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Newly appointed officials in the Internal Revenue Service’s Small Business/Self-Employed division plan to make changes in the agency’s strategy for dealing with collections and enforcement in the area of cryptocurrencies like Bitcoin and Ethereum. Eric Hylton, who was recently named commissioner of the SB/SE Division, along with Darren Guillot, the new deputy commissioner for collection […]
A rule from the Public Company Accounting Oversight Board requiring auditing firms to disclose the names of the engagement partners who participated in an audit may not be having much of an impact on audit quality, according to a new academic study. The PCAOB originally proposed a requirement in 2009 for companies to identify their […]
The Financial Accounting Standards Board proposed this summer to again delay the effective date for the Current Expected Credit Losses (CECL) standard, Accounting Standard Update 2016-13 (Topic 326), for small public lenders, private lenders and nonprofits, such as credit unions. ASU 2018-19 previously extended the effective date for these entities. The proposal would extend the […]
Are you ready for some valuation? Ahem…football?!?! Fantasy football season is in full swing. As a valuation professional, this is the time of year when I’ve come to realize I enjoy mixing business along with the, well, the serious man cave-dwelling business of the fantasy football draft. There are many similarities in determining the value […]
All business owners are aware that operating a successful company in any industry requires compliance with a myriad of employment laws. Accounting firms may be under more scrutiny than those in other fields, as they are careful to advise their own clients about the persistence of compliance. The government takes a tough stance on issues […]
As the Tax Cuts and Jobs Act begins the march toward its second full filing season, preparers have had plenty of time to recognize how much reform accomplished its stated goal of simplifying the tax system. The answer: not much. Here are what preparers claim are the biggest challenges of the TCJA so far.
The year 2019 has brought many 50th anniversaries. In 1969, for instance, men first walked on the moon. Hundreds of thousands of people partied at Woodstock. New York’s Jets and Mets won championships. During the intervening years, many things have changed. There hasn’t been a moonwalk since 1972. Bethel, New York, where the Woodstock festival […]
Only 26.3 percent of public company execs say their implementation of the lease accounting standard is complete, according to a new survey by Deloitte, even though they were supposed to begin using it this year. Most have already disclosed using the new standard in at least one reporting period since the effective date of Dec. […]
The Institute of Management Accountants launched a new global promotional campaign Monday for its Certified Management Accountant credential, with advertising spots showing how accountants can add value to their organization, as the IMA expands its outreach to accounting students this semester about the skills needed in an accounting career today. Like previous IMA ads, which […]
Firm leaders are used to thinking that the younger accountants they’re hiring have different expectations and different characteristics as employees — but they may not be as attuned to the fact that younger clients also have different expectations and characteristics. Sarah Dobek of Inovautus Consulting shares some of the best ways to interact with and […]
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