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Accountants who work in small and midsized practices are using more technology to serve their clients better, as well as attract and retain top talent, but are feeling pressures to lower fees and differentiate themselves from competitors, according to a new survey by the International Federation of Accountants. The 2018 IFAC Global SMP Survey garnered […]
The International Federation of Accountants has elected Dr. In-Ki Joo of South Korea as president for a two-year term through November 2020. He previously served as deputy president of IFAC since November 2016. Joo is a professor, emeritus, of accounting at the Yonsei University School of Business. Before that, he served as the dean of […]
The Internal Revenue Service has revised its agreement with the Free File Alliance to expand taxpayer options for free online software offerings for next filing season and avoid steering consumers to paid products. The new agreement that was announced Friday updates a number of areas in an effort to make the Free File program more […]
Ex-IRS agent gets four years; Select sentence; ticket to jail; and other highlights of recent tax cases. Sacramento, Calif.: Alena Aleykina, 45, a CPA and a former special agent for IRS Criminal Investigation, has been sentenced to 51 months in prison for filing false returns, obstruction of justice and stealing government money. According to the […]
FinancialForce has included new business analytics tools from Salesforce in the Fall 2018 ERP Release of its cloud-based accounting software. The software uses Salesforce’s Einstein Analytics technology to analyze millions of accounting transactions to gain business insights. By leveraging the latest release and Salesforce Einstein Analytics, FinancialForce customers, such as CFOs and services professionals, can […]
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will increase in 2019 to $19,000, the IRS said. The limit on annual contributions to an IRA, which last increased in 2013, rose from $5,500 to $6,000. The additional catch-up contribution limit for individuals 50 […]
The Financial Accounting Standards Board’s new leasing standard will have a major impact on lessees, but its origins can be traced back to the old rules. What used to be called operating leases are now financing leases, and are now classified as “service contracts.” To examine issue from the vantage point of lessees, let’s begin […]
The new lease accounting standard that takes effect for public companies next year poses obstacles for the audit firms that have begun implementing it for their clients. The leases standard, which was jointly developed by the Financial Accounting Standards Board and the International Accounting Standards Board but has some differences under U.S. GAAP and International […]
President Trump and the Republican leader of the tax-writing House Ways and Means Committee issued a joint statement Wednesday calling for a 10 percent middle-class tax cut after Congress begins a new term next year, although it’s far from clear which party will control the House after the midterm elections. When Trump proposed the middle-class […]
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