Category: Tax News And Info
Booz Allen investigated by U.S. over charging practices
(Bloomberg) A unit of Booz Allen Hamilton Holding Corp. is the focus of criminal and civil probes by the Justice Department related to how it billed the government for contracting work, the company disclosed in a filing. Booz Allen Hamilton Inc. was notified on June 7 that the Justice Department was investigating how the company […]
IFAC calls on G-20 to improve governance
Ahead of next month’s Group of 20 summit in Germany, the International Federation of Accountants is urging world leaders to take steps to rebuild public trust by improving governance practices through all sectors of the economy. IFAC issued a set of recommendations Thursday for G-20 countries to support both the world economy and the G-20’s […]
Hatch asks for input on Senate Republicans’ tax reform plan
Senate Finance Committee chairman Orrin Hatch, R-Utah, is asking for ideas, proposals and feedback on tax reform as efforts in Congress heat up on overhauling the federal tax code. Hatch leads one of the main tax committees in Congress. He recently expressed his openness to changing Senate budget rules to allow tax cuts to be […]
When is it OK to throw out old tax documents?
After every tax season, it’s tempting to do some spring cleaning, which often includes a massive dump of recently filed tax data. While many firms have migrated to paperless records, many still grapple with the issue of tax record retention. One of the most confusing questions clients ask their accountants is: what do I do […]
PCAOB targets management bias with new auditing proposals
The Public Company Accounting Oversight Board’s recently proposed rules on auditing accounting estimates and using the work of specialists indicate the PCAOB wants auditors to view management bias more skeptically. At a meeting earlier this month, the PCAOB issued a pair of proposals to strengthen its requirements for an auditor’s use of the work of […]
Partner performance management and compensation plans vs. strategy
If a CPA firm has a partner performance management and compensation plan (and many don’t), rarely is it used as a means of driving strategy and running the firm. Instead partner goal setting and evaluations are used merely as a means of rewarding partner compensation—one of the greatest challenges for senior management and executive committees. […]
Why marketing should be one of your first M&A concerns
With so many firms undergoing mergers and acquisitions as part of their overall growth strategy, knowing how to handle these brand transitions smoothly is a critical component of a firm’s long-term viability. Many firms focus only on the financial and logistical aspects when they approach a merger or acquisition, leaving marketing and branding as an […]
Companies struggle to go beyond boilerplate in sustainability disclosures
Sustainability information is increasingly a part of corporate reporting, but many companies are still relying on boilerplate language in their disclosures, according to a recent report. A study by the Sustainability Accounting Standards Board reviewed the latest 10-K and 20-F filings of top companies in 79 industries. The study found that 69 percent of the […]
At AICPA Engage, blockchain is on the brain
Blockchain was a favored subject during the American Institute of CPAs annual conference, AICPA Engage, in Las Vegas this year, held June 11-15. Sessions on the technology were well attended, with attendees clearly interested in learning how the technology would affect the future of the accounting profession. Blockchain technology is essentially a distributed ledger platform […]
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