.accountingtoday.com Jan 10, 2020
Bad news; tis the season; injunction schmunction; and other highlights of recent tax cases. Las Vegas: Josiah Ntekume has pleaded guilty to aggravated ID theft, wire fraud, theft of government property and access device fraud relating to a stolen...
Blockchain makes advances, but audit firms remain wary
www.accountingtoday.com Jan 9, 2020
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 its been used for digital assets like Bitcoin. I dont know that blockchain...
Tax Fraud Blotter: Bad conduct
www.accountingtoday.com Jan 3, 2020
Fire away; from the Big Island to the big house; getting the lead out; and other highlights of recent tax cases. Winter Park, Florida: Tax preparer Leslie Muniz has been sentenced to three years in prison for aiding and abetting the filing of false...
Countdown to CECL: What SEC filers have learned about implementation
www.accountingtoday.com Jan 2, 2020
All eyes will be on the large SEC registrants in January as they become the first financial institutions to adopt the current expected credit loss model, or CECL. Regulators, investors and other stakeholders will be watching and listening for...
Hoping for a smoother tax season
www.accountingtoday.com Jan 2, 2020
Although the Tax Cuts and Jobs Act still presents preparers with complexities, most practitioners feel more comfortable going into the 2020 filing season with a years worth of experience behind them. Were now in the second year, so were not...
What companies need to know about implementing the new CECL standard
www.accountingtoday.com Dec 30, 2019
Many consumer industry companies extend credit or hold significant financial assets. If yours is one of them, its time to gear up for the current expected credit loss (CECL) accounting standard. The new standard requires companies to measure...
Succession planning for wealth management
www.accountingtoday.com Dec 30, 2019
Having a great, well-thought-out succession plan for your business shows a lot of care and respect for the people that you love and care about. With a proper agreement, the beneficiaries will be your family, your staff, your clients and every...
Tune up your tax season workflow
www.accountingtoday.com Dec 30, 2019
Another tax season is upon us. And that means taking a look at how your office and your staff handle the inevitable deluge of tax returns, especially those that come in at the last moment, or dribble in piece by piece. During the hectic few months...
Pathways to Growth: Its about the journey, not a destination
www.accountingtoday.com Dec 30, 2019
Does your firms spreadsheet of current projects include anything along the lines of Complete tech overhaul or Create innovation strategy? If so, you may want to consider revising the document. Its not that gaining sophistication in the area...
Opportunity zones facing some headwinds despite new rules
www.accountingtoday.com Dec 27, 2019
The Internal Revenue Service issued final regulations last week on opportunity zone funds, but while they answer some of the questions, many other issues remain that are likely to prompt questions from tax clients. Opportunity zones were introduced...
How to navigate mistakes and imperfection in the new year
www.accountingtoday.com Dec 27, 2019
Its no surprise that accounting professionals tend to be exacting about their work. Balancing the books leaves no room for error, and accuracy is an essential component in a firms value. Its also no surprise that people who spend their careers...
Can the world agree on taxes?
www.accountingtoday.com Dec 27, 2019
The Organization for Economic Cooperation and Development is proposing what observers call the most significant restructuring of the international tax system in decades, including a single set of nexus rules and a global minimum tax. The proposals...
Tax Fraud Blotter: Thanks, mom
www.accountingtoday.com Dec 27, 2019
Foreign intrigue; stealing green; bringing it home; and other highlights of recent tax cases. Las Vegas: Preparer Trixa Belloso Rivas, 55, has been sentenced to 14 months in prison and been ordered to pay $2 million in restitution to the IRS....
Business leaders face major risks in 2020
www.accountingtoday.com Dec 26, 2019
Business leaders will be contending with ongoing economic uncertainty and unknown future regulatory changes, along with accounting and tax changes, that could have an impact on their ability to effectively compete and achieve their financial...
5 blockchain trends to watch in 2020
www.accountingtoday.com Dec 26, 2019
As 2019 rapidly wraps up and 2020 looms on the horizon, it seems an appropriate time to take a step back and reflect on the numerous changes and shifts that have occurred in the blockchain and cryptoasset spaces. There certainly have been a lot of...
What the new IRS cryptocurrency guidance means for tax professionals
www.accountingtoday.com Dec 26, 2019
In October, for the first time in more than five years, the IRS released further cryptocurrency tax guidance. On top of this, a new cryptocurrency question was added to 1040 Schedule 1 asking all taxpayers: At any time during 2019, did you...
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