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Latest Articles

  • Report: Controllers Can Become Exceptional Partners to CFOs and Drive Company Growth

    By:
    Karen Sibayan
    |
    Oct 2, 2024
    Current finance leaders are expected to balance various priorities and tasks by supporting both short-term performance and long-term value creation. Financial controllers are no exception. The 2024 Global EY DNA of the Financial Controller Report notes that controllers now have a dual role. While they should still fulfill their traditional reporting and compliance functions, they should also become agents of transformation and value creation.
  • IRS Postpones Several Filing Deadlines to May 1 in Seven States in the Wake of Helene

    By:
    Karen Sibayan
    |
    Oct 2, 2024
    After the AICPA asked the IRS to offer immediate tax disaster relief in the wake of Hurricane Helene, the agency announced such relief for all individuals and businesses impacted by the storm. Taxpayers in the following areas have until May 1, 2025, to file various federal individual and business tax returns and make tax payments: all of Alabama, Georgia, North Carolina, and South Carolina, as well as 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.
  • FASB Solicits Input on Proposed Update for Share-Based Payments

    By:
    Karen Sibayan
    |
    Oct 1, 2024

    The Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) on Sept. 30 to improve the accounting guidance for share-based consideration payable to a customer for selling goods or services. The deadline for comments on the proposed ASU is Nov. 14.

  • IRS Launches Program to Upgrade Secure Messaging for Businesses with Multiple Representatives

    By:
    Karen Sibayan
    |
    Oct 1, 2024
    On Sept. 30, the IRS’s Independent Office of Appeals announced a pilot program called “Corporate Group Mailboxes” to upgrade secure messaging for large business taxpayers with many representatives.
  • Consultant: PCAOB's New QC 1000 Represents Paradigm Shift for Audit Firms’ Operations

    By:
    Karen Sibayan
    |
    Sep 30, 2024

    The Public Company Accounting Oversight Board (PCAOB)’s new quality control standard, QC 1000, represents a radical change from how major audit firms have historically operated, according to Joseph Floyd, a partner and co-founder of Floyd Advisory.

  • To Sue or Not to Sue Is the Question for Companies Still Waiting for ERC Payments

    By:
    Karen Sibayan
    |
    Sep 30, 2024
    The IRS's efforts in the past year to clean up its employee retention credit (ERC) program have led some companies waiting for delayed payments to consider going to court.
  • Regulatory Roundup: September 24-30

    By:
    Karen Sibayan
    |
    Sep 30, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.
  • IRS Opens ERC Supplemental Claim Process for Third-Party Payers

    By:
    Karen Sibayan
    |
    Sep 27, 2024
    On Sept. 26, the IRS said it is opening a supplemental claim process to assist third-party payers and their clients in resolving incorrect Employee Retention Credit claims. 
  • Report: California Climate Accounting Legislation Moves Foward Despite Opposition

    By:
    Karen Sibayan
    |
    Sep 27, 2024
    California has become a “de facto” nationwide climate accounting regulator a year after landmark legislation passed requiring firms with more than $1 billion in revenue, even privately held ones, to report their greenhouse gas emissions with a meticulousness like what they "apply to their balance sheets," a Wall Street Journal article said. 
  • Report Looks Into How Accounting Shapes Firms' AI Strategies

    By:
    Karen Sibayan
    |
    Sep 26, 2024
    A report released by the Association of Chartered Certified Accountants (ACCA) on Sept. 25 explores the state of artificial intelligence (AI) adoption in the accounting industry.