2015 News Archive
 

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GWSCPA News

Tips for a successful not-for-profit strategic plan

Strategic planning can be difficult at a not-for-profit. There’s often a concerted effort among not-for-profit donors, employees, and even executives to devote every possible resource and every ounce of energy to the beneficent goal of the...

AICPA releases Q&A on required supplementary information

The AICPA has issued a Q&A to provide nonauthoritative guidance to auditors regarding independence requirements with respect to required supplementary information. Question and Answer (Q&A) Section 9180.01 addresses the situation when required...

IRS announces delayed due date for new estate basis reporting rules

The IRS has delayed until next year the due date for statements reporting the value of estate assets required by Sec. 6035, which was enacted July 31. Under the reporting rules, statements must be furnished to the IRS and to beneficiaries within...

Businesses Need to Change Focus to Attract Millennial

American businesses should focus on people and purpose, not just products and profits in the 21st century according to Deloitte Touche Tohmatsu Limited’s (Deloitte Global) fourth annual Millennial Survey . This and other findings from the...

Cyber Threats and Regulations Top List of Challenges for Information Security Officers

Faced with escalating cyber threats and increasingly complex regulatory mandates, chief information security officers (CISOs) are experiencing growing pressure to protect critical information and infrastructure assets, while also embracing...

Salary Increases Give Way to Variable Pay Hikes

Most people are all too aware that annual salary increases have flattened out since the most recent recession. In fact, following each of the past several recessions, salary hikes normalized at a lower level than they had previously. So it may...

Why Does Any Business Become Your Client?

In my work with thousands of accountants over the years, I have made an interesting and disturbing discovery: most firms really don’t know why prospects choose to become their clients. In many cases, clients simply walked in the door and...

CPA-Endorsed Tax Due Modifications are Signed into Law

On July 31, President Obama signed into law a bill that included language changing the due date modifications for several common tax returns, including partnerships and C corporations, as well as FinCEN Form 114, Report of Foreign Bank and...

UBTI Reporting Requirements for Partnerships and S Corporations

Before one determines how to report unrelated business taxable income (UBTI) on a Schedule K-1, a quick review of the basics of UBTI is in order. It is worth noting that most tax-exempt organizations are subject to the UBTI rules. Sec. 511...

PCAOB urges broker-dealer auditors to reexamine approaches

The PCAOB is encouraging audit firms that audit broker-dealers to carefully review their processes in light of findings from inspections conducted in 2014. Inspectors identified audit deficiencies in 87% of the audits they reviewed, and each of...