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Small and midsized CPA firms often ask about best practices when it comes to funding their operations. Should they fund operations through partner capital, bank debt or a combination of both? By way of background, I believe a firm should maintain its books and records on both an accrual basis (which is meaningful when matching […]
Top 100 Firm EisnerAmper has expanded its hemp and cannabis practice in anticipation of industry growth. According to a statement from the firm, recent legislation including the U.S. 2018 Farm Bill and the 2018 Canadian Cannabis Act, forecasts rapid expansion of the hemp and cannabis industry at the federal, state and international levels. The firm […]
Banks, credit unions and other types of financial institutions are preparing for the imminent approach of the credit losses standard. The standard is often referred to CECL in reference to the current expected credit losses model used by the Financial Accounting Standards Board in its version of the standard under U.S. GAAP. FASB wasn’t able […]
Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals. A forensic probe by PwC found that a small group of former executives — with the help of […]
PricewaterhouseCoopers has settled with the Federal Deposit Insurance Corporation for $335 million over its audits of Colonial Bank, which failed in the midst of the financial crisis. The FDIC announced the settlement Monday as the official receiver for the failed bank. The suit related to professional negligence claims brought by the FDIC against PwC arising […]
Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals. A forensic probe by PwC found that a small group of former executives — with the help of […]
One of the biggest conversations taking place in accounting firms is around the topic of leadership. Where are the next generation of leaders who will carry the profession into the next decade? How do we identify emerging leaders? Are millennials going to be ready to take the reins when the time comes? What can current […]
The Public Company Accounting Oversight Board is giving corporate audit committees an overview of some of the key areas its inspection team will be looking at during upcoming audit firm inspections. The PCAOB has been undergoing dramatic changes in the past year, with an all-new board and senior staff, plus a recently updated strategic plan […]
The IRS has sent out 3.3 percent fewer tax refunds so far this year, but the average refund size continues to track with prior years, according to IRS data released Thursday. The average refund was about $3,008 for the week ending March 8, approximately halfway through the filing season. That’s slightly up from $3,004 at […]
This will hurt a bit; death and taxes; millions in income, decades of not filing; and other highlights of recent tax cases. Miami: CPA Darryl Sharpton has been sentenced to 39 months in prison for tax evasion. Sharpton pleaded guilty in December to evading payment of federal income taxes for 2004 through 2008, and 2010. […]
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