Accounting

Change and uncertainty are a feature of our world alongside innovations in our fast-changing economy. Investments in new business models and intangible assets — such as brands, technology and customer relationships — are increasingly key to driving value creation as companies research new technologies, cultivate customer relationships, manage their workforce and more. But information related

Delaying filing; inbox anxiety; a new voice; and other highlights from our favorite tax bloggers. Fun times ahead Tax Vox (https://www.taxpolicycenter.org/): Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during the pandemic, thus the need for assistance has lessened.

So you thought 2020 was a challenge? Not even two months into 2021 and the groundwork is being laid for a year that may rival 2020 in terms of complicating factors for tax professionals. Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have ripple effects when tax pros

The California Society of CPAs announced that Richard Simitian will serve as interim CEO starting March 1. The society’s Transition Committee recommended Simitian, a retired audit partner at Grant Thornton and past chair of the CalCPA, to fill in for departing CEO Anthony Pugliese (see our story) after interviewing a number of internal and external

I received a call early in January from a colleague with a common problem. He is shorthanded on tax return reviewers and he feels he will not be able to handle the workload this tax season. He asked me for suggestions. Firms of every size — even one- or two-owner firms — have these problems

TurboTax now includes a software integration with Credit Karma Money, Credit Karma’s U.S. checking account solution. Taxpayers who file through TurboTax can now opt to open a Credit Karma Money Spend account and have their tax refund sent there directly. The Intuit Inc. TurboTax application is displayed on an Apple Inc. iPhone 6s in this

Whether you consider cryptocurrency an investment, a commodity, an alternative banking system or a form of legalized gambling, the rapid adoption and stunning recent volatility of cryptocurrencies has led to frenetic trading by investors. As a result of COVID-19 disruption, economic uncertainty and the entry of PayPal into the crypto-consumer market (allowing more than 300

The Financial Accounting Standards Board approved a tweak to the goodwill rules for private businesses and not-for-profits, giving them more flexibility on when to do impairment assessments of triggering events. FASB voted to approve the goodwill triggering event alternative during a virtual board meeting last week, giving privately held companies and nonprofit organizations the ability

Two members of Congress teamed up Friday to introduce a bipartisan bill that would offer tax credits for income from tips to beauty salon owners and workers. Rep. Suzan DelBene, D-Washington, and Darin LaHood, R-Illinois, together introduced the Small Business Tax Fairness and Compliance Simplification Act, which would offer tax relief to beauty professionals and

Leaders of the tax-writing House Ways and Means Committee are sounding the alarm over the slow start to tax season, reflected in the initial week of data from the IRS. In the first week of tax season, the Internal Revenue Service reported processing only one-third of the number of tax returns processed by this time

The Internal Revenue Service provided guidance Thursday on how employees and employers can carry over unused money from flexible spending accounts and dependent care assistance programs during the COVID-19 pandemic. Notice 2021-15 details the relief offered under the stimulus package passed by Congress in December, which included provisions allowing greater flexibility for employee benefit plans

Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15. Lawmakers on the tax-writing committee in Congress wrote a letter to IRS Commissioner Charles Rettig on Thursday to make the request, pointing to what happened

The pandemic has fueled a dramatic new wave of high-profile migration, sending tech workers to Texas, Wall Street types to Florida — and now YouTube provocateur Logan Paul to Puerto Rico. Paul, an influencer and entertainer, told his 2.8 million YouTube subscribers Tuesday that he was leaving Los Angeles and moving to the “heaven on

In an internal message to all firm members posted to LinkedIn Wednesday, Paul Knopp, KPMG U.S. Chair and CEO, wrote that the Big Four firm “does not tolerate discrimination, harassment or racism; and condemns all forms of violence and xenophobia,” speaking to the rise of violence against Asian-Americans during the COVID-19 pandemic. “Attacks against Asian

It’s no secret that competition today is fierce. Add that to the year of the pandemic where many businesses were struggling to survive, and the thought of growth may seem like a stretch goal. However, it was and is possible. And the best part is that you can likely grow your practice without adding new

CFOs and other finance executives are finding they need to reforecast their company’s liquidity and cash flow on a weekly and even daily basis as they cope with the pandemic. While weekly or monthly forecasting seems to be the norm right now, many CFOs are wondering about the right frequency for forecasting during the COVID-19

Ralph Thomas, CEO and executive director of the New Jersey Society of CPAs, Roseland, was awarded the African American Chamber of Commerce of New Jersey’s 2021 Business Award, to be presented at the AACCNJ’s Eleventh Annual Circle of Achievement Virtual Awards Gala on Feb. 11. The award honors a distinguished group of African Americans who

A few days ago I received an email from a friend at a Top 500 accounting practice. He is the firm’s founder and senior partner and just wanted to touch base. He said something that I think is very important and I want to share it with you. He gave me a rundown of his

The House Ways and Means Committee advanced legislation that would infuse households with hundreds of billions of dollars of cash through direct payments and tax credits, a key plank of President Joe Biden’s COVID-19 relief package. The panel on Thursday approved measures providing $593.5 billion in benefits, most of which is made up of $1,400

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence. Millions of people are still missing some or all of the $1,200 and