MyIRSRelief
SEPTEMBER 2, 2019
The Tax Court has upheld the IRS’s decision to reject a taxpayer’s proposed offer-in-compromise and to decline to abate interest and failure-to-pay additions to tax. The IRS may enter into an offer-in-compromise to reduce a taxpayer’s outstanding tax liability if, among other reasons, there is doubt as to collectability. Rejection of offer in compromise OIC denial-.
PYMNTS
SEPTEMBER 5, 2019
In China, the central bank will debut a state-backed cryptocurrency that initially will be issued to seven institutions in that country, Forbes reported this week. The news comes from Paul Schulte, who was head of financial strategy for China Construction Bank. He told the financial publication the firms include the Industrial and Commercial Bank of China, the Bank of China, Alibaba, Tencent, Union Pay and others.
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Katz,Sapper&Miller
SEPTEMBER 4, 2019
The Tax Cuts and Jobs Act of 2017 added a new anti-deferral rule known as Global Intangible Low-Taxed Income (GILTI). The GILTI provisions impact taxpayers that own an interest in certain foreign corporations that are classified as controlled foreign corporations (CFC). Below is a brief background on the basic GILTI rules as well as highlights of significant developments in the final regulations that were issued in June 2019.
PYMNTS
SEPTEMBER 4, 2019
Amazon is testing a new payment system that uses handprints for checkout instead of a card or an app, The New York Post reported on Tuesday (Sept. 3). Codenamed “Orville,” the technology will scan human hands to ring up purchases. Sources told the NYP that the e-commerce giant is using its New York employees as test subjects by installing the system on a handful of vending machines selling chips, sodas and phone chargers in its offices.
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PYMNTS
SEPTEMBER 3, 2019
The famous 17 th -century political satirist and author, Jonathan Swift , wrote in 1745 that “vision is the art of seeing things invisible.” Two hundred and seventy-four years later, those words are the perfect framework for understanding what will define the next decade of innovation in payments and any ecosystem that touches it. Which, increasingly, is just about every ecosystem.
PYMNTS
SEPTEMBER 2, 2019
There was no shortage of things to watch this summer for payments and commerce peeps. Contactless launched in New York City, retail earnings season was an ongoing rollercoaster, Facebook decided to digitally mint its own currency, the iPhone lost its dominant footing, Prime Day made all the money and Elon Musk and Jack Ma debated whether AI will be humanity’s future or the end of us all.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
SEPTEMBER 5, 2019
Samsung ’s latest Galaxy Note 10 aims to boost blockchain adoption by making it more user-friendly, The Wall Street Journal reported Thursday (Sept. 5). The new product will be marketed as a “KlaytnPhone,” named after a South Korean blockchain platform, sources told the WSJ. Right now, it’s only being sold in South Korea. The smartphone will have the same hardware and packaging as the recently-released Galaxy Note 10, and prices will start at around $1,000, the sources said.
PYMNTS
SEPTEMBER 4, 2019
Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . “Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. “That’s good news for everyone but fraudsters. The latest data shows that Visa payment cards with an embedded EMV chip has had a significant impact on counterfeit fraud, which is when criminals copy your payment card data onto a fake
PYMNTS
SEPTEMBER 2, 2019
The People’s Bank of China (PBoC) is looking toward new technologies to keep a closer eye on the nation’s FinTech , blockchain and digital lending markets. “Regulators using new technologies to supervise FinTechs and the financial industry — called Suptech, short for supervisory technology — is another area where China is generally thought of as a world leader,” said one adviser who works closely with large Chinese FinTech companies, according to the Financial Times.
PYMNTS
SEPTEMBER 5, 2019
Biometric payments are making another run at the grocery store, this time at the hands or Amazon. Or, to be more precise, in the hands of Amazon’s customers. Amazon, the company that brought consumers scan and go, is about to bring consumers pay by hand — a new payment system designed to allow Whole Foods shoppers to pay for their groceries by merely waving at a scanner.
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
PYMNTS
SEPTEMBER 1, 2019
Google ’s Project Zero team was the first to let Apple users know iPhones and related Apple products have been subjected to a breach , Forbes reported Sunday (Sept. 1). About 1 billion users learned “hacked websites” were used to infiltrate iPhones over the past two years. Since the attack was sophisticated, scaled and targeted along geographic and demographic lines, a nation state-sponsored perpetrator is suspected.
PYMNTS
SEPTEMBER 3, 2019
Seven European payments operators — most of them owned by banks — that own and operate mobile payments services said Tuesday (Sept. 3) that they are in the midst of building a pan-European network focused on cross-border mobile payments. As reported by Bloomberg Tuesday, the European Mobile Payment System Association initiative comes as banks and traditional financial services players continue to battle FinTechs and Big Tech for share of mind and share of wallet across the payments landscape.
PYMNTS
SEPTEMBER 5, 2019
Commercial and consumer cards issued in the U.S. generated $6.13 trillion in spending for goods and services in 2018, The Nilson Report said in a press release Thursday (Sept. 5). Commercial card spending is up 11.7 percent, compared to consumer card spending, which grew by 10.1 percent. Commercial card spending was $1.39 trillion last year. Consumer card spending was $4.74 trillion.
PYMNTS
SEPTEMBER 2, 2019
The European Central Bank is being advised by ECB board member Yves Mersch that Facebook ’s Libra could affect its ability to set monetary policy, Reuters reported Monday (Sept. 2). “Depending on Libra’s level of acceptance and on the referencing of the euro in its reserve basket, it could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role,” Mersch
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
PYMNTS
SEPTEMBER 2, 2019
For B2B payments, this summer was a season of technological progress. Both buyers and suppliers say they are looking forward to adopting technology that can tackle their biggest accounts payable (AP) and accounts receivable pain points, with PYMNTS’ July Payables Friction Playbook , a collaboration with Corcentric, finding that 42.6 percent of AP professionals say they already receive invoices via an eInvoice solution.
PYMNTS
SEPTEMBER 5, 2019
A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. 5). API standards accelerate the introduction of new services. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear. .
PYMNTS
SEPTEMBER 3, 2019
The Senate Judiciary Committee antitrust panel is going to meet this month to look into issues surrounding Big Tech companies like Facebook and Google, and investigate antitrust concerns surrounding their acquisitions of smaller firms, according to a report by Reuters. . Panel Chairman Sen. Mike Lee of Utah and Sen. Amy Klobuchar of Minnesota, the top Democrat on the panel (and a presidential candidate), said the meeting is set to take place on Sept. 24 but didn’t say who the witnesses were goin
PYMNTS
SEPTEMBER 6, 2019
The use of digital identities is becoming commonplace, and consumers are largely satisfied with their presence. In fact, PYMNTS’ Digital Identity Lifestyle Capsule found that 100 percent of eCommerce customers who were required to submit digital copies of their physical ID documents when creating accounts said it was a satisfactory authentication process.
Speaker: Mark Gilham, FCCA, CPP
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
PYMNTS
SEPTEMBER 4, 2019
Fiverr, the company that matches freelancers to jobs, has announced a new eCommerce-based store with the intention of helping online businesses with services that support all their needs, the company said in a release. . Through the new store, businesses that use platforms like Magento, Shopify and Woocommerce can search for services like SEO, drop shipping, web design and development.
PYMNTS
SEPTEMBER 2, 2019
Regulators are taking a closer look at financial apps that allow workers to access their pay early. The apps claim they are more affordable — and safer — alternatives for Americans who live paycheck to paycheck, according to The Wall Street Journal. But regulators from New York and 10 other states aren’t convinced. Last month, they started investigating whether some of these firms violated payday-lending laws, sending out letters to payroll-advance apps , including Earnin , PayActiv and Even Res
PYMNTS
SEPTEMBER 3, 2019
U.K. challenger bank Starling Bank is gearing up to launch a web portal this month, as well as to introduce new loan offerings from third-party providers. The company submitted its biannual update to Banking Competition Remedies, according to AltFi reports Friday (Aug. 30), a requirement following the award of £100 million from the BCR fund earlier this year.
PYMNTS
SEPTEMBER 4, 2019
In India, funding activity over the past weeks headed into the end of August showed that eCommerce startups focused on home delivery gained traction, as measured by funding rounds. As tracked by PYMNTS, total funding activity along sectors as far-flung as logistics, eCommerce, alternative finance and payments tech stood at roughly $2.3 billion USD. Breaking that down a bit, logistics stood at just over 47 percent of the total, at a bit more than $1 billion, and eCommerce stands at $259 million.
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PYMNTS
SEPTEMBER 3, 2019
Apple has been granted three separate patents related to the Apple Watch, which would allow for biometric identification, automatic tightening of the band and lighted indicators, according to a report. The biometric sensor would use infrared to take a “picture” of a person’s wrist and then use the identifying traits as an unlocking device. Currently, there is no way to unlock an Apple Watch without using a PIN or setting it to unlock when a person unlocks their phone.
PYMNTS
SEPTEMBER 4, 2019
Australian supply chain-focused blockchain technology company Security Matters has filed a patent application in the U.S. towards the marking, tracking and managing of the supply chain of cannabis plants, cannabis products and products containing cannabis-based ingredients. The methods will be used for the company’s chemical solution for marking plants completed during any of the six stages of plant growth and cultivation, as well as directly to the seed before planting.
PYMNTS
SEPTEMBER 4, 2019
Travel commerce and payments firm CellPoint Digital and the airline-owned payment network UATP are in a deal with Southwest to let customers buy tickets and other services using Apple Pay, CellPoint said in a press release on Wednesday (Sept. 4). “Providing modern digital payment solutions to our customers is critical,” said Christopher Priebe, director of treasury, payments and risk at Southwest Airlines. “The launch of Apple Pay enhances our ability to sell flights, as well a
PYMNTS
SEPTEMBER 5, 2019
Facebook has announced the launch of Facebook Dating, created to gives users “a more authentic look at who someone is.” The service is launching in U.S. as well as in 19 other countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guyana, Laos, Malaysia, Mexico, Paraguay, Peru, the Philippines, Singapore, Suriname, Thailand, Uruguay and Vietnam.
Speaker: Cheryl J. Muldrew-McMurtry
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
PYMNTS
SEPTEMBER 4, 2019
International Monetary Fund (IMF) Chair Christine Lagarde said financial supervisors and central banks should be more open to cryptocurrencies, even as they protect consumers, according to reports. “In the case of new technologies — including digital currencies — that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good,” Lagarde said.
PYMNTS
SEPTEMBER 3, 2019
Summer is unofficially over and the kids are back in school. For some, that’s a mix of good and bad news (summer with children can be difficult, after all, no matter how well behaved they are), and for the fledgling ridesharing service Zum , it’s another season of business. Zum (pronounced like “zoon”) focuses on using private rideshares to get children to and from school and their extra circular activities.
PYMNTS
SEPTEMBER 5, 2019
Opportunities come in various forms and disguises, and that could be the case for payments and commerce operators when it comes to the European Union’s revised Payment Services Directive (PSD2) and its strong customer authentication (SCA) rules. Those rules stand as among the most critical emerging regulations in payments and commerce, and over the long term, there would seem to be little mercy for those businesses that fail to comply and fail to find a way to make those regulations work to thei
PYMNTS
SEPTEMBER 3, 2019
Point-of-sale technology firm Square is teaming up with U.K. bank TSB Bank to offer a suite of financial services to joint small business customers. A press release Monday (Sept. 2) said TSB small business owners will be offered Square POS software and a free Square Reader to be able to begin accepting payments and launch their businesses. Together, TSB and Square will also provide those small businesses with analytics based on bank and POS data for performance tracking, while they will also be
Speaker: Frank Taliano
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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