2015 News Archive
 

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GWSCPA News

U.S. Business Optimism Nears Record Highs

Optimism for the nation’s economic outlook among U.S. business leaders rose 20 percentage points in third quarter 2015 to a net balance of 74 percent, marking only the second time since 2004 it had eclipsed net 70 percent, according to data...

Maximizing Bad Asset Losses

Determining the desirable treatment takes some thought Although the Tax Code is not overly complex in its approach to deductible losses, careful planning is a must to maximize their effect on a business return. The basic rule of thumb in...

Proposal would create new status for retired CPAs

A new, uniform “Retired-CPA” status would be created under a proposal issued this week by the boards of directors of the AICPA and the National Association of State Boards of Accountancy (NASBA). The proposal would revise the...

MyRAs now available nationwide

MyRA, the new retirement savings account intended for people with taxable compensation income but who lack access to an employer-sponsored retirement plan, was launched nationwide Wednesday with an announcement by Treasury Secretary Jack Lew. The...

SEC adopts crowdfunding rules

In separate votes Friday, the SEC adopted new rules and proposed amendments designed to give small businesses more access to capital while providing protection for investors. Companies will be permitted to offer and sell securities through...

Nonprofit Accounting Insights & Analysis Survey Shows Challenges

More than half of nonprofit accounting professionals recently surveyed said they struggle with reporting non-financial performance data. Overall majority don't enjoy the automation of reporting with 73% spending up to 5 hours a week manipulating...

Companies slow to start revenue recognition implementation

More than three-quarters of U.S. companies still have not attempted to quantify how their financial statements will be affected by the new revenue recognition standard that was issued in May 2014, according to a new survey. FASB and the...

Accountants Encouraged to Embrace Change, Foster Greater Client Collaboration

Accounting firms should elevate themselves beyond compliance work to become partners to the businesses they’re serving, Jon Baron, managing director of the Professional segment with the Tax & Accounting business of Thomson Reuters, told...

Why Do Accountants Love Their Jobs?

If you were given the opportunity to go back in time and change your career, would you? According to a recent Accountemps survey, nearly seven in 10 accounting and finance workers would choose to stay put. Accountants feel this way despite the...

U.S. Budget Clears Way for IRS Audits of Partnerships

The new rules will shift some of the burden of auditing and dividing up the tax liabilities among partners from the IRS to the partnership itself. Tucked away near the very end of the Bipartisan Budget Act of 2015 is a section that could make it...