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Featured….
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
IRS Issues FAQs on Disaster Relief For Retirement Plans and IRAs
LMC Adds Vogel & Co.
Eide Bailly and Apple Growth Partners to Join Forces Next Month
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
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.
IRS Offers Resources and Advice During National Small Business Week
The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week.
Digital Workflow in Intuit ProConnect Tax
During the Intuit Accountants “Better Together” event in New York City, the Intuit ProTax Group brought together tax professionals and industry thought leaders.
Auditing
Semple, Marchal & Cooper is Trump Media’s New Auditor
Trump Media & Technology Group has reportedly dumped BF Borgers as its external auditor for Phoenix-based Semple, Marchal & Cooper.
Accounting
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
With changes in lease accounting and emissions standards, organizations need to look beyond compliance to automating, optimizing and consolidating strategic financial systems.
IRS
IRS Issues FAQs on Disaster Relief For Retirement Plans and IRAs
The FAQs are intended to assist individuals, employers, and retirement plan and IRA service providers, the IRS said.
Firm Management
LMC Adds Vogel & Co.
The strategic partnership will expand the range of services and solutions offered to high-net-worth families and individuals.
Firm Management
Eide Bailly and Apple Growth Partners to Join Forces Next Month
The deal, which is expected to become effective on June 24, expands Eide Bailly’s footprint across the Great Lakes region.
Firm Management
Marcum Acquires Michigan Accounting Firm Croskey Lanni PC
The accounting and advisory firm Marcum LLP has acquired Croskey Lanni, PC, a notable Detroit, Michigan area-based firm with an office in Boca Raton, Florida.
Firm Management
Crete Secures Funding to Bring Aboard New Partner Firms, Grow Tech Capabilities
Crete Professionals Alliance will use the undisclosed amount of funding to add firms to its platform, as well as leverage technology, such as AI.
Accounting
51 Accounting Scholarships Awarded by MassCPAs
These scholarships, presented through the MassCPAs Educational Foundation Scholarship Program, recognize academic performance and commitment to the accounting profession.
Digital Currency
Study: More Than 90 Percent of Stablecoin Transactions Aren’t From Real Users
Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” Visa says.
Auditing
SEC Charges Trump Media’s Audit Firm BF Borgers With ‘Massive Fraud,’ Saying it Faked Audits
The audit firm will pay a $12 million civil penalty to settle the charges, and owner Benjamin F. Borgers will pay a separate $2 million fine.
Taxes
More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges
But the IRS chief emphasized once again that audit rates won’t increase for small businesses and taxpayers making under $400,000.
Taxes
EV Makers Win Two-Year Extension to Qualify for Tax Credits
The Biden administration on May 3 gave carmakers a partial reprieve in finalizing electric vehicle tax credit rules.
Small Business
2024 Guide to State Sales Tax Holidays
There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024.
Small Business
Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term
Could tax incentives geared toward turning Hawaii short-term rentals (STRs) into long-term housing increase housing stock and decrease rents for Hawaiians? Governor Josh Green thinks so.
Accounting
Wolters Kluwer to Add New AI Features to Tax and Accounting Systems
The upcoming AI enhancements are a continuation of more than a decade of investing in and deploying multiple forms of artificial intelligence into its global portfolio of solutions.
Technology
Midmarket Businesses Face Challenges Implementing AI
Most middle market organizations are adopting AI (78%) and generative AI (77%). However, 54% of those using generative AI find its deployment more challenging than anticipated.
Accounting
The Accounting Technology Lab Podcast – Review Of Datamatics – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at Datamatics, a digital technologies, operations, and experiences company.
Firm Management
Wipfli Buys Michigan-Based Consulting Firm Harbour Results
The top 20 firm’s deal with Harbour Results, a management consulting firm for the manufacturing industry, became effective May 1.
Payroll
Hourly Wages Grow at Small Businesses
“Hourly earnings growth increased to 3.34% in April, ending a decline that began in mid-2022.”
Firm Management
CLA Adds Atlanta-Based Ronald Blue & Co. CPAs
With approximately 80 employees and eight partners, Ronald Blue was expected to join top 10 accounting firm CLA on May 1.
Firm Management
EY Adds New York-Based Technology Consulting Firm Nuvalence
The transaction expands EY’s digital engineering and generative AI services to organizations across industries and sectors.
Firm Management
EisnerAmper Acquires Boston-Based Edelstein
Edelstein offers accounting, tax and advisory services for the food and beverage, healthcare, financial services, nonprofit, real estate, professional services, and other sectors.
Firm Management
Maryland Accounting Firm SKMB Joins Marcum
The combination brings SKMB’s talented team to Marcum, including two senior advisors and their associates with extensive experience in accounting, assurance, tax services, and business valuations.
Accounting
Police Accountant Charged With Stealing From City of Wichita, KS
Shauna Marie Dickman was charged with two counts of felony theft for allegedly stealing at least $3,915 in cash.
Accounting
Ex-HVAC Accountant Admits to Embezzling $1.5 Million in Wilkes-Barre, PA
Lawrence Malachefski was accused of stealing from the HVAC equipment company to support his online gambling habit.
Payroll
U.S. Added 192,000 Jobs in April, Wages Up 5 Percent, Says ADP
The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.
Taxes
Disaster Preparation: IRS Reminds to Safeguard Your Info
Original documents such as tax returns, Social Security cards, marriage certificates, birth certificates and land ownership documents need to be secured in a waterproof container in a safe space.
Firm Management
Avantax Acquires Integrated Tax & Wealth Strategies’ $760 Million Wealth Management Business
Integrated Tax & Wealth Strategies’ founder – highly successful independent financial advisor Brian Stephens – will continue with the tax practice.
Accounting
Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council
The Board of Trustees of the Financial Accounting Foundation (FAF) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).
The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency. Its primary function is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the FASB chair.
FASAC members are appointed by the FAF Trustees for an initial one-year term and are eligible to be reappointed for three additional one-year terms.
Taxes
AICPA Provides Comments on the Tax Classification of Purpose Trusts
The recommendations would simplify filing for taxpayers and practitioners and will reduce the administrative burden on the IRS.
Taxes
IRS Provides Safe Harbors For the Clean Aviation Fuel Credit
New guidance touches on the role farmers will play in the production of clean jet fuels and reducing emissions in the aviation industry.
Taxes
IRS: Applications For TCE and VITA Grants Can Be Submitted Through End of May
The funding helps organizations provide free tax assistance to elderly and low-income taxpayers for up to three years.