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What is FlexGen? I had eight minutes to describe what it means in my firm when I presented on the main stage, in front 1,000 or so CPAs and CFPs, at the eMoney Advisor Summit in Orlando earlier this month. The conference’s theme was “The Rise of the FlexGen,” and I found it exciting because […]
In June of this year, Vena Solutions’ founder and CEO Don Mal stepped down from his leadership position to make way for Shawn Cadeau to take the reins — but just a few months later, Mal is stepping back into to the role, Cadeau is out, and the company has hired Neil Thomas as chief […]
The Financial Accounting Standards Board’s new hedge accounting standard is prompting some companies to adopt the standard ahead of the Jan 1, 2019 effective date, though many companies are still not using hedge accounting at all. A poll during a May webcast by Deloitte found that 20.6 percent of company executives report their organization has […]
The Illinois CPA Society’s Women’s Committee and the Association of International Certified Professional Accountants Women’s Initiatives Committee have announced three women as 2018 Women to Watch Award recipients. Honorees were split into experienced and emerging leader categories. Experienced leaders are recognized for factors including mentoring younger professionals, a commitment to community service, workplace leadership and […]
New York taxpayers sent about $24 billion more to the U.S. government last year than the state got back in federal spending, Comptroller Thomas DiNapoli reported Wednesday. The state generated almost $250 billion for the federal treasury in the 2017 federal fiscal year ending Sept. 30, 2017 — $12,588 per person — or about 30 […]
The Securities and Exchange Commission and the Internal Revenue Service are offering regulatory relief and assistance for victims of Hurricane Michael, as well as extending tax-filing deadlines and making it easier to provide low-income housing for people affected by the devastating storm. Hurricane Michael devastated the Florida Panhandle, particularly the cities of Mexico Beach and […]
The Public Company Accounting Oversight Board said Tuesday that Deloitte Canada has been ordered to pay a $350,000 fine for failing to maintain its independence during three consecutive audits of a Canadian gold-mining company, Banro Corporation. Deloitte Canada also agreed under the order to be censured and to go through a review of its independence […]
Now that public companies have begun complying with the new revenue recognition standard and private companies will need to implement it in the next few months, the underlying challenges are becoming more apparent in comment letters from the Securities and Exchange Commission. “The majority of the comments that we’ve seen, both for the early adopters […]
The American Institute of CPAs presented testimony Tuesday during a hearing conducted by the Treasury Department and the Internal Revenue Service about the proposed regulations for implementing the qualified business income rules under the Tax Cuts and Jobs Act. Photo: AICPA The new rules relate to claiming the 20 percent deduction for pass-through entities under […]
Grant Thornton UK LLP said Monday that its CEO, Sacha Romanovitch, will not stand for re-election for a second term and will step down after a successor is appointed before the end of this year, as the firm weathers an accounting scandal at one of its clients, bakery shop chain Patisserie Holdings. Romanovitch has been […]
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