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The Governmental Accounting Standards Board released a proposed technical bulletin Thursday from its staff with application guidance on the CARES Act and outflows incurred by state and local governments in response to the COVID-19 pandemic. The bulletin comes in response to questions raised with GASB by its constituents. State and local governments around the country […]
Accountants have an obligation to set an example in diversity and inclusion and fighting racism, Ohio Society of CPAs president and CEO Scott Wiley said in a Zoom webcast Thursday that included leading members of the profession discussing diversity and inclusion efforts at CPA firms and the wider business community in the wake of the […]
Disunion; 13 grand in cigars; ‘til theft do us part; and other highlights of recent tax cases. Detroit: Gary Jones, former president of the international United Auto Workers union, has pleaded guilty to conspiring with other UAW officials to embezzle over $1 million of UAW dues money, to further racketeering activity, and to evading taxes. […]
The Financial Accounting Standards Wednesday approved a pair of new accounting standards for convertible instruments and nonprofit gifts-in-kind, while also voting to defer the effective date of its long-duration insurance standard because of the COVID-19 pandemic, during the final meeting in FASB chairman Russell Golden’s term. The new standards wrap up some of the important […]
Excel gets co-opted in a phishing attack, Right Networks grabs Rootworks, and eight other recent developments in technology and how they’ll impact your clients and your firm.
The American Institute of CPAs has released some guidance on how to account for forgivable loans under the Small Business Administration’s Paycheck Protection Program. The PPP was included as part of the CARES Act that Congress passed at the end of March and provides SBA-backed loans to businesses to help them deal with the fallout […]
On May 15, 2020, the Small Business Administration released the loan forgiveness application for the Paycheck Protection Program. The application contains a great deal of guidance and direction for assisting companies with calculating their loan forgiveness, including helpful worksheets and step by step instructions. Following the release of the application, Congress passed the Paycheck Protection […]
Superseding returns; tax law vs. facts; IRS reopening continues; and other highlights from our favorite tax bloggers. Here comes the write-off National Association of Tax Professionals (https://blog.natptax.com/): Most of your clients (and maybe not a few of your colleagues) have never heard of a superseding return. How can some taxpayers benefit from filing one? Tax […]
CPA Canada announced that it was the subject of a cyberattack that exposed personal information from approximately 329,000 individuals. The attackers accessed contact information, including email addresses, that the membership organization held on its website. According to published reports, the information was largely related to the distribution of CPA Magazine, and CPA Canada said that […]
Accounting firm Ernst Young was sued over its work for Wirecard AG, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe. The German lawsuit alleges that EY failed to flag that 1 billion euros ($1.1 billion) in assets were improperly booked on the payment processor’s 2018 accounts, Wolfgang Schirp, […]
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