Accounting, Audit & Advisory

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Under stress, accountants seek new tech to get through the pandemic
accountingtoday.com Jul 9, 2020
Under normal circumstances, accountants anecdotally experience very high levels of stress, especially during key times of year depending on their focus: tax season, month-end close, or the end of a fiscal year. But 2020 is testing the profession’s...
IRS to start collecting overdue tax payments as AICPA urges continued relief
accountingtoday.com Jul 8, 2020
The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close,...
A post-pandemic to-do list
accountingtoday.com Jul 1, 2020
The coronavirus pandemic continues to test the accounting profession in unprecedented ways and, for the most part, accountants are rising to these unique challenges — advising clients on how to keep their businesses afloat while focusing on the...
IRS revamps annual data book to highlight new areas of importance
accountingtoday.com Jun 30, 2020
The Internal Revenue Service has released its annual IRS Data Book for 2019 with a new format that aims to showcase the IRS’s work in fiscal year 2019, along with an additional message about its response this year to the novel coronavirus pandemic,...
How to build a successful exit planning practice
accountingtoday.com Jun 25, 2020
There is an opportunity in the marketplace to develop a profitable practice in exit planning. Countless books and articles on exit planning highlight today’s ideal conditions for advisors: the aging population of business owners, and the tremendous...
Tax Fraud Blotter: Contemptuous
accountingtoday.com Jun 25, 2020
Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax fraud cases. Rocky Mount, North Carolina: Preparer Bertha Battle, a.k.a. “Bug,” 40, has pleaded guilty to conspiracy to prepare and file false...
IRS sent $1.4B in stimulus checks to dead people, audit finds
accountingtoday.com Jun 25, 2020
The federal government’s quick action to issue stimulus payments in the wake of the coronavirus crisis led to more than a billion dollars of fraudulent payments, while slow action to address the health risks might have worsened the outbreak,...
Economic downturn? Not if you're smart
accountingtoday.com Jun 25, 2020
Economic downturns are difficult, challenging times for many. But with a downturn comes disruption. And with disruption comes opportunity. If you're a CPA or a finance professional, you've got the chance to help your clients and the people you work...
Assessing SOX compliance risk in the coronavirus environment
accountingtoday.com Jun 23, 2020
As most accounting, finance and audit professionals are well aware, COVID-19 has thrown a wrench into business operations around the world. Offices once busy with staff sit empty as people have worked from home for the last several months....
On Wayfair’s 2nd anniversary, issues remain
accountingtoday.com Jun 22, 2020
The Supreme Court’s decision in South Dakota v. Wayfair, which removed the physical presence test as a requirement for states to impose sales tax nexus, has altered the sales tax landscape of nearly every state since it was decided two years ago....
Art of Accounting: New partner responsibilities
accountingtoday.com Jun 22, 2020
Many new partners continue as they were, but with a higher status, and more pay. However, there is plenty for new partners to know and do, and unfortunately many firms do not have any “new partner training,” yet they have expectations of an...
IRS employees are returning to offices amid coronavirus
accountingtoday.com Jun 19, 2020
Internal Revenue Service employees are beginning to go back to their offices to deal with the mountain of paperwork awaiting them, even as some are testing positive for COVID-19, but they quickly adapted to working remotely in recent months,...
EY and multinational tax clients adjust to coronavirus
accountingtoday.com Jun 19, 2020
Big Four firm Ernst & Young and its business tax clients at companies across the U.S. and other countries have faced a series of challenges amid the coronavirus pandemic, including new tax legislation like the CARES Act, just as they were starting...
Tax Fraud Blotter: On Top no more
accountingtoday.com Jun 18, 2020
Not ferry nice; bettering their living conditions; precious Metal; and other highlights of recent tax cases. Grand Prairie, Texas: Preparer Oma Michel Ungu, 61, has been sentenced to 57 months in prison for his role in a more than $2.8 million tax...
Main Street Lending Program gets underway as alternative to PPP
accountingtoday.com Jun 16, 2020
The lender portal for the Federal Reserve’s Main Street Lending Program has opened as the long-awaited alternative to the problem-plagued Paycheck Protection Program after weeks of delays. Unlike the PPP, which was created as part of the CARES Act...
The tax rule that inspired billionaires and movie stars to back climate moonshots
accountingtoday.com Jun 16, 2020
When a plant, paper mill or other industrial facility needs to separate different chemicals, it typically uses a lot of heat — processes that pump gigatons of carbon dioxide into the atmosphere. Shreya Dave, 32, and Brent Keller, 30, were graduate...
Mega-rich urged to unleash $121B for desperate charities
accountingtoday.com Jun 15, 2020
Billionaires are getting a clear message from nonprofits, lawmakers and even other billionaires: Many of you already got tax breaks for giving away your money. Now, amid the pandemic and recession, it’s time to ensure cash actually gets to...
IRS offers tax relief to opportunity zone funds and investors
accountingtoday.com Jun 12, 2020
The Internal Revenue Service is giving investors in opportunity zone funds relief from some of the requirements in the controversial program because of the COVID-19 pandemic. Opportunity zones were ushered in by the Tax Cuts and Jobs Act of 2017...
The going concern question in the COVID-19 crisis
accountingtoday.com Jun 12, 2020
The COVID-19 pandemic has created unprecedented uncertainty, and businesses across all industries have felt, or will likely feel, the related financial strains and pressures. With customers confined to their homes under mandatory orders to shelter...
Tax Fraud Blotter: Bad Lux
accountingtoday.com Jun 12, 2020
Disunion; 13 grand in cigars; ‘til theft do us part; and other highlights of recent tax cases. Detroit: Gary Jones, former president of the international United Auto Workers union, has pleaded guilty to conspiring with other UAW officials to...
Accounting leaders see 'an obligation to combat racism'
accountingtoday.com Jun 11, 2020
Accountants have an obligation to set an example in diversity and inclusion and fighting racism, Ohio Society of CPAs president and CEO Scott Wiley said in a Zoom webcast Thursday that included leading members of the profession discussing diversity...
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