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The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate. The 219 to 212 House vote was a stark contrast to the previous pandemic relief bills enacted last […]
A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama. “This is a really big, complicated, brand new proposal. It is *possible* that it works,” Jason Furman, […]
Internal auditors and others involved in compliance-related diligence work have a broad mandate to provide assurance and risk-based insights to their stakeholders, often in highly complex and heavily regulated environments. At the same time, these practitioners recognize the need to become more efficient and more effective in identifying and responding to risks, particularly as remote […]
The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative for providing assurance services related to financial and nonfinancial metrics. The initiative, called “Accelerating Integrated Reporting Assurance in the Public Interest,” aims to help more businesses implement integrated reporting, which brings together traditional financial reporting with other issues […]
The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19. The No. 1 tax issue this year is mapping the tax impact of COVID-19-related business strategies, according to a recent Tax Outlook Survey from BDO USA, while the biggest challenge […]
The Internal Revenue Service has issued an alert concerning amended returns and claims for the Domestic Production Activities Deduction. It was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017, but the IRS says it has since “received a wave of questionable amended returns and claims for […]
Corporations are starting to buy digital assets like Bitcoin to bolster their treasuries, but the volatility in prices could put a dent in their balance sheet. A new report from Deloitte examines the trend of companies allocating their funds toward buying virtual currency and other digital assets. The business intelligence software company MicroStrategy, for example, […]
Ask anyone in the know how the accounting profession has weathered the COVID-19 pandemic so far and you’ll hear, in tones that range from bemused to downright triumphant, that it’s done extraordinarily well — miraculously well, in fact. Firms managed to transition to remote work almost overnight. They cemented their status as essential interlocutors between […]
With the second COVID-dominated tax filing season now well underway, hopefully firms have gotten the kinks out of working remotely and have the technology in place to do so successfully. There are even suggestions that remote working will not disappear after we leave the pandemic behind us. Rather than looking forward to a smooth tax […]
This edition of Generational Viewpoints features two professionals from PKF O’Connor Davies, a Top 100 Firm with 900 staff and 14 locations (www.pkfod.com). We asked Generation X partner Robert Cordero, born in 1979, and Generation Z associate Mecca Muhammad, born in 1997, to share their perspectives on the following question: “What strategies are you employing […]
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