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Millennials and members of Generation Z have grown skeptical of traditional business models and are pessimistic about the economy and social progress, according to the 2019 Deloitte Millennial Survey, released on Monday. The 2019 report polled a total of 16,425 young people — 13,416 millennials (born between January 1983 and December 1994) across 42 countries, […]
New York is on the cusp of enacting a law that could help congressional Democrats gain access to President Donald Trump’s state tax returns, potentially opening the door for Congress to obtain tax records for any New York resident or business they want to investigate. That has some tax and ethics experts worried that Republicans […]
The American Institute of CPAs released a piece of nonauthoritative guidance for nonprofits earlier this month to clarify the definition of “direct care of collection items” to help nonprofits implement an accounting standards update from the Financial Accounting Standards Board, but the clarification might lead to problems for some nonprofits. Photo: AICPA The guidance came […]
My term as immediate past chairman of the Association of International Certified Professional Accountants and immediate past chairman of the American Institute of CPAs ends after the May 2019 council meeting. With this chapter closing, I wanted to reflect on one of the big challenges of our profession, and of many other professions — attracting, […]
Over recent weeks, nonprofit news publication ProPublica has released a set of stories accusing Intuit of obfuscating its Free File product, and directing DIY taxpayers instead to its Free Edition, where they are then directed through a set of complex search algorithms to a paid option, even if they qualify to file for free. Intuit […]
Cathy Engelbert, the outgoing CEO of Deloitte who was the first-ever woman to helm a Big Four firm, has been named the next commissioner of the Women’s National Basketball Association. Engelbert wasn’t nominated for a second term by Deloitte despite her prominence in the accounting profession and observers had been wondering what her next move […]
Brown Schultz Sheridan Fritz, a firm based in Camp Hill, Pennsylvania, is expanding to Maryland by adding RLH CPAs Business Advisors, effective June 1, 2019. The merger will extend BSSF’s footprint south and grow the size of their firm to over 130 employees. Financial terms of the deal were not disclosed. BSSF’s net revenues were […]
Treasury Secretary Steven Mnuchin rejected House Ways and Means Chairman Richard Neal’s subpoena for six years of President Donald Trump’s personal and business tax returns. Now, Neal will likely turn to the courts, embarking on a lengthy battle that could help define Congress’ powers to oversee the executive branch. In a letter denying Neal’s subpoena, […]
Hidden fees; Maxed out; inhuman services; and other highlights of recent tax cases. Newberry, Fla.: Businessman Mac Johnson, 51, has been sentenced to a year and a day in prison after pleading guilty in February 2018 to tax fraud, wire fraud, structuring financial transactions to evade reporting requirements and harboring undocumented aliens. Johnson, a roofing, […]
Big Four firm KPMG announced that a student team representing the University of Toronto has won its second annual Ideation Challenge. The international competition gathers teams of STEM (science, technology, engineering and math) students to help solve real-world business issues with AI-driven ideas and solutions. Out of more than 600 initial applicants, nine teams from […]
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