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PricewaterhouseCoopers was fined 4.55 million pounds ($5.8 million) by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric Plc, giving fresh ammunition to critics calling for a breakup of the so-called Big Four auditing firms. The penalty was reduced from 6.5 million pounds after the company admitted its wrongdoing ahead of […]
Accounting firms should transform their current service offerings and explore new, more profitable ones now, before changes in the economy and the marketplace force them to, according to two leaders of the profession. Speaking in a joint presentation at the American Institute of CPAs’ Engage 2019 conference in Las Vegas this week, CPA.com CEO Erik […]
CPA.com, the tech arm of the American Institute of CPAs, has launched an initiative to help accountants identify and prepare for changes to the profession. The initiative, dubbed Navigating the Future, will include collaboration with innovation expert Pascal Finette and his consulting firm, Radical. Photo: AICPA Navigating the Future is designed to help accountants identify […]
The accuracy of miscellaneous income statements submitted by federal agencies and other entities on the Form 1099-MISC has significantly improved, but better communication and outreach could further reduce the number of incorrect 1099-MISC statements filed each year, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that entities […]
The American Institute of CPAs recognized 25 top female leaders in the accounting profession on Wednesday with the presentation of the 2019 Most Powerful Women in Accounting Awards at the ongoing AICPA Engage conference in Las Vegas. The awards, now in their eighth year, were created by CPA Practice Advisor and are jointly administered by […]
Executive vice president of K2 Enterprises Randy Johnston is well-known in the industry as a technologist and visionary for tech that will have an impact on the accounting profession. At AICPA Engage 2019, this year held in Las Vegas, Johnston discussed his best technology picks and notes for small firms this year. Above and beyond […]
President Donald Trump’s personal lawyers told a U.S. appeals court it must reverse a judge’s ruling allowing the House Oversight and Reform Committee to subpoena financial records from his accounting firm because lawmakers lack a legitimate legislative purpose to see them. Trump’s attorneys made the argument in a filing Monday as they fight to overturn […]
About 80 former and current employees of Deutsche Bank AG are suspects in an investigation by German prosecutors into an alleged tax fraud, according to a person familiar with the matter. A growing number of Deutsche Bank employees have been ensnared in the years-long probe, including investment bank head Garth Ritchie, as well as ex-chief […]
HR Block said Tuesday it has agreed to acquire Wave Financial, a provider of small business accounting software, for $405 million in cash. Based in Toronto, Wave’s software is used by more than 400,000 small businesses and includes invoicing, payroll, bookkeeping and payments technology. The company was founded in 2010 with just eight employees and […]
Finance Ministers from Group of 20 nations agreed they need to find a common method to tax technology giants, whose digital business models have grown exponentially faster than systems to tax them. “We agreed on a need to redouble our efforts to reach consensus by 2020,” Japanese Vice Minister for Finance Masatsugu Asakawa said Saturday […]
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