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Facebook publicly launched the Libra cryptocurrency and Libra Association this week, in partnership with Mastercard, Coinbase, Uber and other companies. While Libra isn’t accounting focused, accountants and other practitioners with fiduciary duties should understand and be able to communicate to their clients what these changes mean. Libra capitalizes on the growing interest in both cryptocurrency […]
U.S. Supreme Court Andrew Harrer/Bloomberg The U.S. Supreme Court decided unanimously Friday in favor of the taxpayer in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, holding that North Carolina violated the Due Process Clause of the Constitution by taxing a trust based solely on the residence of a beneficiary. Justice […]
National Taxpayer Advocate Nina Olson delivered what is likely to be her final public speech Friday before retiring at the end of July from nearly 19 years of running the Taxpayer Advocate Service at the IRS, announcing plans to start a nonprofit to continue her work advocating for taxpayer rights, while promising future battles against […]
Kyle James Smith has been promoted to manager in the Audit Department at Maner Costerisan, Lansing. He joined the firm earlier this year as an associate. Crowe LLP recently named Josh Cole managing principal of its consulting team at Crowe, a convergence of the firm’s former performance consulting and risk consulting teams. Cole leads the […]
Thomson Reuters has inked a deal to acquire Confirmation, the maker of online audit confirmation software operating in 170 countries. Audit automation is at the forefront of accounting technology innovation right now, with artificial intelligence changing the landscape of sampling and analysis. This is just the latest in a series of investments Thomson Reuters has […]
A U.S. House committee approved a package of bills that provide tax breaks for a variety of select industries and constituencies, kicking off what’s likely to be a protracted negotiation with Senate Republicans over whether and how to pay for them. The bills include dozens of breaks for specific industries, including biodiesel producers, wind-energy farmers, […]
Given the scale of the disruption facing the accounting profession — and the level of resistance to that disruption — firm leaders and managing partners may need to spend anywhere from 15 percent to 50 percent of their time leading and managing change initiatives, according to change management expert Rik Nemanick. “It will always take […]
There are three simple strategies that can practically guarantee an accounting firm double-digit growth, according to consultant Adelaide Ness — but just because they’re simple doesn’t mean they’re easy. “These are tried and true, in firms as small as a couple of people and for really big firms. They work for any size firm — […]
Probably the most significant and recent development in state tax collection efforts is the rise of marketplace facilitator laws. These laws shift the sales tax collection and remittance obligations from a third-party seller to the marketplace facilitator. Placing the burden of sales and use tax compliance on the marketplace provider, and not the seller, means […]
Data has always been the cornerstone of an accurate and compliant allowance for loan and lease losses (ALLL), and it will remain critical under the current expected credit loss model, or CECL. The Q1 2020 implementation deadline is approaching quickly for SEC registrants, and other banks and credit unions are making their own CECL preparations, […]
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