Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
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Use this formula to build trust with clients
Accountants can position themselves as more trustworthy by working through the classic “trust equation” developed by David Maister, Charles Green, and Robert Galford. Angie Grissom, owner of The Rainmaker Companies, illustrates how to do so.
President’s budget contains many tax proposals
The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.
Auditors may see increased demand for ESG attestation
Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.
Draft employer’s payroll tax return incorporates ARPA changes
A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
5 trends to watch during the pandemic recovery
Inflation fears, labor shortages and real estate issues all are top-of-mind as the US appears to be emerging from the COVID-19 pandemic. Former CNBC Chief Economist Marci Rossell provided AICPA Council members with advice Wednesday on what to expect in the weeks and months ahead.
AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets
AICPA & CIMA released additional nonauthoritative guidance addressing issues related to the auditing of digital assets such as bitcoin and ether. The material covers topics such as risk assessment; processes and controls; laws and regulations; and related parties.
Accounting profession continues to zero in on DEI issues
After a year of heightened focus on diversity, equity and inclusion issues, leaders of the accounting profession are continuing in their commitment to make strides in this area. Accountability and transparency related to these issues will be pivotal in the coming years.
Sorting out tax exempts’ UBTI painlessly
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
Helpful feedback: Give it. Receive it. Encourage it.
Providing and receiving professional critiques can be challenging. Operating with empathy and authenticity can help.
Advice for building trust when everything’s changing
Examples from finance professionals show how they’ve found a way to lead amidst major change.
COBRA premium assistance credit under ARPA clarified
The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.
Restaurant Revitalization Fund to stop accepting applications Monday
Restaurants and other eating establishments have until Monday, May 24, at 8 p.m. ET to submit applications to the Restaurant Revitalization Fund (RRF), the SBA announced.
Diverse faculty attracts diverse students
Professors can shape a student’s experiences, influencing whether students take a course or pursue a career because the person at the front of the classroom looks like them. The first Black CPA Ph.D.s have played an important role in attracting generations of future Black CPAs.
How nonfilers can claim advance child tax credit payments
The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.
How to ask for a raise when the pandemic nears its end
Picking the right time and being ready to communicate your value can help you get to “yes.”
Supreme Court: Microcaptive reporting challenge may go forward
Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.
Taxpayers deserve pandemic penalty relief, AICPA says
In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.
A new road map for risk assessment, audit work
Careful analysis and thought-provoking discussion contribute to high-quality risk assessment in auditing. A proposed new standard is designed to lead to improvement in this area.
PCAOB proposal addresses international oversight challenges
The Public Company Accounting Oversight Board proposed a framework that would guide its actions when its oversight activities are stymied by authorities in other jurisdictions.
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