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3 Trends That Are Affecting The Accounting Profession

Many of the things we see as common today were only figments of science fiction writers’ imaginations forty years ago. Motion detector doors, self-parking cars, hands free cellular phones, global video chat, and medical devices that almost...

New guidance issued for federal public-private partnership disclosures

Disclosures about federal public-private partnerships will be required to be presented in federal reporting entities’ general-purpose financial statements under guidance issued Wednesday. The Federal Accounting Standards Advisory Board...

FASB to draft final standard on credit losses

Financial reporting of credit losses on loans and other financial assets would move from an incurred-loss approach to an expected-loss approach under accounting rules FASB voted Wednesday to draft for issuance. Current GAAP requires organizations...

How to Retain Millennials

Leaders and managers are very worried about high levels of turnover among Millennials, and they are right to be. In most organizations, turnover among new employees has been going up ever so slightly but steadily over the past two decades....

NASBA Introduces CPA Experience Verification Service

The National Association of State Boards of Accountancy has launched a CPA Experience Verification service to provide CPA licensure applicants from the U.S. and abroad with a more coherent, standardized experience validation and verification...

Congress Presses IRS to Better Protect Taxpayer Info

The House Ways and Means Oversight Subcommittee held a hearing Tuesday on the 2016 filing season and the Internal Revenue Service’s cybersecurity efforts. “I am pleased to report that the 2016 filing season has gone smoothly in terms...

Half of Americans expect to lose money to identity theft

Identity theft is a pressing concern for Americans, a new AICPA survey found. Half of the 1,005 U.S. adults surveyed said it was at least somewhat likely they would lose money to identity theft in the next year, while over one in five (21%) say...

IRS Caught Over 30,000 Tax Returns Involving ID Theft

The Internal Revenue Service’s expanded use of controls this tax season to identify fraudulent refund claims before accepting them into its processing system has allowed the IRS to identify approximately 35,000 fraudulent e-filed tax...

Finished Line: Marking the End of the Season

You survived another tax season. For some preparers, work is done; for others, it lingers like a zombie that won’t fall. Some drink, some doze and some target this year’s lousy clients. Whichever’s your case after three months...

The New Overtime Rule: Are Your Business Clients Ready?

In July 2015, the U.S. Department of Labor (DOL) proposed changes to the Fair Labor Standards Act (FLSA) that would substantially overhaul overtime pay rules. The proposed changes more than double the salary threshold that helps determine whether...