Latest Articles

  • Treasury Department Defends Lower Refunds, Saying They Are Positive Sign

    By:
    Chris Gaetano
    |
    Feb 15, 2019
    Treasury Secretary Steven Mnuchin, in response to reports that people were getting lower refunds than expected or even owing money when they usually get it back, said that this state of affairs should be seen as a positive thing, as it means people are not overpaying the government as much. 
  • FASB Proposal Outlines When Contract Liabilities in Business Combinations Are Recognized

    By:
    Chris Gaetano
    |
    Feb 15, 2019
    The Financial Accounting Standards Board (FASB) has issued a proposed standards update that, if implemented, would guide when and how an entity recognizes contract liabilities it assumes in the wake of a business combination. 
  • J.P. Morgan Issues Its Own Cryptocurrency

    By:
    Chris Gaetano
    |
    Feb 14, 2019
    J.P. Morgan, as a way to facilitate easier payment transfers, has launched its own cryptocurrency, JPM Coin, making it the first major bank to do so. 
  • OECD Countries Coordinating on Tax Law Changes for Digital Products

    By:
    Chris Gaetano
    |
    Feb 14, 2019
    Tech companies have for years bedeviled tax collectors around the world through complex tax structures that allow them to pay little if any money to their host countries, often by routing profits through foreign subsidiaries. The Organisation for Economic Co-operation and Development, an intergovernmental organization, is now soliciting input on three possible plans for an international tax regime covering the complex world of tech profits. 
  • Study: Automation Linked to Lower Incomes, Higher Chance of Leaving Firm

    By:
    Chris Gaetano
    |
    Feb 13, 2019
    A Boston University study looking at 36,000 companies in the Netherlands has found that automation has the effect of lowering workers' income and increasing the probability they will leave their firm, though the effects were most pronounced for experienced, well-paid employees. 
  • Study: 64 Percent of Controllers Were Encouraged to Cook Books

    By:
    Chris Gaetano
    |
    Feb 13, 2019
    A recent study has found that the majority of controllers have, at some time or another, been encouraged—and sometimes strongly pressured—by their employers to manipulate financial information. 
  • Role of Tech Firms in Audit, Already Significant, Expected to Grow

    By:
    Chris Gaetano
    |
    Feb 12, 2019
    Technology firms such as IBM are increasingly playing a significant role in the audit process, as more and more clients segment out engagements between traditional CPA firms and specialized tech companies, which can better understand the hardware and software that businesses have grown to rely upon. 
  • Study Critiques SEC Pay Ratio Rule, Calls It Disclosure By Soundbite

    By:
    Chris Gaetano
    |
    Feb 12, 2019
    The CEO pay ratio rule that was implemented as part of the Dodd-Frank Act mandates that companies disclose the ratio between CEO pay and median employee pay, and while the ostensible purpose was to shine light on compensation-related governance issues,  two law professors have concluded that, given the vagueness of the rule's requirements, it serves as little more than "click bait" to incite emotions. 
  • Many Early Filers Surprised by Tax Bill Post-TCJA

    By:
    Chris Gaetano
    |
    Feb 11, 2019
    Many early filers used to getting a refund are finding out this year that, due to changes in the Tax Cuts and Jobs Act, they actually owe extra money to the IRS, sometimes for the first time ever. 
  • Lawmakers Propose Legalizing Cannabis on Federal Level

    By:
    Chris Gaetano
    |
    Feb 11, 2019
    Sen. Ron Wyden (D-Ore.) and Rep. Earl Blumenauer (D-Ore) have introduced a bill that, if passed, would legalize cannabis on the federal level, which would have the effect of ending the myriad tax and financial restrictions faced by today's cannabis business owners. The legislation would, at the same time, respect individual state laws regarding the substance.