Accounting

CPAs gone wrong; on the waterfront; trooper tricks; and other highlights of recent tax cases. Jacksonville, Florida: Preparer Joanna Arlean Tukes has pleaded guilty to aiding and assisting others with the filing of fraudulent tax returns. Since 2012, Tukes owned and operated a prep business where she reported false information on returns, including false claims
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The quality of corporate governance was graded at C+ at best by a group of chief audit executives, according to a new report from the Institute of Internal Auditors and the Neel Corporate Governance Center at the University of Tennessee in Knoxville. The IIA unveiled a new American Corporate Governance Index in the report Wednesday,
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With a roast turkey signaling the way, it’s time to start thinking about the gift-giving Holidays. I’ve been testing products for a few months now, and I think I’ve come up with a few ideas on what you might give staff, clients, and if there’s anything left in your wallet, yourself. For those of you
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Sharyn Fisk has been picked to lead the Internal Revenue Service’s Office of Professional Responsibility. Fisk, most recently a professor of tax at Cal Poly Pomona, will assume leadership of OPR early next year. “Fisk is extremely well respected both internally at the IRS and throughout the tax professional communities,” said IRS Commissioner Chuck Rettig
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The total amount of goodwill impairment recorded by U.S. public companies reached $78.9 billion in 2018, up a staggering 125 percent from the prior year, according to a new report. The 2019 U.S. Goodwill Impairment Study, released last week by Duff & Phelps, examined the goodwill impairment trends of nearly 9,000 U.S. publicly traded companies
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The Internal Revenue Service issued a notice Monday delaying a requirement for reporting partners’ share of partnership capital. Notice 2019-66 provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective starting
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Six months ago, we painted a less-than-favorable picture of the CPA firm succession landscape. To summarize, we said: Fifty percent of firms have no plan. Thirty percent think they have a plan. Twenty percent have a functioning plan. Our growth team thinks it is much worse. There are exceptions, but don’t dismiss our thoughts too
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Will your existing clients or prospects buy higher-priced and more services from you? If you ask them to, will they feel put off? If you do not ask, will you leave real money on the table? If you do not tell them about more services your firm is capable of providing, will they switch to
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Clients can now establish and manage a Chase bank account connection with QuickBooks Online, using their own username and password. Primary account holders can enable read capabilities for delegate users like their accountant or bookkeeper. TO use this feature, clients should make sure they are an authorized user on the Chase profile. If not, then
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Jessi Blackwell (pictured) was hired as firm controller, Chase Lloyd as a manager in the accounting and assurance department, and Ryan McGowan as a staff accountant, at HHM CPAs, Chattanooga. The National Association of State Boards of Accountancy recognized the leadership efforts of three individuals honored with awards at its 112th annual meeting in Boston
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CohnReznick, New York, is the presenting sponsor for all Winter meetings coverage across MLB media, including MLB Network’s “Business of Baseball” series, and encompassing more than 40 hours of live coverage from the 2019 Baseball Winter Meetings in San Diego. The International Federation of Accountants, New York, is seeking candidates for two standard-setting boards. The
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The Financial Accounting Standards Board opened a formal search for the next FASB technical director, who serves as the principal advisor to the FASB chairman and board. Reporting to the FASB chairman, the technical director is also the primary representative of FASB to stakeholders — which include regulators, accounting firms, companies and investors — in
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Her (dis)Honor; fenced in; death and taxes; and other highlights of recent tax cases. Baltimore: Former mayor Catherine Pugh, 69, has pleaded guilty to conspiracy to commit wire fraud, conspiracy to defraud the U.S. and two counts of tax evasion. In 2011, Pugh ran an unsuccessful campaign to be mayor of Baltimore. Four years later
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The Internal Revenue Service’s Criminal Investigation division identified $1.8 billion in tax fraud in 2019, with a 91.2 percent conviction rate for all financial crimes, according to the division’s 100th annual report released Thursday, which also highlighted a continued focus on employment tax, cryptocurrency and cybercrime. This year’s report, which marked the agency’s 100th anniversary,
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The Center for Audit Quality believes auditors should go beyond financial statements and vet other forms of corporate reporting that typically aren’t audited. In a new report, the CAQ discusses the current role of auditors in different types of publicly disclosed information, along with how that role is evolving. Auditors today mainly focus on financial
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Auditing costs are going up for companies, in part due to new accounting standards for revenue recognition and leases, according to a new survey. The survey, by FloQast, a provider of close management software for accountants, and Dimension Research, asked controllers and senior accounting professionals at small, midsize and large companies about their audit costs
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Sage, a provider of enterprise resource planning and accounting software, has acquired CakeHR, a U.K.-based HR technology company whose solutions are all cloud-native. The buy adds to Sage Business Cloud, bolstering Sage’s native cloud offering for small businesses. CakeHR will continue to serve its global customers, before being offered to Sage’s existing customers in the
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