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Alvarez Marsal, a global professional services firm, has introduced LeaseSCRE, a web-based tool that employs machine learning technology to estimate an incremental borrowing rate curve to help companies adjust to the new lease accounting standard. LeaseSCRE offers a way to estimate the discount rates necessary to meet the new lease accounting requirements under the Financial […]
With firms scrambling for talent, accountants can find work just about anywhere they go – which makes AdvisorSmith’s recent study of the top cities for accountants a valuable tool for professionals who are looking to make the most of the intense demand. The business insurance advisor analyzed 399 small, midsized and large cities across the […]
American Institute of CPAs chief auditor Bob Dohrer dives deep into the new requirement for reporting critical audit matters in the auditor’s report, including recent guidance.
Two decades and tens of millions; bank error; dirty deal; and other highlights of recent tax cases. Kansas City, Mo.: Resident Ashwini Kumar, 54, has pleaded guilty to filing a false return. Kumar admitted that he filed false returns for 2014, 2015 and 2016; his 2014 return falsely claimed $32,000 in taxable business income when […]
Paul Wilkin (pictured) was hired as manager at Mathieson, Moyski, Austin Co., Wheaton. In other news, the firm renovated the fourth floor of their building at 211 S. Wheaton Ave., moving up one floor to Suite 400. Carissa Coppola was hired as an associate in the accounting services department, and Emily Cohen, Jason Dion and […]
A federal appeals court reversed a district court’s judgment, holding that taxpayers could not rely on the common law mailbox rule to show that an amended return had been timely filed in order to claim a tax refund. The Ninth Circuit Court of Appeals reversed the lower court decision in the case, Baldwin v. U.S., […]
The Internal Revenue Service issued proposed regulations Wednesday offering further details about investment in qualified opportunity zones, a provision of the Tax Cuts and Jobs Act aimed at spurring real estate investment in communities. The proposed regulations permit the deferral of all or part of a gain invested in a Qualified Opportunity Fund, or QO […]
The Supreme Court heard oral arguments Tuesday in a case involving a state’s ability to tax income from a trust based on the beneficiaries residing there before taking any distributions. At issue in the case, North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, is whether the Due Process Clause of […]
High-growth accounting firms are increasingly using mergers and acquisitions as a strategy. The recently released 2019 High Growth Study from the Hinge Research Institute revealed it isn’t just high-growth firms taking advantage of MA.Instead, almost 40 percent of both average-growth and high-growth firms saw some degree of MA activity last year. If you want to […]
You’re past the finish line of another frantic busy season. Congrats! Before you pack your bags and hightail it to the airport, take a half day with your team to review all the moving pieces involved in your latest busy season. Tax Day may be April 15, but tax season should officially end on April […]
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