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The American Institute of CPAs has almost finished the process of providing accounting guidance on industry-specific issues related to the new revenue recognition standard. Photo: AICPA The AICPA’s Financial Reporting Executive Committee, also known as FinREC, has been overseeing the initiative. That work has been in progress ever since the Financial Accounting Standards Board released […]
Coinbase Inc. lost a bid to block an Internal Revenue Service investigation into whether some of the company’s customers haven’t reported their cryptocurrency gains. U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco ruled that the tax agency’s demand for information isn’t overly intrusive. The price of bitcoin has been soaring and crossed $10,000 Tuesday. […]
President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets. A study from Congress’s own think tank provides some of the most recent evidence of this. The nonpartisan Congressional Research Service concluded […]
At its national conference in Dallas, the National Conference of CPA Practitioners installed its officers and directors for 2017-2018. Stephen Mankowski of Mankowski Associates CPA in Hatboro, Pa., will serve as president, while Neil Fishman of Fishman Associates CPAs in Boynton Beach, Fla., will serve as executive vice president. Installed as vice presidents were Frank […]
Pace University’s Lubin School of Business held its second annual Pacesetters in Financial Reporting Conference in New York on Tuesday, presenting an award to Microsoft as a 2017 Pacesetter in Financial Reporting. The conference was hosted by Pace’s Center for Excellence in Financial Reporting, in association with Financial Executives International and EY. Microsoft received the […]
A new report from the Government Accountability Office suggests the Internal Revenue Service should increase its efforts to collaborate with the tax preparation industry and state tax authorities in the battle against identity theft and tax fraud. The IRS estimates that fraudsters attempted at least $14.5 billion in identity theft tax refund fraud in tax […]
A majority of small business owners oppose the tax reform plans now being considered by Congress, according to a new survey. The opinion poll released Monday by an advocacy group known as Businesses for Responsible Tax Reform shows the majority of small business owners oppose the tax plans under consideration in Congress, with 51 percent […]
I had a meeting recently with an accountant and was led into his office while he was on the phone. I overheard him telling a client that he wouldn’t be able to get his work done as promised because his humongous client needed something done right away, and “you know how that is!” Ugh! He […]
The amount of total assets under management in donor-advised funds grew 9.7 percent to more than $85 billion last year, as an 80-year-old vehicle for philanthropy and charitable giving continues to grow in popularity. The 2017 Donor-Advised Fund Report, the 11th annual report from the National Philanthropic Trust, found that grants from DAFs to qualified […]
We’re in the midst of a series about the flawed and otherwise inadequate financial accounting paradigm that has mesmerized so many minds and left them unable to even perceive the myriad shortcomings in GAAP financial statements, much less attempt to fix them. Even though we believe that, in the aggregate, the financial statement user community […]
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