Firms on the move: Boyer & Ritter constructs can sculptures to benefit local food bank
Baker Newman Noyes and Aronson cut ribbons on new offices; Tennessee and Missouri state CPA societies wager on Sunday’s AFC championship; and more CPA news.
Month: January 2020
IRS to restore some sequestered funds
The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget determination regarding the Balanced Budget and Emergency Deficit Control Act of 1985. The OMB determined that the refundable corporate minimum tax credit claimed under Sections 53 and 168(k)(4) of Title 26 of the U.S. Code as […]
FASB clarifies accounting for equity securities
The Financial Accounting Standards Board has issued a standards update aimed at clarifying the interaction between the rules related to equity securities, equity method investments and certain derivatives. The new accounting standards update builds on an earlier one from 2016. Back then, FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and […]
M&A roundup: Double mergers, and more
Top 100 Firm UHY Advisors and UHY LLP merged in Pattison, Koskey, Howe and Bucci, CPAs; MBAF expanded its tax and accounting practice by adding Kramer Associates; and Fiondella, Milone LaSaracina merged in Viola Chrabascz Reynolds and Formica Dobkin.
Tax Fraud Blotter: Her little secrets
A little off the top; noted; over the Edge; and other highlights of recent tax cases. Hemet, California: Preparer Dennis L. Reed II, 31, has been sentenced to 41 months in prison for defrauding the IRS out of more than $2.1 million by submitting phony tax returns, including ones that maximized fraudulent refunds through child […]
Whistleblower protections for accountants and tax professionals bolstered by new law
During tax season, a tax professional can be placed in the difficult position of trying to stop tax fraud after uncovering their employer or client committing fraud. In a healthy workplace culture, dissent is tolerated and indeed encouraged. But where an accountant, tax professional or tax attorney suffers retaliation for raising concerns about tax fraud […]
Moody’s predicts CECL will have limited impact on big banks
The new credit losses accounting standard is not expected to have a major impact on the loan loss reserves of most large publicly listed U.S. banks, according to Moody’s Investors Service. In a new report, the New York-based credit-rating agency said the accounting change is unlikely to alter Moody’s assessment of a bank’s credit strength. […]
FASB is the villain!
As I speak to CPAs around the country, it’s becoming clearer and clearer to me that many accountants and business owners view the Financial Accounting Standard Board as something of a villain. Three different audience members — all mild-mannered accountants — at different events have actually said out loud to me, “FASB is the villain!” […]
Tax pros’ top worry for 2020 is late client info
Time is the biggest concern for practitioners heading into this year’s filing season, with two-fifths reporting in a recent survey that late client information and time compression are their main worries. No other worries ranked as high, according to research conducted as part of the monthly Accountants Confidence Index study that Accounting Today performs in […]
Citrin Cooperman merges in LGSH
Citrin Cooperman, a Top 25 Firm based in New York, has continued its recent expansion streak in Southern California, snapping up LGSH LLP, its third firm in the Los Angeles area in recent months. The deal, which took effect Jan. 1, will give Citrin a location in the Encino neighborhood of Los Angeles and add […]
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