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Quarium, a dedicated QuickBooks cloud hosting service made by Fishbowl, is now an Intuit Authorized Hosting Company. The program endorses the hosting companies as safe, with proper security measures in place to protect housed data. Cloud-hosting programs allow users to have their licensed copies of QuickBooks desktop software installed on servers in a remote hosting […]
The Securities and Exchange Commission voted to approve the 2021 budget and annual accounting support fee of the Public Company Accounting Oversight Board. For 2021, the PCAOB’s budget will total $287.3 million, up 0.9 percent from the 2020 budget of $284.7. The relatively small increase anticipates lower spending on things like travel spending due to […]
Folded; they didn’t need to know; sentence guaranteed; and other highlights of recent tax cases. Shelton, Connecticut: Guy Smith, 62, has pleaded guilty to one count of tax evasion. Smith owns and operates Centerline Interiors, which specializes in commercial interior construction, and is also a professional poker player who has played in tournaments at casinos […]
The Financial Accounting Standards Board announced the release of a number of reporting taxonomies for 2021 on Thursday. The 2021 GAAP Financial Reporting Taxonomy, the 2021 SEC Reporting Taxonomy, or SRT, and the 2021 XBRL US DQC Rules Taxonomy, or DQCRT, are now available on FASB’sTaxonomy page. The 2021 GAAP taxonomy includes updates for accounting […]
It was a shocking, and seemingly improbable, figure. Eight months into the coronavirus pandemic — and the brutal economic collapse it triggered — California’s budget watchdog said the state was poised to pocket a windfall of some $26 billion. Just as New York and Connecticut had revealed weeks earlier, tax revenue was coming in at […]
President-elect Joe Biden had one of the most progressive tax plans of any presidential platform, and activists are trying to make sure the momentum doesn’t stop there. But Biden won’t have decisive Democratic majorities in the House and Senate to work with, making grand plans tough to enact. At best, Democrats could have only narrow […]
China-based Luckin Coffee Inc. has agreed to pay a $180 million penalty to settle charges from the Securities and Exchange Commission that it defrauded investors by materially misstating its financials. The SEC’s complaint says that, from April 2019 through January 2020, Luckin made up more than $300 million in fake retail sales, and that some […]
The Financial Accounting Standards Board has issued a proposed Accounting Standards Update that it hopes will create more consistency around how businesses account for revenue contracts with customers that they have acquired. Current GAAP does not provide specific guidance on contract assets and liabilities that are accounted for under Topic 606, “Revenue from Contracts with […]
Texas firm Calvetti Ferguson LLC announced its plans to acquire Mark M. Jones Associates RLLP. Terms of the deal were not disclosed, but it is expected to raise Calvetti Ferguson’s headcount to more than 140 in Houston, Dallas, Fort Worth and San Antonio. “This acquisition is ideal because we will be able to increase our […]
Accounting Today has issued a call for submissions for its 2021 Top New Products report. The report, which will appear in February, will recognize the best new and significantly improved products aimed at tax and accounting professionals, as judged by the editors of Accounting Today. Products for consideration must be designed for the tax and […]
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