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5 Steps Small Businesses Must Take To Prepare for New Overtime Pay Rules

Are you an employer? If so, you’ve got a major challenge to accomplish in the next few months. Most businesses aren’t ready for the new overtime and worker classification changes to the Fair Labor Standards Act (FLSA) that the...

How Free Is Your Free Consultation?

Many client relationships start with a consultation of some sort, as you both get to know each other and you gather information to better understand their situation and their tax needs. It’s a very useful meeting on both sides, but it may...

Congress Needs to Modernize the FTC

While the U.S. Federal Trade Commission (FTC) has long provided valuable oversight and consumer protection, there is an opportunity for Congress to modernize the agency so that it better protects consumers from harm while minimizing regulatory...

NASBA Provides First-Ever Official Count of CPAs

The National Association of State Boards of Accountancy has released for the first time in history an official CPA population statistic representing the total number of individual, U.S.-licensed CPAs. As of April 22, 2016, there are 664,532...

FASB proposes more clarifications to revenue standard

FASB proposed another round of technical corrections and changes to its new revenue recognition standard Wednesday that would include clarifications to guidance on contract costs, and on preproduction costs related to long-term supply...

IRS Finalizes Rules on Roth IRA Disbursements

The Internal Revenue Service has released final regulations for disbursements from Roth individual retirement accounts, removing the allocation rule for disbursements from designated Roth accounts to multiple destinations. The final regulations...

IRS future state is not a one size fits all

Two letters and four months—that’s how long it took for a practitioner to resolve an IRS notice for a client. While there was no error on the return, the IRS needed additional information to verify the capital gains income was...

Succession issues likely to fuel urgency around retention of women CPAs

The urgency around advocating for women has increased in the accounting profession, Melissa Hooley, CPA, CGMA, said Tuesday at the AICPA spring Council meeting in New Orleans. Many CPA leaders from the Baby Boomer generation will be retiring over...

House Passes Bill to Help Victims of ID Theft Tax Fraud

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax...

Watch for These Errors on Intangible Assets

Auditors face numerous challenges when it comes to helping clients understand financial reporting issues related to accounting for intangible assets acquired in a business combination. Some challenges are a function of management’s attempts...