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Payroll may be one of the most disliked tasks, but it’s also one of the most critical in many businesses and practices. With ever-shifting hours and earnings, as well as withholdings that may differ from week to week, payroll is a job almost no one truly enjoys doing. It’s gotten better over the years, as […]
(Bloomberg) A pledge not to give the wealthiest Americans an absolute tax cut is coming back to haunt Treasury Secretary Steven Mnuchin. During congressional hearings this week, Democrats pressed Mnuchin repeatedly about his late November statement that President Donald Trump’s tax plan would benefit middle-class taxpayers, not the highest earners—an assurance that some quickly labeled […]
The Prince of Wales’ Accounting for Sustainability Project (A4S) Chief Financial Officer Leadership Network has produced a new guide to help finance professionals consider social and human capital when making decisions. The guide was written by financial professionals from companies such as Burberry, Sainbury’s and Unilever to help their fellow finance pros understand some of […]
Much has been written about employee retention at public accounting firms. Employee connectivity to the business, or “employee engagement,” is a key factor in employee retention and firm growth. Public accounting firms have come a long way and are certainly making strides to improve the work-life atmosphere at their firms and encourage employees to pursue […]
Thomson Reuters has introduced Checkpoint Marketing for Firms Emerging Tax and Regulation Alerts to allow accounting firms to keep clients informed about new and proposed tax legislation and regulatory changes. The annual subscription plan offers information on late-breaking proposals, new laws and regulatory updates in various formats. Subscribers will get notifications within one business day […]
A federal court in Minneapolis has found Wells Fargo liable for a 20 percent negligence penalty for participating in a tax shelter sold by Barclays Bank that generated $350 million in foreign tax credits. The long‐running tax litigation arose from a complex transaction that Wells Fargo engaged in with Barclays called STARS, short for Structured […]
Every year after tax season, groups representing accountants and tax professionals take their members’ concerns to Washington, D.C., whether in person or by letter, to educate Beltway insiders on current issues, problems and opportunities in the field. In recent weeks, the American Institute of CPAs, the National Conference of CPA Practitioners, the National Association of […]
In compiling Accounting Today’s Top 100 Firms list, I spend an awful lot of time tinkering with a mammoth Excel file full of data from 300 or so accounting firms. (That’s “mammoth” by editorial standards; to most accountants, it would probably look perfectly manageable.) This year, while I was busy moving rows around and adding […]
The American Institute of CPAs’ Auditing Standards Board has released a new interpretation for practitioners performing attestations using more than one set of standards. AICPA building in Durham, N.C. Photo: AICPA Attestation Interpretation No. 4 to AT-C section 105, Concepts Common to All Attestation Engagements (AICPA, Professional Standards), says a practitioner can perform and report […]
The Treasury Inspector General for Tax Administration has concerns about the Internal Revenue Service’s recently revived private debt collection program in light of the ongoing problem of scammers pretending to be IRS employees calling taxpayers to demand bogus tax debts be paid immediately. TIGTA Inspector General J. Russell George testified Tuesday during a congressional oversight […]
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