2015 News Archive
 

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GWSCPA News

Get Transcript data breach more than three times as big, IRS announces

The breach of the IRS’s Get Transcript system in May was much larger than first reported, the IRS admitted on Monday. An additional 220,000 taxpayers had their tax return data stolen from the site, approximately tripling the number of...

FAF Names New PCC Chair

The Financial Accounting Foundation has named Candace Wright as the next chair of the Private Company Council. Wright, a director with Top 100 Firm Postlethwaite & Netterville, will succeed the founding chair, Billy Atkinson, when his term ends...

Two-Thirds of Americans Believe Social Security Is in a Crisis State

On the 80th anniversary of the creation of Social Security, Americans who have been buffeted by repeated warnings about long term funding problems overwhelmingly believe that the nation’s premier retirement program is in serious trouble...

Be strategic when awarding raises and promotions

On the 80th anniversary of the creation of Social Security, Americans who have been buffeted by repeated warnings about long term funding problems overwhelmingly believe that the nation’s premier retirement program is in serious trouble...

Be strategic when awarding raises and promotions

Now that the economy is recovering from the Great Recession and demand for CPA services is rising, firms have ramped up their hiring. But demand for experienced accountants, especially seniors and managers, outstrips supply. In a...

New law imposes immediate estate basis and reporting requirements

One tax law change recently made by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41 , affects practitioners right away. Section 2004 of the act requires consistent reporting of basis between an...

Recruiting and Succession Planning across CPA Generations

With an estimated 75 percent of CPAs expected to retire over the next 15 years, according to the AICPA, CPA firms are under pressure to recruit and retain a sufficient number of young accountants to keep the business going. “As we think...

AICPA Outlines Concerns about Proposed Changes in Nonprofit Accounting

The American Institute of CPAs has sent a comment letter to the Financial Accounting Standards Board weighing in on proposed changes in accounting standards for not-for-profits and saying they could create divergence from the financial reporting...

FASB Moves to Work with More National Standard-Setters

Financial Accounting Standards Board chairman Russell Golden explained how FASB will be working with both the International Accounting Standards Board and other national standard-setters, including China and Germany, as FASB moves past the...

Are audits of ICFR improving?

Preliminary evidence indicates that audit work in the challenging area of internal control over financial reporting (ICFR) may be improving, PCAOB member Jeanette Franzel said during a recent speech . The PCAOB issued Staff Audit Practice Alert...