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U.S. GAAP is a rules-based accounting standard that, some critics have argued, is not flexible enough to accurately reflect companies’ financial performances. Due to GAAP’s rigid requirements, and since rules are meant to be broken, companies are increasingly including adjusted (also known as pro forma or non-GAAP) numbers in their financial statements. Companies maintain that […]
Rootworks, a member-based education organization for accounting firms, has introduced Grow, an online platform for its 500 member firms. Grow will provide a home-base for Rootworks members and will be part of the Rootworks website, allowing firms to manage aspects of their membership and connect to the Rootworks team and other member firms. Grow is […]
Big Four Firm EY has announced plans to launch “Day One Ready,” a new program that will look to better prepare accounting students with real-world business courses and internship opportunities. Building off a pilot curriculum with the University of Dayton in Ohio, Day One Ready is seeking to lay a tech-focused groundwork for future professionals. […]
Late last year, some hedge fund managers raced to protect their personal fortunes from being carved up by the Republican tax law. David Tepper, who runs Appaloosa Management and may soon own the Carolina Panthers, and Ross Margolies, founder of Stelliam Investment Management, were among the managers who took action, according to regulatory filings and […]
Cash-rich companies that had been some of the biggest buyers of corporate bonds have started selling their holdings after tax law changes, according to Bank of America Corp. strategists. Companies like Apple Inc. reduced their corporate bond portfolios by more than 10 percent to $306.4 billion in the three months ended March 31, the lowest […]
The American Institute of CPAs has written a letter to the Internal Revenue Service asking the IRS to provide maximum flexibility in its regulations for the new centralized partnership audit regime. The new partnership audit regime was included as part of the Bipartisan Budget Act of 2015. Section 1101 of the BBA repeals the current […]
The Association for Accounting Marketing presented 29 awards to accounting firm marketers in categories such as advertising, branding, business development initiatives, events, and marketing and PR campaigns. Experts in the field of marketing, advertising, communications and professional services sifted through more than 100 entries and picked the winners based on the accomplishment of specific goals […]
Many of the biggest beneficiaries of President Donald Trump’s tax overhaul haven’t even been born yet. The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple. But the thresholds are in place only until 2025, and the ultra-rich […]
About one-third of Americans are postponing a major life decision, such as getting married, having children, buying a house, or going to college, for financial reasons, according to a new survey by the American Institute of CPAs, but that proportion is down from three years ago. The survey of 1,014 people, conducted last month by […]
Andrew Harrer/Bloomberg The IRS has released a new Enrolled Agent logo that EAs may use in marketing materials. It replaces a logo that the IRS created in 2012. While use of the new logo is optional, the agency said, use of the prior logo must cease. One reason: The prior logo contains a likeness of […]
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