Accounting

Corporate tax rates in major economies around the world have fallen to an average of just 25.1% this year, according to a study released Friday by the UHY international accounting firm network. With the COVID-19 pandemic leaving a gaping hole in the public finances of many countries, however, UHY predicts the trend of declining corporate tax
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Finance ministers and central bank governors from G7 countries are asking the recently established International Sustainability Standards Board to go beyond climate change disclosures to set standards in other areas related to nature and social issues. In a wide-ranging communique issued during a meeting Friday in Germany of international finance and banking leaders that covers
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A busy year; must love scams; state of emergency; and other highlights of recent tax cases. Salem, Massachusetts: Tax preparer Roosevelt Fernandez, 42, has been sentenced to five years in prison and three years of supervised release after orchestrating two schemes involving COVID-19 relief funds and returns submitted using stolen IDs. As early as 2018,
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Accounting workflow automation provider Lockstep announced the release of Lockstep Inbox, a free automated inbox application designed specifically for accountants. The solution streamlines workflows through a shared Accounting Inbox, in contrast to personal inboxes, which each stand in their own silo. Specifically, the new solution offers the ability to: Monitor accounting KPIs and generate actionable
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The International Sustainability Standards Board hopes to establish a comprehensive “global baseline” of sustainability disclosures and described some broad steps Wednesday to achieve it by the end of the year.  Establishing a global baseline would reduce the fragmentation of sustainability disclosure requirements, according to the ISSB, and lessen the costs for data preparers and improve
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Tax preparers actually thought this year’s filing season went a little smoother than expected. That’s the consensus from a recent survey from the National Association of Tax Professionals, which asked its more than 23,000 members before Tax Day what they believed their top challenges would be for the 2022 tax season. After the April 18
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The  International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities. The move comes amid growing interest in the accounting profession in environmental, social and governance reporting. While much of it is in
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People everywhere want some measure of assurance — something they can trust. Confidence in the quality of information is necessary for a complex society to function, and markets operate most efficiently when there’s reliable, quality information stakeholders can use to make decisions. And accountants — specifically Certified Public Accountants (CPAs) — play a key role
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The Financial Accounting Standards Board voted to add a project to its technical agenda to improve the accounting for and disclosure of certain digital assets, such as cryptocurrency. During an online meeting Wednesday, FASB’s staff informed the members of the board that they had received hundreds of requests from stakeholders for guidance on accounting for
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The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately. Last week, the Treasury Inspector General for Tax Administration released
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If you remember “The Spirit of Accounting,” perhaps you’re as surprised as I am to see it published again. If you don’t recall, this column appeared in almost every Accounting Today issue from 1996 to 2016, consistently challenging leaders and practitioners to improve our collective contributions to our society and economy.  Even more stunning to
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Victims of wildfires and straight-line winds that began in New Mexico on April 5 now have until late summer to file various federal individual and business returns and make tax payments. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS has given relief to affected individuals and households who reside
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Royal pain; cashing out; midnight at the Oasis; and other highlights of recent tax cases. Dallas: Tax consultant Steven Jalloul, a Liberian national who orchestrated a scheme to secure more than $23 million in forgivable Paycheck Protection Program loans, has been sentenced to 10 years in prison. Jalloul, who pleaded guilty in October, admitted that
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Deloitte has created a DEI Institute, an initiative aimed at advancing diversity, equity and inclusion through research, collaboration and events focusing on emerging DEI trends and issues. The institute will focus on three priorities: 1) driving new research on emerging DEI trends and issues, building on earlier research such as The Equity Imperative; 2) convening
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