Accounting

Victims of winter storms and blizzards in New York now have until mid-May to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside or have a business in Erie, Genesee, Niagara,

Like many businesses across industries, accounting firms are facing significant obstacles in their pursuits to recruit skilled workers — but, unlike in other industries, the issue is unlikely to be fixed through benefits, perks and boosted compensation. While other sectors are struggling to convince skilled candidates to join their ranks, accounting firms are struggling to

Proposed IRS rules for non-fungible tokens have been seen as a good first step to accounting professionals in this space, indicating that the agency is finally taking these assets seriously. A non-fungible token, or NFT, is a digital asset that represents ownership of something unique, like a piece of art, music, or a collectible. When

Slowly but surely, more private businesses are adopting the new lease accounting standard as they face demands to put their operating leases on their balance sheets for the first time. The Financial Accounting Standards Board’s ASC 842 standard took effect for private companies last year after the original effective date was delayed to help companies

Armanino LLP, a Top 25 Firm based in San Ramon, California, is expanding its entertainment management practice by adding Royalty Compliance Organization, a music rights and royalty auditing firmin St. Louis, and Blue Sky Group, a music business management team in Nashville, effective April 1, 2023.  The addition of the two companies, led by Royalty

The Internal Revenue Service updated its frequently asked questions Wednesday about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks, after the IRS recently delayed a requirement to lower the reporting threshold from $20,000 to $600. Last December, the IRS postponed the lowered threshold for reporting on transactions involving

Evaporation of banks; slow filers; crypto and normal taxes; and other highlights from our favorite tax bloggers. Going slow Why? Rocks and shoals Favs Procedurally Taxing (https://procedurallytaxing.com): Fave headline of the week: “Court Invokes Aesop’s Fables in Denying Government’s Request for Injunctive Relief.” Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Fave opening of the week:

The International Accounting Standards Board is proposing to modify its financial instruments standard to deal with assets with environmental, social and governance features, as well as electronic payment systems. The IASB released an exposure draft Tuesday proposing to amend the classification and measurement requirements under International Financial Reporting Standards for financial instruments, known as IFRS

Psychologist Robin Hogarth developed the concept of wicked learning environments and kind learning environments. I bring this up because it summarizes where our profession is going.  In a kind environment, the rules don’t change, patterns tend to repeat themselves, and client interactions look the same day after day, year after year. Remember those days? In a

The Organization for Economic Cooperation and Development is making plans for easing multinational companies and government tax authorities into its plans for a global minimum tax. Last Thursday, the OECD held a public consultation meeting on compliance and the tax certainty aspects of the global minimum tax. The OECD unveiled technical guidance last month for

China suspended the operations of Deloitte Touche Tohmatsu Ltd.’s Beijing office for three months and imposed an unprecedented fine over lapses in its auditing work of bad-debt manager China Huarong Asset Management Co. After several on-site inspections, personnel interviews, a review of paperwork and a hearing, the Ministry of Finance found that Deloitte had “serious

HQ of Ledgible Crypto tax and accounting platform Ledgible announced that its software can now produce Form 8283, which concerns non-cash charitable contributions, such as cryptocurrency, worth more than $500. Ledgible Tax will produce an attachment for the 8283 form, so all cryptocurrency transactions applicable to it are included. The form contains two main sections

A $3.5 billion accounting error has South Carolina lawmakers initiating the process to oust the comptroller general responsible, CPA Richard Eckstrom. Eckstrom told senators last month he had unintentionally exaggerated the state’s cash position by $3.5 billion by overstating the amount the state had sent to colleges and universities for a decade, according to the

Sometimes a problem is so big that you can only really grapple with it by breaking it down into smaller pieces, and that’s certainly the case when it comes to the single biggest issue facing the accounting profession: staffing. In a recent survey of leading firms conducted by Accounting Today, they tended to break staffing

The Internal Revenue Service has posted frequently asked questions that address whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, flexible spending arrangement, Archer medical savings account or health reimbursement arrangement. Generally, deductions are allowed for expenses paid during the taxable year

Registrations are now open for the 2023 Accounting MOVE Project, with a 2023 focus on career sustainability.  The Accounting MOVE Project is an annual survey of accounting and financial firms that gathers data and guidance on the state of women in the profession, from which it creates annual lists of the best firms for women

All services except “Send Submissions” will be unavailable for the Internal Revenue Service’s Modernized e-File production and testing systems on Sunday, March 19, from 12:01 a.m. until 10 a.m. Eastern. More information is on the MeF Operational Status page, including any future updates. The system conducts a routine system maintenance build every Sunday at about this

Top 10 firm CliftonLarsonAllen announced a new summer internship program for high school students, where they’ll be exposed to career opportunities in accounting, tax, wealth management, digital and consulting services. “Our high school internship program is designed to give students the opportunity to explore the wonderful world of accounting and finance as they develop new

The Internal Revenue Service did not meet a requirement under the Taxpayer First Act to create an online system for processing electronic business transcript requests by January 2023, according to a new report. The report, released Monday by the Treasury Inspector General for Tax Administration, evaluated the IRS’s efforts to modernize its Income Verification Express

KPMG could find itself on the receiving end of lawsuits and investigations after giving a clean audit opinion to the financial statements of Silicon Valley Bank’s parent company and Signature Bank only weeks before they failed. The Justice Department and the Securities and Exchange Commission have opened investigations into SVB’s management in the wake of