Accounting Today

Accounting Today Accounting Today, a SourceMedia brand, is the independent news and information resource for tax and accounting professionals.

Accounting Today, a SourceMedia brand, informs and equips accountants with the news, insights and best practices they need to work smarter, capture and keep clients, and drive growth and profitability.

Mission: Accounting Today, a SourceMedia brand, informs and equips accountants with the news, insights and best practices they need to work smarter, capture and keep clients, and drive growth and profitability.

Software vendors share how to make filing easier with technology.
12/30/2019
Tune up your tax season workflow

Software vendors share how to make filing easier with technology.

Software vendors share how to make filing easier with technology.

The IRS has signed a new agreement with Free File after controversy erupted during tax season this year over the difficu...
12/30/2019
IRS updates Free File agreement to make free tax-filing software easier to access

The IRS has signed a new agreement with Free File after controversy erupted during tax season this year over the difficulty of finding free versions of consumer tax filing software.

The Internal Revenue Service has signed a new agreement with Free File, Inc., formerly known as the Free File Alliance, after controversy erupted during tax season this year over the difficulty of finding free versions of consumer tax filing software like TurboTax.

New OECD proposals want to harmonize tax regimes around the globe.
12/27/2019
Can the world agree on taxes?

New OECD proposals want to harmonize tax regimes around the globe.

New OECD proposals want to harmonize tax regimes around the globe.

As we enter 2020, let's take a step back and reflect on the many changes that have occurred in the blockchain and crypto...
12/27/2019
5 blockchain trends to watch in 2020

As we enter 2020, let's take a step back and reflect on the many changes that have occurred in the blockchain and cryptoasset spaces.

As 2019 rapidly wraps up and 2020 looms on the horizon, it seems an appropriate time to take a step back and reflect on the numerous changes and shifts that have occurred in the blockchain and cryptoasset spaces.

The practice of clawback adoption could be having some negative consequences, according to a new study.
12/27/2019
Clawbacks lower business taxes, but provoke questions

The practice of clawback adoption could be having some negative consequences, according to a new study.

Companies are using “clawbacks” to recover incentive compensation that was given to executives through erroneous financial reporting while lowering their effective tax rates, but clawback adoption could be having some negative consequences, according to a new study.

If you’ve noticed less talk about blockchain this year from technology product makers, that’s on purpose: Companies have...
12/24/2019
Blockchain snuck up on us

If you’ve noticed less talk about blockchain this year from technology product makers, that’s on purpose: Companies have realized big promises without flashy results makes consumers suspicious.

If you’ve noticed less talk about blockchain this year from technology product makers, that’s on purpose: Companies have realized big promises without flashy results makes consumers suspicious.

Leaders in the accounting profession share some of the personal accomplishments that they’re most proud of.
12/24/2019
The Top 100 People: Personal accomplishments

Leaders in the accounting profession share some of the personal accomplishments that they’re most proud of.

Leaders in the accounting profession share some of the personal accomplishments that they’re most proud of.

The AICPA's practice analysis on the exam found that newly licensed CPAs must have a greater understanding of data analy...
12/23/2019
AICPA seeks input on proposed CPA Exam changes

The AICPA's practice analysis on the exam found that newly licensed CPAs must have a greater understanding of data analytics and technology.

The American Institute of CPAs' practice analysis on the exam found that newly licensed CPAs must have a greater understanding of data analytics and technology.

Nearly 1,600 corporate subsidiaries in the U.S. and elsewhere reported paying no income taxes despite being profitable i...
12/23/2019
Nearly 1,600 profitable corporate subsidiaries paid no taxes

Nearly 1,600 corporate subsidiaries in the U.S. and elsewhere reported paying no income taxes despite being profitable in 2017, according to IRS data.

Data from the IRS helps set the stage for a global battle over taxing businesses.

PwC's "PowerUp Trivia" mobile game donates $100K to nonprofits; Rosen, Sapperstein & Friedlander helps the YMCA of Centr...
12/21/2019
Firms giving back: PwC's mobile trivia game donates $100K to nonprofits

PwC's "PowerUp Trivia" mobile game donates $100K to nonprofits; Rosen, Sapperstein & Friedlander helps the YMCA of Central Maryland; and other charitable initiatives from firms across the country.

Sax LLP raises more than $106K through its annual charity run; Rosen, Sapperstein & Friedlander helps the YMCA of Central Maryland; and other charitable initiatives from firms across the country.

HW&Co. names former intern as new CEO; Financial Accounting Foundation announces appointments across multiple organizati...
12/20/2019
People on the move: Baker Tilly adds private wealth partner

HW&Co. names former intern as new CEO; Financial Accounting Foundation announces appointments across multiple organizational boards; and more personnel news.

HW&Co. names former intern as new CEO; Financial Accounting Foundation announces appointments across multiple organizational boards; and more personnel news.

With 12 years left on his sentence for accounting fraud, he received a compassionate release for his failing health.
12/20/2019
WorldCom’s Ebbers wins early release

With 12 years left on his sentence for accounting fraud, he received a compassionate release for his failing health.

With 12 years left on his sentence for accounting fraud, he received a compassionate release for his failing health.

At the annual gathering of female professionals, attendees are still striving for more female representation in the acco...
12/20/2019
AICPA's Women's Leadership Summit pushes for equality

At the annual gathering of female professionals, attendees are still striving for more female representation in the accounting profession.

At the annual gathering of female professionals in San Diego, attendees are still striving for more female representation in the accounting profession.

Five new trustees have also been named to the Financial Accounting Foundation.
12/20/2019
New chairs named for FASB, FAF

Five new trustees have also been named to the Financial Accounting Foundation.

Five new trustees have also been named to the Financial Accounting Foundation.

Register for tomorrow's webinar to learn trends in a number of areas in the accounting profession, including recruiting ...
12/18/2019

Register for tomorrow's webinar to learn trends in a number of areas in the accounting profession, including recruiting and retention, technology and fees, and pricing. https://trib.al/6o22T4S

The IRS is once again reaching out to practitioners who originated problematic returns.
12/17/2019
IRS sending EITC warning letters to preparers

The IRS is once again reaching out to practitioners who originated problematic returns.

The agency is once again reaching out to practitioners who originated problematic returns.

Today- Review common HR pitfalls and ways to help clients mitigate their risk of noncompliance. https://trib.al/i8t1G2q
12/17/2019

Today- Review common HR pitfalls and ways to help clients mitigate their risk of noncompliance. https://trib.al/i8t1G2q

The expansion of a tax credit for electric vehicles isn’t likely to appear in a broad deal being negotiated by House and...
12/16/2019
Trump helped nix electric car tax measure sought by Tesla, GM

The expansion of a tax credit for electric vehicles isn’t likely to appear in a broad deal being negotiated by House and Senate leaders, and backers of the popular tax break say President Donald Trump is to blame.

The expansion of a tax credit for electric vehicles isn’t likely to appear in a broad deal being negotiated by House and Senate leaders, and backers of the popular tax break say President Donald Trump is to blame.

Taxpayers are more than twice as likely to use DIY tax preparation software as an accountant to do their taxes, but they...
12/16/2019
Taxpayers more likely to use DIY tax software, but less satisfied with results

Taxpayers are more than twice as likely to use DIY tax preparation software as an accountant to do their taxes, but they’re 38 percent less satisfied with the results, according to a new survey.

Taxpayers are more than twice as likely to use DIY tax preparation software as an accountant to do their taxes, but they’re 38 percent less satisfied with the results, according to a new survey.

U.S. lawmakers are negotiating a potential revival of expired tax breaks in last-minute negotiations over a government s...
12/16/2019
Congress mulls reviving tax breaks prized by ADM, Tesla, GM

U.S. lawmakers are negotiating a potential revival of expired tax breaks in last-minute negotiations over a government spending bill.

U.S. lawmakers led by Senate Finance Committee Chairman Charles Grassley are negotiating a potential revival of expired tax breaks in last-minute negotiations over a government spending bill.

Congressional spending bills are expected to permanently repeal the “Cadillac tax” and other taxes funding the Affordabl...
12/16/2019
U.S. spending bill to repeal health taxes, extend Ex-Im Bank

Congressional spending bills are expected to permanently repeal the “Cadillac tax” and other taxes funding the Affordable Care Act, raise the tobacco purchasing age to 21, and extend the U.S. Export-Import Bank for seven years, according to a senior House Democratic aide.

Congressional spending bills are expected to permanently repeal the “Cadillac tax” and other taxes funding the Affordable Care Act, raise the tobacco purchasing age to 21, and extend the U.S. Export-Import Bank for seven years, according to a senior House Democratic aide familiar with the talks.

Tomorrow- Highlight top items gaining traction at state and local level including leave laws and harassment policies. ht...
12/16/2019

Tomorrow- Highlight top items gaining traction at state and local level including leave laws and harassment policies. https://trib.al/96DZS4q

NJCPA delivers more than 6K pounds of food and supplies to community food bank; DuCharme McMillen celebrates 25 years; a...
12/14/2019
Firms on the move: Marks Paneth recognized as a Changemaker

NJCPA delivers more than 6K pounds of food and supplies to community food bank; DuCharme McMillen celebrates 25 years; and more CPA news.

NJCPA delivers more than 6K pounds of food and supplies to community food bank; DuCharme McMillen celebrates 25 years; and more CPA news.

This year's T100 offer their top suggestions for preparing for what’s next in the profession.
12/13/2019
The Top 100 People: 25 tips for the future

This year's T100 offer their top suggestions for preparing for what’s next in the profession.

Leaders in accounting offer their top suggestions for preparing for what’s next in the profession.

Senator Elizabeth Warren is overestimating the proceeds of her wealth tax by at least $1 trillion, according to a new st...
12/13/2019
Warren’s wealth tax may fall $1T short, study finds

Senator Elizabeth Warren is overestimating the proceeds of her wealth tax by at least $1 trillion, according to a new study, raising questions about the Democratic presidential candidate’s plans to fund her sweeping proposals to reshape the U.S. economy.

The Penn Wharton Budget Model says it would raise $2.3-$2.7T, not $3.75T

CPAs are in a great position to benefit from a heightened need for certainty in the future, says the AICPA’s Barry Melan...
12/13/2019
Rapid change creates unique attest opportunities

CPAs are in a great position to benefit from a heightened need for certainty in the future, says the AICPA’s Barry Melancon.

CPAs are in a great position to benefit from a heightened need for certainty in the future, says the AICPA’s Barry Melancon.

HSBC Holdings admitted that it helped hundreds of American clients hide more than $1 billion in assets from the IRS and ...
12/13/2019
HSBC agrees to pay $192M to resolve U.S. tax probe

HSBC Holdings admitted that it helped hundreds of American clients hide more than $1 billion in assets from the IRS and agreed to pay $192.4 million to resolve a decade-long U.S. tax investigation.

The bank admitted that it helped hundreds of American clients hide more than $1 billion in assets from the Internal Revenue Service and agreed to pay $192.4 million to resolve a decade-long U.S. tax investigation.

Bill.com founder and CEO René Lacerte and a team of staff rang the opening bell on the New York Stock Exchange this morn...
12/12/2019
Bill.com goes public

Bill.com founder and CEO René Lacerte and a team of staff rang the opening bell on the New York Stock Exchange this morning, as Bill.com went public.

Bill.com founder and CEO René Lacerte and a team of staff rang the opening bell on the New York Stock Exchange this morning, as Bill.com went public trading under the ticker symbol BILL.

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in...
12/12/2019
The House's SALT cap rollback is destined to die in Senate

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in the House this week, but it’s headed into a brick wall in the Senate.

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in the House this week, but it’s headed into a brick wall in the Senate.

Join, for a discussion on how to apply technology in your audit methodology and workflow. https://trib.al/ex7Iili
12/12/2019

Join, for a discussion on how to apply technology in your audit methodology and workflow.

https://trib.al/ex7Iili

Tax professor Sharyn Fisk will take the helm early in 2020.
12/11/2019
IRS names new head of OPR

Tax professor Sharyn Fisk will take the helm early in 2020.

Tax professor Sharyn Fisk will take the helm early in 2020.

The total amount of goodwill impairment recorded by U.S. public companies reached $78.9 billion in 2018, up a staggering...
12/11/2019
Goodwill impairment charges climbed to $78.9B

The total amount of goodwill impairment recorded by U.S. public companies reached $78.9 billion in 2018, up a staggering 125 percent from the prior year, according to a new report.

The total amount of goodwill impairment recorded by U.S. public companies reached $78.9 billion in 2018, up a staggering 125 percent from the prior year, according to a new report.

"But like great race cars, great standards really aren’t developed in the boardroom. They’re developed in the field, on ...
12/11/2019
How accounting standards are like Ford v Ferrari

"But like great race cars, great standards really aren’t developed in the boardroom. They’re developed in the field, on the test course, with continuous input from the person in the driver’s seat."

Financial Accounting Standards Board Chairman Russell Golden compared the standard-setting process to the new race car movie, “Ford v Ferrari,” even though he admitted the process usually isn’t so speedy.

The IRS’s proposed regulations on the classification of cloud transactions and transactions involving digital content co...
12/11/2019
IRS proposed rules on cloud transactions could be a nasty surprise for publishers

The IRS’s proposed regulations on the classification of cloud transactions and transactions involving digital content could mean some unexpected tax bills for some publishers.

The Internal Revenue Service’s proposed regulations on the classification of transactions involving digital content could mean some unexpected tax bills for some publishers, especially those based abroad who sell copyrighted articles to U.S. readers.

We'll provide an overview of how audit methodology is enhanced through progressive technologies. https://trib.al/p6hASB6
12/11/2019

We'll provide an overview of how audit methodology is enhanced through progressive technologies.

https://trib.al/p6hASB6

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