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Professional services firm Accenture has acquired Revolutionary Security for an undisclosed sum, making it the third cybersecurity purchase for the firm this year. Revolutionary Security provides cybersecurity services for critical infrastructure sectors, of which financial services is one. Cybersecurity has increased in importance over the past few years as more of the world’s infrastructure moves […]
Fate sealed; insults to injury; thanks, dad; and other highlights of recent tax cases. Gilmore City, Iowa: Preparer David Miller, 52, has pleaded guilty to three counts of aiding and assisting in the preparation and presentation of false and fraudulent income tax returns and three counts of receiving stolen government money or property. Miller admitted […]
Big Four firm KPMG U.S. and its KPMG U.S. Foundation have announced to pledge over $2 million in donations to support nonprofit organizations impacted by the ongoing coronavirus pandemic. “We remain deeply committed to serving and supporting our communities during this challenge our world is facing,” said KPMG U.S. chairman and CEO Lynne Doughtie in […]
The American Institute of CPAs has posted a set of frequently asked questions and answers aimed at helping CPAs and their clients with tax filing and tax relief in response to the novel coronavirus pandemic, while pointing out the various shortcomings in the federal government’s response to date. The FAQ document notes, for example, that […]
Technology has a long history in the accounting profession. From the first abacus used by the Mesopotamians to today’s artificial intelligence and machine learning, every advance in technology has been met by accountants questioning how they will adapt to a new workplace. A 2015 report from Accenture predicted “death by digital” by 2020, with 40 […]
The Financial Accounting Standards Board plans to propose that private companies and not-for-profit organizations get an extra year to implement the lease accounting standard while they deal with the coronavirus crisis, while also giving private franchisor companies an extra year to get ready for the revenue recognition standard. FASB held a meeting Wednesday with its […]
Even before the start of the coronavirus pandemic, the federal government was facing dire financial conditions, with its overall financial condition worsening by $8.16 trillion in 2019, according to a new analysis. The Financial State of the Union report from the group Truth in Accounting argues that the overall decline in net position of the […]
The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions. Only two […]
The coronavirus has caught a number of states off guard, threatening their revenue and impairing their ability to meet obligations that have grown as a result of the epidemic. Many states have closed nonessential businesses to encourage social distancing during the crisis, resulting in a sudden loss of sales tax receipts coming into the state, […]
CliftonLarsonAllen LLP has upgraded its financial scenario modeling tool to match the needs of the new economy created by the coronavirus pandemic. CLA Intuition 2.0 uses interactive dashboards designed to bring greater financial insight and clarity to navigate change during these unprecedented times. CLA Intuition 2.0 is designed to help with the extraordinary issues raised […]
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