A State By State Accounting Guide

How the Trump Administration Wants to Change Business Tax Codes and What this Could Mean for CPAs

Posted February 16th, 2017 by admin and filed in Uncategorized

Donald Trump singled out tax preparation firm H&R Block on Wednesday as the only likely detractor of his administration’s new tax plan, but his words were a shot across the bow of CPAs and accounting firms all across America. “H&R Block probably won’t be too happy. That’s one business that might not be happy with … Continue reading

AICPA Expresses Concern over Federal Agencies’ Proposed Changes to Form 5500

Posted January 16th, 2017 by admin and filed in Uncategorized

Back in July several federal agencies including the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corp. jointly filed a proposed revision of Form 5500. Since then, the American Institute of CPAs (AICPA) has expressed concerns that some, not all, of the proposed changes could result in inconsistencies and … Continue reading

Nonfilers Owe Billions to the IRS

Posted December 13th, 2016 by admin and filed in Uncategorized

While it may seem hard to believe, nearly 2 million people who didn’t file their taxes for tax years 2012 and 2013 owed about $7.4 billion to the IRS as of May 2016. Fortunately for taxpayers, the IRS plants to change how it deals with people who don’t file their tax returns.  Accounting Today described … Continue reading

The IRS Grants Tax Relief to Hurricane Matthew Victims

Posted November 28th, 2016 by admin and filed in Uncategorized

As if going through the trauma of a major hurricane is not enough, having to file taxes on time can be a serious problem for people who suffered major losses.  Realizing this, the IRS extended the tax deadlines for victims of Hurricane Matthew. Victims in parts of Florida, Georgia, South Carolina, and most of North … Continue reading

Automated Machines to Replace Thousands of Accounting Positions at Walmart

Posted September 7th, 2016 by admin and filed in Uncategorized

Earlier this summer, employees in accounting positions at Wal-Mart began worrying that machines would soon replace them. And after months of waiting, their fears have been realized. According to the Wall Street Journal, in September Wal-Mart officially announced it plans to eradicate roughly 7,000 accounting jobs across 500 stores over the following months. These money-counting … Continue reading

MOVE Project Names Best CPA Firms for Women

Posted July 29th, 2016 by admin and filed in Uncategorized

In 2015 the American Institute of CPAs (AICPA) reported that although nearly half of all new CPAs entering the field were women, only about 14% of women held partner or principal positions. So what’s being done to integrate more female CPAs into executive roles? Ever sine 1989, the AICPA has continued developing its Women’s Initiatives … Continue reading

Three Ways Accountants are Reaching Millennials

Posted February 26th, 2016 by admin and filed in Uncategorized

Millennials who want to be more fiscally savvy are more often looking for a little outside help. Smart accountants are stepping up and shifting their marketing to meet those needs. In the Internet age, the simple fact is that a young person looking for a personal accountant is more likely to immediately Google “accountants near … Continue reading

Government Budgeting Strategies May Leave Local Governments Vulnerable to Debt

Posted February 1st, 2016 by admin and filed in Uncategorized

While the average person might employ an accountant to help them balance their budget, understanding the role that accountants have to play in governments is an extremely complicated prospect. One need look no further than Detroit’s financial problems to understand the complexities of balancing a city’s budget. It has been a full year since the … Continue reading

SEC Chief Accountant Speaks on Current and Future Issues

Posted December 29th, 2015 by admin and filed in Uncategorized

James Schnurr, Securities and Exchange Commission Chief Accountant believes that public audit quality is improving overall but believes there is still room to improve. While inspection comments for large and second-tier businesses have been on the rise over the past seven years, Schnurr says that does not mean audit quality is deteriorating. The increased comments … Continue reading

Creative Accounting Practices Lead to Real Gains – But Investors Beware

Posted November 9th, 2015 by admin and filed in Uncategorized

Creative accounting practices can often mean the difference between success and failure for a business, and not just because these accounting practices promote good organizational goals and practices. Presenting financial gains and losses in a certain light can have a huge influence on how investors access the worth of a company. Medallion Financial Corp. took … Continue reading