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The Federal Accounting Standards Advisory Board staff has released a technical bulletin in an effort to clarify the loss allowance standards for accounts receivable and related recognition standards and reporting. Technical Bulletin (TB) 2020-1, Loss Allowance for Intragovernmental Receivables, clarifies that the recognition of losses, provided in paragraphs 40-52 of SFFAS 1, “Accounting for Selected […]
The Internal Revenue Service and the Treasury Department released guidance Friday to help farmers deal with a provision of the Tax Cuts and Jobs Act and reduce their taxes by leveraging a tax break for small businesses. The 2017 tax law included a provision that exempts small business taxpayers from the capitalization rules under Section […]
GBQ Partners LLC, a firm based in Columbus, Ohio, has added Weber Clark Ltd., a firm in Toledo. Weber Clark was founded in 1980 and the merger will extend its footprint to Toledo. “GBQ is excited to expand in Toledo and welcome the staff and clients of Weber Clark,” said GBQ managing director Darci Congrove […]
My company sells five different customer relationship management applications, and we currently serve about 600 clients using these applications. I’ve gotten pretty good at being able to identify prospective clients that have a good chance of success. So can you guess my reaction when a CPA firm approaches me about a potential CRM solution? It’s […]
EZ out; Totaled; to the cooler; and other highlights of recent tax cases. Savannah, Georgia: A federal court has enjoined Andrea Nadel and her business, EZ Accounting Tax Service, along with Estelle Nadel, from preparing federal returns for others. According to the complaint, the Nadels and EZ prepared federal income tax returns that reported false […]
Boomer Consulting Inc. is launching Boomer Certified Consultant Training, a year-long training program designed to teach accountants how to develop and deliver consulting and advisory services. The program is open to partners, managers and directors at accounting firms. It will start with a three-and-a-half day workshop with other participants at the Boomer Accounting Innovation Center […]
Diversity isn’t just a buzzword in business; it’s a key to success. A study by McKinsey and Company found that companies in the top quartile for ethnic and cultural diversity on executive teams were 33 percent more likely to have industry-leading profitability. But many firms are still struggling to truly become diverse and inclusive organizations. […]
The Association of Chartered Certified Accountants and the Institute of Management Accountants released a report Wednesday on some of the major long-term issues affecting the world economy. The Global Economic Themes Report discusses various aspects of the world economy, including Europe, China, America, and the U.S. vs. China trade war. In the U.S., the report […]
Even though each digital service provider differs from the next, all DSPs are forced to navigate a complicated, evolving and non-harmonized set of tax rules that govern their businesses around the world. The most common DSP businesses that are impacted by such rules include online search engines, social media platforms, online learning and education platforms, […]
Leaders of the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement Wednesday about the impact of the coronavirus on audit firms trying to operate in China and the impact on audit quality, while offering them the possibility of relief as auditors struggle to visit clients during the outbreak. […]
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