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Featured….
FASB Private Company Council Meeting Recap
IRS Says It Saw ‘Strong Response’ From Direct File Pilot Users This Tax Season
Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses
Former Accounting Director Pleads Guilty to Stealing $430,000 From Nonprofit
Contributors….
Becky Livingston
Garrett Wagner
Richard D. Alaniz
Randy Johnston
Webinars and CPE….
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
Webinar: Effortless Tax Prep and Workflow: Say Goodbye to Client Frustrations
Events….
Accounting
Xerocon 2024 Nashville: Aug. 14-15, 2024
The event will be hosted at the Music City Center, allowing Xero’s community of accountants and bookkeepers from across the U.S., Canada and beyond the chance to connect, as well as options for earning CPE credit.
Accounting
RightNOW Conference 2024
Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. May 14-16, 2024 | Austin, TX.
FTC Rule Bans Non-Compete Agreements
In response, the global tax firm Ryan filed a lawsuit in a Texas federal court the same day, challenging the rule on the basis that it, “… imposes an extraordinary burden on businesses seeking to protect their intellectual property (IP) and retain top talent …
How CPAs Can Compete in the AI Race
Here are a few principles every CPA firm can leverage to successfully compete with all firms in this dawning AI technology wave.
Firm Management
PKF O’Connor Davies Establishes PKF O’Connor Davies University to Enhance Team Members’ Continuing Education
PKF O’Connor Davies University provides team members with an array of industry-specific training, coaching and certification opportunities that are foundational for career advancement.
Accounting Standards
FASB Private Company Council Meeting Recap
The Private Company Council (PCC) met on Thursday, April 18, 2024. This is a summary of topics discussed by PCC and FASB members at the meeting.
Taxes
IRS Says It Saw ‘Strong Response’ From Direct File Pilot Users This Tax Season
About 140,800 taxpayers in 12 states filed their federal tax returns through the new service, but its future is up in the air.
Firm Management
Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses
The Dallas-based global tax services firm filed the first of what would soon be a slew of lawsuits against the ban on noncompetes.
Accounting
Former Accounting Director Pleads Guilty to Stealing $430,000 From Nonprofit
Katherine Lu Acquista stole from the San Diego Regional Economic Development Corporation over a five-year period, from 2017 to 2022.
Accounting
The Accounting Technology Lab Podcast – Review Of AssurancePrep – April 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at AssurancePrep, an outsourcing provider that specializes in audit talent but also has tax and client accounting skills.
Accounting
Accountant Charged With Embezzling $800,000 From Paving Firm in California
Angela Fae Brown is accused of bilking more than $800,000 from her employer, Viking Pavers, in a scheme between 2017 and 2022.
Accounting
Feds Accuse Kansas CPA of Embezzling Money From Client to Build New Home
Quintin Flanagin allegedly created a fake business called Middle Finger Ranch and linked it to his personal bank account.
Payroll
Mortgage Rates Climb to 7.17%
Mortgage rates in the U.S. increased for a fourth straight week. The average for a 30-year, fixed loan was 7.17%, up from 7.1% last week, Freddie Mac said in a statement Thursday.
Payroll
More Companies are Enhancing Strategies to Retain Key Staff During M&As
Acquiring companies tend to offer retention agreements to more C-suite executives and their direct reports compared with other salaried employees.
Taxes
IRS Offers Final Guidance on Transfers of Credits Under Inflation Reduction Act
The final regulations also describe special rules related to excessive credit transfers and recapture events.
Small Business
Three in Four Family Businesses Expect to Grow This Year
Family businesses are growing—and many expect that to continue this year, despite financial concerns, Family Enterprise USA says.
Accounting
Accounting MOVE Project Mini Summit Promises Compelling Speakers and Timely Topics
This event is ideal for partners, firm administrators, HR professionals, and virtually anyone who works for an accounting firm and is interested in enhancing gender diversity and promoting equal opportunities and inclusive cultures.
Technology
Thomson Reuters Launches Checkpoint Edge with CoCounsel
ith the AI-Assisted Research skill on Checkpoint Edge, the solution empowers tax professionals with trusted answers, accessed through Thomson Reuters GenAI assistant, named CoCounsel.
Accounting
Top 7 Reasons Why People Are Leaving Accounting Firms, According to PICPA
The Pennsylvania Institute of CPAs shares fresh data and insights on how accounting firms can better retain top talent.
Technology
Thomson Reuters Plans AI Functions for All Professional Users
CoCounsel will unify the entire customer experience and give customers a new way to access Thomson Reuters product capabilities through a single GenAI assistant with applications across Legal, Tax, Risk & Fraud, and Media.
Taxes
Voters Want Ultra-Rich to Pay More Taxes to Save Social Security, Poll Shows
Voters in seven swing states support billionaires tax and trimming benefits for the wealthy more than raising payroll taxes.
Sales Tax
U.S. Sales Tax Rate Changes Reach 10-Year High
It’s clear that tax departments will need to be nimble once again in 2024, adjusting to the situations outlined above along with other developments including legislative and regulatory changes.
Technology
Vertex Joins Oracle ISV Accelerator Program
The Vertex Accelerator offering has been steadily delivering a “near push-button” experience for more than 175 global customers looking to integrate Vertex tax solutions.
Small Business
U.S. Chamber of Commerce Sues FTC to Block Noncompete Agreement Ban
The lawsuit filed in federal court alleges that the FTC lacks the power to adopt sweeping rules such as the near-total ban on noncompetes.
Firm Management
Number of the Day: 52.2
That number is the average age of a public accounting firm partner, down from 52.6 last year, according to INSIDE Public Accounting.
Sales Tax
Sovos Fortifies U.S.- Based DBNAlliance to Enhance Seamless Global Business Networks
Processing more than 11 billion transactions each year, Sovos’ membership is a substantial show of support for the DBNAlliance’s mission to rapidly deploy a framework of standards and
Taxes
IRS Forms New Office to Help People Settle Their Tax Disputes More Quickly
An arm of Appeals, the Alternative Dispute Resolution Program Management Office will look to revitalize existing ADR programs.
Taxes
Bipartisan Bill Would Force IRS to Fix Issues With Math Error Notices
The bill, introduced in both the House and the Senate, would require the IRS to spell out exactly what the error on the return is.
Taxes
TIGTA Finds $3.5 Billion Tax Fraud Scheme
TIGTA investigators identified a scheme where individuals obtained Employer Identification Numbers, a unique nine-digit identifier required for tax purposes, and then used them to file business tax returns that improperly claimed…
Small Business
New Federal Rule Requires Airlines to Provide Cash Refunds for Canceled Flights
Prior to this rule, airlines were permitted to set their own standards for what kind of flight changes warranted a refund. As a result, refund policies differed from airline to airline, which made it difficult for passengers to know or assert their refund rights.
Accounting
AuditBoard Adds AI Capabilities
The application of AI represents a significant opportunity for teams managing risk to better connect data across functions, craft content, and proactively surface issues, risks, and insights.
Accounting
AICPA Launches Registered Apprenticeship for Finance Business Partners Program in Florida
The program’s growth into Florida continues the rapid advancement of the Registered Apprenticeship for Finance Business Partners.
Firm Management
FTC Rule Bans Non-Compete Agreements
In response, the global tax firm Ryan filed a lawsuit in a Texas federal court the same day, challenging the rule on the basis that it, “… imposes an extraordinary burden on businesses seeking to protect their intellectual property (IP) and retain top talent …
Payroll
U.S. Labor Dept. Expands Overtime Rules to 4 Million More Salaried Workers
The salary threshold will increase from its current $35,500 per year to $43,888 on July 1, 2024, then to $58,656 on Jan. 1, 2025.
Small Business
Small Business Optimism Hits an 11-Year Low as Inflation Worries Persist
Business owners are still navigating economic headwinds after COVID-19, the National Federation of Independent Business said.
Small Business
75% of Mid-Market Companies Say They Will Invest in AI Over Next 5 Years
The majority of mid-market businesses are planning to invest in machine intelligence to improve efficiency.