Accounting

A group of international accounting organizations is calling for improved reporting and action on the UN’s Sustainable Development Goals to hit the ambitious goals set for 2030. The organizations include the International Federation of Accountants (IFAC), the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants of Scotland (ICAS), Chartered Accountants Australia and
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A little off the top; noted; over the Edge; and other highlights of recent tax cases. Hemet, California: Preparer Dennis L. Reed II, 31, has been sentenced to 41 months in prison for defrauding the IRS out of more than $2.1 million by submitting phony tax returns, including ones that maximized fraudulent refunds through child
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The Internal Revenue Service and the Treasury Department are offering a safe harbor to provide relief to taxpayers who borrowed money to attend a nonprofit or for-profit school and had their student loan debts discharged. Revenue Procedure 2020-11 provides a safe harbor extending relief to additional taxpayers who took out federal or private student loans
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As 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 — at different events have actually said out loud to me, “FASB is the villain!”
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Citrin Cooperman, a Top 25 Firm based in New York, has continued its recent expansion streak in Southern California, snapping up LGSH LLP, its third firm in the Los Angeles area in recent months. The deal, which took effect Jan. 1, will give Citrin a location in the Encino neighborhood of Los Angeles and add
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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 audit and compliance requirements, report on financial results, and manage ongoing accounting activities. These activities are all
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Armanino, San Ramon, announced that the Armanino Foundation provided $50,000 in grants to six nonprofit organizations in celebration of the firm’s 50th anniversary. The winning organizations and their grants were: Discovery Cube Orange County, Irvine, California, for $10,000; 13th Street Cat Rescue, San Jose, California, for $10,000; Little Tokyo Service Center, Irvine, California, for $10,000;
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Thomson Reuters has introduced a new product, GoSystem Tax RS, which provides virtual currency organization for 1040 preparation. While legislation around cryptocurrencies have been slow, the IRS has introduced a new question on the 1040 form around whether an individual has invested in cryptocurrency. Now there is no way around it: Cryptocurrency investments must be
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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 it’s been used for digital assets like Bitcoin. “I don’t know that blockchain is going to necessarily make things easier for auditors,” said Amy Steele, an audit and assurance
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The International Ethics Standards Board for Accountants has released a set of revisions to the International Code of Ethics for Professional Accountants, making some changes in the independence standards for assurance engagements, other than audit and review engagements. The revisions to Part 4B of the code of ethics fulfill a commitment announced by IESBA in
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While tax professionals are preparing for the January 27 start to the 2020 filing season, they should also be planning their marketing strategy for the year ahead, according to Chuck McCabe, president of Peoples Income Tax and The Income Tax School. “Every year a tax practice will lose some clients, so marketing is vital just
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