Accounting, Audit & Advisory

Remember that the exam is not easier or harder at different times of the year, rather that Q4 performance often reflects candidates who are not as prepared trying to squeeze in one last section before the year is through. FAR continues to destroy people — as is tradition — while BEC performance...

The latest trend is young men with at least bachelor’s degrees spending fewer hours working, a study by the National Bureau of Economic Research earlier this month found. They spent an average of 14 hours less annually on the job between 2019 and 2022. The decline was far less over the same period...

Deloitte & Touche LLP partners and staffers failed to make financial disclosures required to ensure the independence of their audit work, according to new details from the firm’s 2018 PCAOB inspection. [Bloomberg Tax] Britain’s accounting watchdog said on Monday it will monitor whether auditors...

Are there any income tax rules that make the payment of a tax-free capital dividend not effectively 100% tax-free to the final estate? If a permanent policy has a cash surrender value (“CSV”), are there any circumstances the CSV can increase the value of shares on death, thereby increasing the...

We want to share difficult and sad news with you. On January 26, we learned that one of our NY Audit associates, who joined the firm earlier this month, tragically died. We are still gathering the facts, but our understanding from the NYPD is our colleague died by suicide. We’re all deeply...

EY auditors escape potential Wirecard sanctions after leaving profession [Financial Times] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left...

The Internal Revenue Service highlighted its annual Earned Income Tax Credit Awareness Day on Friday as a way to help millions of people take advantage of the tax break, but the National Taxpayer Advocate is also pointing out that some of those benefits actually expired and don't apply this year....

The anti-WFH, pro-RTO propaganda has chilled out a bit in recent months as boomer and boomer-adjacent Gen X CEOs wait out the next big recession but even those pinstriped menaces in the C-suite who think all remote work is the domain of the lazy can appreciate this info we are about to share with...

Moody's Corp. is working on a scoring system for stablecoins, the crypto sector's most traded tokens, as the asset class grows and faces increased scrutiny from regulators and investors. The system will include an analysis of up to 20 stablecoins based on the quality of attestations on the...

A New York state appeals court is weighing former President Donald Trump's bid to reverse a $110,000 penalty he was ordered to pay last year for being in contempt of court during the state's probe of his business. A panel of judges in Manhattan on Wednesday began considering written arguments...

EY has been tightening the purse strings over the past several months ahead of the big Project Everest split, the vote on which remains delayed and should happen before the end of this quarter. The firm did not hand out mid-year bonuses in December and sources say that travel, training, and even...

The Institute of Management Accountants announced that seven more colleges and universities received the IMA higher education endorsement, which recognizes programs whose curricula excellence best prepares students for the Certified Management Accountant credential. The IMA's higher education...

The Adani Group said it's exploring legal action against U.S. investor Hindenburg Research after the short seller released a report alleging "brazen" market manipulation and accounting fraud by Asia's richest man's empire. "We are evaluating the relevant provisions under U.S. and Indian laws for...

It’s been three and a half years since we first found out about the sexist seminar in which women in leadership positions at EY were told that women’s brains are like pancakes and soak up information like syrup. The exact quote from that training to refresh your memory: To this day, whenever...

The Internal Revenue Service unveiled a long-awaited online portal Wednesday where businesses will be able to file their 1099 information returns for free. The Information Returns Intake System portal was originally expected to be available on Jan. 9, but needed a little extra testing first (see...

Both the Supreme Court and the Eleventh Circuit weighed in on the American Rescue Plan Act's Tax Mandate, a.k.a. Tax Cut Ban, last week. The Supreme Court, on Jan. 17, 2023, declined to consider Missouri's challenge to the Tax Mandate, which restricts states that receive federal aid from using the...

Late last year, Congress passed and President Biden signed into law the Consolidated Appropriations Act of 2023. This bill included funding for the federal government for 2023 but left out the much-anticipated tax extenders. One of the most anticipated was a delay in the Section 174 amortization...

The release of Americanas SA's list of almost 8,000 creditors filed overnight with a Brazilian court as part of its bankruptcy protection is adding to confusion around the retailer's downfall. A unit of Deutsche Bank AG, who appears in the document seen by Bloomberg, serves in a trustee role for...

Three Senate Democrats have reintroduced a bill aimed at providing payroll tax relief to businesses that applied for the Small Business Administration's Restaurant Revitalization Fund, but didn't receive a grant because the program ran out of money. The Restaurant Revitalization Tax Credit Act was...

The annual tax season now underway always presents an additional major task that's usually ignored as Americans haul themselves across Uncle Sam's deadline: How and why to buckle down and prepare yourself now for the same ritual next year. The year 2024 seems far down the road. But neglecting to...

The Biden administration is privately warning about Republican efforts to cut the Internal Revenue Service's budget, arguing the effort could harm the agency's efforts to disseminate the historic $270 billion in clean-energy tax credits Democrats passed last year as part of the Inflation Reduction...