Accounting

Overpromising and missing deadlines is a guaranteed way to disappoint clients. However, this can be a self-inflicted wound if not handled properly. We set the deadlines and make the promises. Many times we succumb to urges and pleas by clients to set an unrealistic due date based upon the scope of what needs to be

Whenever anyone asks me how long I’ve been with Ernst & Young LLP, I’m always tempted to answer, “Since I was 14.” While that response isn’t 100 percent accurate, there’s more than a little truth behind it. My history with EY dates back to my days as a high school student at Norman Thomas High

Franklin University, in Columbus, Ohio, is partnering with the Ohio Society of CPAs, on online training for CPAs. The university’s International Institute for Innovative Instruction will create online training modules for Ohio CPAs throughout the state. The partnership combines OSCPA continuing education topics with Franklin University’s templates, content and exam questions for online courses. Training

Senate Democrats passed the latest version of the $1.9 trillion stimulus bill after a more than 24-hour voting session that included the longest single vote in the chamber’s history. The plan includes a wave of new spending, an extension of jobless benefits, another round of direct household payments, money for state and local governments and

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to push back the tax filing and payment deadline for two months. The AICPA sent a letter Thursday to officials at the Treasury and the IRS asking for an extension until June 15, pointing to the challenges created by the

The Securities and Exchange Commission has formed a Climate and ESG Task Force in its enforcement division to identify misconduct in environmental, social and governance reporting. The task force will be spearheaded by Kelly L. Gibson, the SEC’s acting deputy director of enforcement, who will oversee an effort throughout the enforcement division, with 22 members

Employment increased by a robust 379,000 jobs in February, the U.S. Bureau of Labor Statistics reported Friday, although there was a drop in accounting and bookkeeping services positions. The unemployment rate dropped only one-tenth of a percentage point to 6.2 percent, but the strong job gains beat analyst expectations, with economists predicting only about 150,000

The American Institute of CPAs has requested an extension of at least 60 days from Congress on the March 31 deadline for submitting applications for Paycheck Protection Program loans. The AICPA urged Congress on Tuesday to extend the deadline, pointing out that many small businesses are encountering error codes when trying to apply for the

The Senate enters the final stages of debating President Joe Biden’s $1.9 trillion pandemic relief bill on Thursday, with passage in the chamber likely pushed off until the weekend. Senate Majority Leader Chuck Schumer had planned to kick off the process Wednesday night but lacked an official cost estimate on the latest version of the

The Governmental Accounting Standards Board is looking for feedback on a proposal to improve the guidance on compensated absences for state and local government employees, along with disclosure requirements. The proposed standard would supersede the recognition and measurement guidance issued by GASB back in 1992 in Statement No. 16, Accounting for Compensated Absences. The proposal

The corporate finance and accounting area underperforms compared to other job functions when it comes to diversity, equity and inclusion, according to a new study. People of color comprise only 11 percent of the total workforce in corporate finance, and just 6 percent of senior finance roles, according to data from the research firm Gartner.

The Florida Institute of CPAs’ Task Force on Diversity and Inclusion has announced its 2021 goals, outlining initiatives to advance equitable treatment of professionals in its member firms. Formed last September by FICPA chair W.G. Spoor, the Task Force is in the midst of a three-year plan to “develop programs and services that our members

A U.S. donor to Canada’s WE Charity said he has asked the Internal Revenue Service to open a fraud investigation into the organization after testifying that it took down a plaque on a Kenya school built to honor his dead son and replaced it with that of another donor. Reed Cowan said in a YouTube

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program. The guidance in Notice 2021-20 echoes the information the IRS has already provided in its employee retention credit FAQs, but includes some clarifications and discusses the retroactive changes

Senate Democrats are jettisoning a proposal to use the Tax Code to penalize corporations that don’t raise the minimum wage for their lowest-paid workers in an effort to keep President Joe Biden’s broader stimulus plan on track for quick passage, according to two people familiar with the matter. Democrats were left seeking alternatives after the

Internal auditors and others involved in compliance-related diligence work have a broad mandate to provide assurance and risk-based insights to their stakeholders, often in highly complex and heavily regulated environments. At the same time, these practitioners recognize the need to become more efficient and more effective in identifying and responding to risks, particularly as remote

The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate. The 219 to 212 House vote was a stark contrast to the previous pandemic relief bills enacted last

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama. “This is a really big, complicated, brand new proposal. It is *possible* that it works,” Jason Furman,

The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative for providing assurance services related to financial and nonfinancial metrics. The initiative, called “Accelerating Integrated Reporting Assurance in the Public Interest,” aims to help more businesses implement integrated reporting, which brings together traditional financial reporting with other issues

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19. The No. 1 tax issue this year is mapping the tax impact of COVID-19-related business strategies, according to a recent Tax Outlook Survey from BDO USA, while the biggest challenge