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The Internal Revenue Service issued a notice Monday delaying a requirement for reporting partners’ share of partnership capital. Notice 2019-66 provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective starting […]
The National Conference of CPA Practitioners announced that Karen Giunta and Sanford (Sandy) Zinman are the recipients of its 2019 Gold Awards. The lifetime achievement award recognizes CPAs with successful careers who are also “contributors, advocates, and selfless volunteers” to NCCPAP. Giunta has previously served as membership chair, treasurer, and president of the NCCPAP at […]
KPMG International announced that it would be investing $5 billion over the next five years to better position itself for the digital transformation going on in professional services. “Technology is disrupting organizations across the globe,” said KPMG International global chairman Bill Thomas in a statement. “Clients are turning to us like never before and trust […]
The Internal Revenue Service’s Criminal Investigation division identified $1.8 billion in tax fraud in 2019, with a 91.2 percent conviction rate for all financial crimes, according to the division’s 100th annual report released Thursday, which also highlighted a continued focus on employment tax, cryptocurrency and cybercrime. This year’s report, which marked the agency’s 100th anniversary, […]
The Global Intangible Low Taxed Income, or GILTI, has created a lot of challenges for taxpayers, since it was instituted by the Tax Cuts and Jobs Act of 2017. By all means, GILTI is not a simple concept to understand, but in its most simplistic form it taxes U.S. taxpayers on income generated in a […]
Auditing costs are going up for companies, in part due to new accounting standards for revenue recognition and leases, according to a new survey. The survey, by FloQast, a provider of close management software for accountants, and Dimension Research, asked controllers and senior accounting professionals at small, midsize and large companies about their audit costs […]
Tax software maker Canopy has named Davis Bell as its new CEO, succeeding founder Kurt Avarell, and raised an additional $13 million in funding from its existing investors as the company pivots to focusing on its main practice management product and temporarily shelves plans for professional tax prep software after a series of reverses this […]
In order to see what CPAs and accountants believe 2020 has in store for them — and what they have in store for it — Accounting Today conducted its annual survey of almost 600 firms of all sizes in late October, polling them on everything from their growth expectations to their plans for tech spending, […]
Bill Hagaman, Withum’s managing partner and CEO, sends a weekly Monday morning email and at least one new client email a week to everyone in our firm. I eagerly look forward to both types of emails. Our firm is growing and we are spread out in 12 offices. A firm our size with 1,200 total […]
When CPA firm Gerson Preston Klein Lips Eisenberg Gelber relocated its headquarters from Miami Beach to the trendy Design District of Miami three years ago, local artist Ricardo Casado was hired to paint a mural in tribute to the Regional Leader’s 60-year history. Displayed in the firm’s Miami office, the 72×48 abstract oil painting depicts […]
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