CPA Practice

MAY 16, 2024

By Perry Hatch The OECD Pillar Two framework is a truly landmark moment for global corporate tax. Its goal is to create a global minimum tax, with large, multinational enterprises paying, at minimum, an effective tax rate of 15% in every jurisdiction in which they do business. While the U.S.

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PYMNTS

JUNE 24, 2019

Financial regulators are considering allowing smaller businesses (SMBs) more time to comply with sweeping changes in lease accounting standards, which experts have said will place a significant burden as organizations work to comply with the requirements. We’ll ask you for input on this as well.”

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Going Concern

MAY 12, 2023

Colorado Springs accounting firm to open Denver office [ Denver Business Journal ] Stockman Kast Ryan and Co., Despite a nationwide accountant shortage and a challenging labor market, Koenigsman said the firm doesn’t expect to have too much trouble finding talent. Fired: job search or CPA exam?

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Shay CPA

OCTOBER 25, 2023

As CPAs who specialize in supporting startups, we’ve been through down rounds with many of our clients. We want to give you a brief overview based on our experience, specifically delving into how the down round affects your accounting and your taxes. Then, look at: Tax deferrals. Then, look at: Tax deferrals.

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CPA Practice

APRIL 14, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on March 29 that will allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Accounting Standards Update (ASU) No.

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CPA Practice

APRIL 13, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on March 29 that will allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Accounting Standards Update (ASU) No.

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CPA Practice

AUGUST 10, 2023

Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has appointed two new leaders to the firm’s Audit Quality & Risk practice. She is a certified public accountant (CPA) in Maryland, Virginia and the District of Columbia, and is a member of the American Institute of Certified Public Accountants (AICPA).

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Going Concern

MARCH 22, 2024

PwC chairman refuses to share tax leaks scandal investigation with Australian parliament [ The Guardian ] PwC’s global chairman, Bob Moritz, has refused to comply with a request from the Australian parliament to share a copy of an investigation used to contain the tax leaks scandal to Australia. This S**t Is Still Going On?

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Withum

JANUARY 12, 2024

This promotes transparency and compliance with accounting standards and regulations, such as Generally Accepted Accounting Principles (Accounting Standards Codification 805) or International Financial Reporting Standards, which mandate specific guidelines for the treatment of assets, liabilities, and goodwill in an acquisition.

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CPA Practice

MARCH 20, 2024

The Securities and Exchange Commission has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “ GAAP Taxonomy ,” the Financial Accounting Standards Board (FASB) said on March 19. In addition, the FASB finalized the 2024 DQC Rules Taxonomy (DQCRT).

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ThomsonReuters

MARCH 17, 2023

As a trusted advisor to your clients, you understand the importance of having access to credible tax research sources to help you keep pace with today’s complex regulatory environment. This includes both primary and secondary sources of tax laws. What are the primary sources of tax law?

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ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Preparing tax returns.

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Cherry Bekaert

MAY 3, 2024

Further adding to the issue, fewer CPA examinations are taken each year as the appeal to a career in accounting declines among college students—thus creating a CPA shortage. Contact Us Notes: “Accountants and Auditors: Occupational Outlook Handbook,” U.S. retirement).

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Going Concern

AUGUST 25, 2023

News US Accounting Board Looks Across the Ocean to Fill Hole in Rules [ Bloomberg Tax ] The flood of government aid that helped keep companies afloat during the coronavirus pandemic exposed a hole in US accounting rules: Businesses have no way to record the grants, loans, and tax breaks that bolstered their bottom lines.

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ThomsonReuters

FEBRUARY 8, 2024

Emily Hildebrand , CPA, Tax and Accounting Senior Specialist Editor for Thomson Reuters, further explained, “This assumption requires that books and records be maintained for each distinct economic entity and cannot be co-mingled with owner records, or the records of other entities.

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CPA Practice

DECEMBER 19, 2023

The Financial Accounting Standards Board (FASB) on Dec. The 2024 GRT contains updates for accounting standards and other recommended improvements, including those required for Securities and Exchange Commission Release Nos.

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CPA Practice

MARCH 14, 2023

The American Institute of CPAs (AICPA) has named Mark Crowley, CPA, chairman of the Financial Reporting Executive Committee (FinREC). FinREC serves as the AICPA’s official voice on financial reporting matters and develops nonauthoritative industry-specific accounting guidance.

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Shay CPA

JANUARY 31, 2024

When it comes to your accounting, employing a few tools and keeping key facts in mind can make your life a whole lot easier. That’s true for this year and when the time comes to handle your 2024 tax filings. Our team of accountants has some recommendations for your tech startup. Your accountant can provide guidance here.

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Going Concern

OCTOBER 7, 2022

BDO recruits three partners away from rivals [ Accountants Daily ] Melbourne and Sydney newcomers bring experience at EY, KPMG and Pitcher Partners. What CFOs Should Consider Concerning ESG Reporting [ The CPA Journal ]. Private company CFOs grapple with new lease accounting [ CFO Dive ].

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SkagitCountyTaxServices

JUNE 8, 2022

So if you want to talk through your particular landscape, Padgett & Padgett, PLLC CPA is in your corner, right here: app.acuityscheduling.com/schedule.php?owner=19530343. Speaking of which: reminder that second quarter estimated taxes are due next week on 6/15/22.). Standard setter. owner=19530343.

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Going Concern

NOVEMBER 3, 2023

[ Thomson Reuters ] While 51% of accounting professionals believe that ChatGPT and generative AI should be applied to tax, accounting, and audit work, opinions are divided about the usefulness of AI tools. One of the primary concerns centers on how AI will affect accounting jobs and the career outlook for tax professionals.

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CPA Practice

SEPTEMBER 7, 2023

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. In addition, companies will disclose in their footnotes every reporting period significant holdings of crypto and any restrictions on those holdings, Bloomberg Tax reported on Wednesday. 15, 2024, including interim periods within those years.

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Going Concern

JULY 22, 2022

Global Rulemakers Say It’s Time to Fix Goodwill Accounting [ Bloomberg Tax ] The International Accounting Standards Board said Thursday that it would decide whether to change the rules covering acquisition accounting at its next meeting. Happy Friday to you too, Tax Twitter. Happy Friday.

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Going Concern

JULY 29, 2022

Reconciliation Deal Pulls Accounting Rulemaker Into Tax Politics [ Bloomberg Tax ] A panel of unelected accountants in suburban Connecticut would play an outsized role in shaping tax policy for the nation’s largest corporations under a provision inside Senate Democrats’ sweeping tax, climate, and healthcare bill.

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CPA Practice

APRIL 27, 2023

FASB Names Three New Members to Its Investor Advisory Committee The Financial Accounting Standards Board (FASB) recently announced the appointment of three new members to its Investor Advisory Committee (IAC). Mr. Legg is a certified public accountant (CPA) who received his Bachelor of Science, Accounting, from St.

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ThomsonReuters

APRIL 18, 2023

accounting standards require prior statements to be corrected and the corrections to be disclosed. For private companies, they may have their financial statements audited or reviewed by a CPA. The CPA will judge the information based on how well it complies with accounting standards. What is a financial statement restatement?

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CPA Practice

JUNE 1, 2023

The coalition includes the following organizations: AICPA Latino Tax Pros National Association of Black Accountants, Inc. NSBCPA) National Society of Tax Professionals (NSTP) Padgett Business Services The Diverse Organization of Firms (DOF) H&R Block Prosperity Now. Michael Paul Donnelly, Jr.

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Going Concern

DECEMBER 2, 2022

Why People Leave Public Accounting [ CPA Journal ]. Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. FASB takes step toward clarifying lease accounting [ CFO Dive ]. Florida state tax website bug exposed filers’ data [ TechCrunch ].

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Anders CPA

FEBRUARY 28, 2024

Accounting software is exceptionally important for transportation businesses and owner-operators alike, but it’s not going to solve every problem. Your accounting management software only adds value if you’re maintaining proper financial records, cash flow statements, tax planning strategies, and forecasting practices.

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CPA Practice

DECEMBER 19, 2023

The Financial Accounting Standards Board (FASB) released what is likely to be its last proposed Accounting Standards Update (ASU) of 2023 on Tuesday, focused on improving the application and relevance of accounting guidance related to induced conversions of convertible debt instruments.

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Going Concern

MARCH 24, 2023

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? Journal of Accountancy ] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. Julie Boland, EY’s U.S.

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Going Concern

MARCH 3, 2023

Bitcoin Miner Accounting Woes Reflect Lack of Official Rules [ Bloomberg Law ] The accounting slip-ups that forced two Bitcoin miners to flag this week that they’d have to redo several quarters of their past financial statements could soon be a moot point, as US accounting standard-setters eye a crypto accounting fix.

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ThomsonReuters

FEBRUARY 1, 2024

What are the GAAP accounting rules? Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) , GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

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Anders CPA

AUGUST 17, 2022

While some of the hype around cryptocurrency has cooled off, we believe it’s here to stay and have dedicated resources to understanding the tax, audit and financial accounting effects of digital currencies. With tons of philanthropic activity happening in the cryptocurrency space, should your organization pursue digital assets?

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Going Concern

JANUARY 27, 2023

As the watchdog’s delayed ruling into EY’s controversial audit for the disgraced German payments firm approaches, four current and former employees this month resigned from the country’s chamber of public accountants, the WPK. He did not have a CPA license. Collins left the ‘big four’ firm in October 2022.

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Going Concern

MARCH 4, 2022

Pandemic has exacerbated tax-season anxiety, accountant says [ Global News ] No s**t? in Tax Season ‘Chaos’ [ New York Times ] At the Internal Revenue Service’s sprawling Kansas City, Mo., who started working at the facility in Kansas City last June and is transitioning to become a tax examiner.

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CPA Practice

MAY 29, 2024

Accountants are indispensable for their ability to understand and implement changes in compliance frameworks, ensuring that financial reporting and practices remain up-to-date and legally sound.

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