NEWS

AI presents opportunities for cost optimization in manufacturing

Artificial intelligence and machine learning can drive more efficient operations and more effective growth for manufacturers. Here’s how the technology is being used to monitor for defects, schedule preventive maintenance and improve forecasting accuracy.

FASB proposes hedge accounting changes

FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.

4 reopening mistakes employers must avoid

As firm leaders prepare for a post-pandemic work world, they should take care to plot a path that steers clear of potential pitfalls — four of which are explored in this article.

CPA Evolution Model Curriculum FAQs

Jan Taylor-Morris, academic in residence at the Association of International Certified Professional Accountants, representing AICPA & CIMA, gives answers to some of the most frequently asked questions about the CPA Evolution Model Curriculum launching this June.

A new risk matrix for blockchain implementation

A new joint publication from AICPA & CIMA and ISACA provides a risk matrix that identifies risk in five key domains — governance, infrastructure, data, key management and smart contracts.

Resilience lessons for women accountants

Fortitude, mentoring and lifelong learning can help women navigate their careers in the accounting profession, according to three women leaders who shared their stories.

Financial fears spike for young adults amid pandemic

More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.

2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

How a church can prevent fraud without compromising its values

Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

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Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.