Accounting

Loan fraud, testing shortages and incomplete health data continue to plague the U.S. coronavirus response, but the federal government has been able to correct some of its earlier missteps, like sending millions of stimulus checks to the deceased, according to the Government Accountability Office. The U.S. has spent $1.5 trillion of the $2.6 trillion that

Germany’s financial regulator is considering opening a probe into Grenke AG’s accounting practices, wading deeper into the controversy after criticism of its failure to unearth fraud at Wirecard AG. BaFin is expected to mandate an auditing firm to carry out the investigation of Grenke’s accounts, according to people familiar with the matter. The German regulator

Acumatica has released its latest software update, and it includes a new point-of-sale tool, advanced expense management, and a new, deep integration with Shopify. Also new for the 2020 R2 release is automatic creation of accounts payable documents from vendor bills, driven by artificial intelligence embedded in the software. R2 offers self-joining tables and automatic

Mauldin & Jenkins, a Top 100 Firm based in Atlanta, has acquired Plush Smith P.A., a firm in Sarasota, Florida, expanding M&J’s presence in the Southeast. The Sarasota office will be the firm’s ninth office in the region. Mauldin & Jenkins also has an office in Bradenton, Florida, along with other locations in its home

Carl Carande (pictured) was selected as the next global head of advisory at KPMG International, effective Oct. 1. He will succeed Mark Goodbum who has been in the role for nearly 10 years. Carande will also serve on the KPMG global management team, in addition to continuing his current role as vice chair – advisory

Accounting Today is issuing a call for nominations for the 2020 edition of its annual Top 100 Most Influential People in Accounting list. The list profiles a wide range of figures who wield influence over the profession, from association leaders, to state and federal regulators, thought leaders, practitioners, academics, consultants and grassroots activists. To cast the

The Sustainability Accounting Standards Board is moving beyond standards for environmental issues and more into the areas of social and governance reporting, with new projects on content governance in the internet media and services industry and human capital management. SASB held an online board meeting Friday to discuss both issues, along with the more environmentally

Victims of the Oregon wildfires that began on Sept. 7 now have until January to file various federal individual and business returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently this includes Clackamas, Douglas, Jackson, Klamath, Lane,

Difficult and complex; $4,000 tax on $2 million; little horse sense; and other highlights of recent tax cases. Boston: Jennifer Beth True, of Lawrence, Massachusetts, a former employee of the IRS service center in Andover, Massachusetts, has pleaded guilty regarding the filing of at least 70 false returns for herself and others. True was employed

New Jersey Governor Phil Murphy and Democratic legislative leaders have agreed on a budget deal that will raise taxes on millionaires to fund rebates for about 800,000 middle-class households. The deal will push the tax rate to 10.75 percent, from 8.97 percent, for the estimated 35,600 with incomes above $1 million. It also includes a

The Internal Revenue Service is gearing up to deploy a more modern taxpayer case management system in December, starting with the customer support area of its Exempt Organizations unit and eventually more widely across the IRS, in the hope of making it easier for taxpayers and IRS employees to get access to information more quickly

The Institute of Management Accountants has launched a new promotional campaign to highlight the role of Certified Management Accountants in real-world situations, taking a more serious tone in the midst of the novel coronavirus pandemic than its previous humorous advertising campaigns. The campaign aims to demonstrate how accounting and finance professionals who earn a CMA

Crypto help wanted; PPP and R&D; SEO tips; and other highlights from our favorite tax bloggers. Useful results Tax Vox (https://www.taxpolicycenter.org/taxvox): Everything old is new again: The newly published results of an extensive survey of public views on taxes find deep partisan divisions and a widespread lack of understanding about taxes. The survey also shows

Richard Jones, the new chairman of the Financial Accounting Standards Board, said Tuesday he is making post-implementation reviews of standards one of his top priorities, as well as taking a closer look at all the many projects on FASB’s crowded agenda. During a session Tuesday during the American Institute of CPAs’ virtual conference on banks

Wolters Kluwer Tax & Accounting has inked a deal to buy XCM Solutions, a cloud-based workflow solutions provider for professional tax and accounting firms. The acquisition offers integration opportunities with CCH Axcess, Wolters Kluwer’s cloud-based software suite for professional firms. The transaction is expected to close in the next few weeks, once the usual closing

Xero has revamped its “Starter” plans in the United States, prompted by the need to better support small and mid-sized businesses while they deal with the impact of the COVID-19 pandemic. The announcement was made on Xero’s brand new online content platform, Xero on Air. Xero Starter plans now have increased limits on actions like

In 2019, Armanino debuted TrustExplorer, an assurance platform that uses blockchain technology to provide continuous evidence collection and on-demand audit opinions. The firm has announced a new client in CoinShares, a European digital asset investment firm that has more than $1 billion under management. TrustExplorer works by interacting with digital assets — i.e., cryptocurrency tokens

Wolcott & Associates, Fort Lauderdale, has transferred ownership from its founder, Jed Wolcott, to several long-time employees (pictured): Nancy Reich, Sue Folkringa, Barry Haimowitz and company controller Bobbi Reidy. Additionally, the firm, an aviation-dedicated CPA firm that assists clients in identifying, protecting and preserving tax deductions for their aircraft, will now be doing business as

A group of international sustainability accounting standard-setters — including the Carbon Disclosure Project, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board — released a shared vision Friday of the elements needed for more comprehensive corporate reporting and a joint statement of intent to

Anti-fraud experts are seeing a rise in various types of fraud this year due in large part to the COVID-19 pandemic, according to a new report released Friday by the Association of Certified Fraud Examiners. The new report follows up on one released in June by the ACFE, which polled CFEs in May on their