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The American Institute of CPAs announced that seven CPAs, all under the age of 40, have been honored with the Personal Financial Planning Standing Ovation award for their contributions to the personal financial planning field. Recipients were honored at the AICPA’s Advanced Personal Financial Planning Conference in Las Vegas, part of the ongoing 2019 AICPA […]
The American Institute of CPAs submitted more than 140 recommendations to the Internal Revenue Service regarding its 2019-20 Guidance Priority List, identifying and prioritizing guidance projects the AICPA believes the U.S. Department of the Treasury and the IRS should address. The AICPA believes these projects should be addressed through various means, including regulations, revenue rulings, […]
Doc.It, which provides document management, workflow, document storage and web portal products for accounting firms, now offers DocuSign eSignature integration in the Doc.It Suite and Doc.It Connect portal products. DocuSign is a widely used e-signature product that enables documents to be signed securely in a paperless environment from most devices. “The integration of Doc.It products […]
Clawbacks on incentive-based compensation for executives could lead to misconduct and misreporting of financial results, according to a new academic study. The study, by Jennifer E. Nichol of Northeastern University, examined trends such as the clawback provisions of the Dodd-Frank Act of 2010, as well as penalty clauses in executive compensation contracts. The paper, which […]
The Internal Revenue Service tends to impose relatively few accuracy-related penalties during audits of large businesses, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted accuracy-related penalties are generally 20 percent of the underpayment of taxes due, and in certain cases, the penalty can be as high as […]
The Securities and Exchange Commission has added fraud charges to its previous charges against Longfin Corp., a defunct company that used to promote cryptocurrency and went public under dubious circumstances. Image: Bloomberg The SEC filed a fraud action Wednesday against both Longfin and its CEO, Venkata Meenavalli, who it alleged conducted a fraudulent public offering […]
The Internal Revenue Service issued a warning Friday to taxpayers who haven’t yet filed their 2018 tax returns that they will face higher tax penalties if they owe taxes and haven’t filed by June 14. Andrew Harrer/Bloomberg The IRS lowered the threshold for imposing underwithholding and underpayment penalties earlier this year during tax season because […]
Grant Thornton said late Friday that its CEO Mike McGuire will be transitioning into a CEO emeritus role, where he will serve as a “brand ambassador” for the firm, starting August 1, and the firm will be led by Bradley J. Preber as interim CEO elect. Preber is currently chairman of the Partnership Board, which […]
Courtesy of Wipfli LLP Kurt Gresens was named managing partner at Wipfli, Milwaukee, effective June 1, after being elected by the firm’s partners. Gresens is succeeding Rick Dreher, who is completing a 13-year tenure as the firm’s managing partner and chairman of the board. Kelly Fisher took over Gresens’ current role of practice partner, also […]
President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning. That last $100 in tax-cut gains also could soon disappear — and then some — because of additional tariffs Trump has announced or is considering. If the […]
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