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It is important to develop a specialty, but it needs to be balanced with the needs of the practice and your interests. In this age of specialization and niche expertise, being a generalist is a negative to most people, indicating a lack of competency in an area. When someone professes to be an “expert” in […]
National Taxpayer Advocate Erin Collins released her first report to Congress Monday, discussing some of the difficulties confronting taxpayers and the IRS during the COVID-19 pandemic, which has only exacerbated problems with taxpayer service as the IRS struggled to implement the provisions of the CARES Act and the Taxpayer First Act. Collins took over from […]
The Sustainability Accounting Standards Board voted during an online meeting last week to open a new standard-setting project to address single-use plastics and bio-alternatives in the chemicals and pulp and paper industries. Increased public scrutiny of the environmental impacts of plastics use has led to increased regulation and changing customer demands for packaging, creating risks […]
The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog. Almost half — 47.2% — of the audits on large companies from fiscal years 2016 through 2018 resulted in the IRS concluding that no additional tax was due, the Treasury […]
France, the U.K., Italy and Spain offered to limit the scope of a proposed global digital tax, a concession after the U.S. threatened to hit those countries with tariffs if they moved ahead with levies on tech companies. This approach “would considerably ease the task of achieving a consensus-based solution and make a political agreement […]
Wirecard AG’s long-time auditors, Ernst Young, accused their client of “an elaborate and sophisticated fraud” that allowed more than $2 billion to go missing. Now that Wirecard has filed for court protection from creditors, the accountants who signed off on the fintech firm’s books for a decade are rejecting responsibility for their role in the […]
ConvergenceCoaching launches annual “Anytime, Anywhere Work” survey; Mazars USA names chief people officer and chief marketing officer; and more CPA news.
Setting partner compensation is an art and not a science. Show me your compensation plan and I’ll tell you your firm’s strategy. As a consultant to small and midsized CPA firms, I frequently have the opportunity to provide guidance on partner compensation plans and it never ceases to amaze me to see how many plans […]
Accounting firms have been affected, but not sunk, by the COVID-19 pandemic, according to a recent webinar hosted by Sarah Johnson Dobek, founder and president of Inovautus Consulting. The “CPA Firm Growth Outlook Amid COVID-19 Survey Findings Webinar” explored how firms have been managing since the onset of the COVID-19 pandemic and where they are […]
Hailee Johnson, a manager in UHY’s audit practice in Michigan, led a softball team sponsored by the firm to a World Series C Softball Championship at ESPN’s Wide World of Sports in 2017, and she is hoping to win the championship this year, pandemic or no pandemic. She and the team are already well on […]
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