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U.S. corporations are contributing the smallest share of federal tax revenue in a generation. That’s one of the findings in the Data Book for 2018, released by the Internal Revenue Service on Monday. In the fiscal year covered, the IRS processed more than 250 million tax returns and collected nearly $3.5 trillion in federal taxes […]
Big Four firm KPMG has announced that Jeff Payne, KPMG Professor in the Von Allmen School of Accountancy at the University of Kentucky, has been named the 2019 KPMG James Marwick Professor-in-Residence. Jeff Payne KPMG Launched in 2017, the KPMG James Marwick Professor-in-Residence program helps academics better understand the technical, regulatory and innovation challenges in […]
If you have wealthy clients who need the kinds of services a family office can provide — from investment management and financial planning, to estate planning, succession and business exit planning, and much more — it can be a gold mine for CPAs, according to John Napolitano.
Millennials and members of Generation Z have grown skeptical of traditional business models and are pessimistic about the economy and social progress, according to the 2019 Deloitte Millennial Survey, released on Monday. The 2019 report polled a total of 16,425 young people — 13,416 millennials (born between January 1983 and December 1994) across 42 countries, […]
New York is on the cusp of enacting a law that could help congressional Democrats gain access to President Donald Trump’s state tax returns, potentially opening the door for Congress to obtain tax records for any New York resident or business they want to investigate. That has some tax and ethics experts worried that Republicans […]
The American Institute of CPAs released a piece of nonauthoritative guidance for nonprofits earlier this month to clarify the definition of “direct care of collection items” to help nonprofits implement an accounting standards update from the Financial Accounting Standards Board, but the clarification might lead to problems for some nonprofits. Photo: AICPA The guidance came […]
My term as immediate past chairman of the Association of International Certified Professional Accountants and immediate past chairman of the American Institute of CPAs ends after the May 2019 council meeting. With this chapter closing, I wanted to reflect on one of the big challenges of our profession, and of many other professions — attracting, […]
Over recent weeks, nonprofit news publication ProPublica has released a set of stories accusing Intuit of obfuscating its Free File product, and directing DIY taxpayers instead to its Free Edition, where they are then directed through a set of complex search algorithms to a paid option, even if they qualify to file for free. Intuit […]
Cathy Engelbert, the outgoing CEO of Deloitte who was the first-ever woman to helm a Big Four firm, has been named the next commissioner of the Women’s National Basketball Association. Engelbert wasn’t nominated for a second term by Deloitte despite her prominence in the accounting profession and observers had been wondering what her next move […]
Brown Schultz Sheridan Fritz, a firm based in Camp Hill, Pennsylvania, is expanding to Maryland by adding RLH CPAs Business Advisors, effective June 1, 2019. The merger will extend BSSF’s footprint south and grow the size of their firm to over 130 employees. Financial terms of the deal were not disclosed. BSSF’s net revenues were […]
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