Latest Articles

  • BLS Reports Inflation Continues to Rise

    By:
    Chris Gaetano
    |
    Jun 10, 2021
    The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index, the general measure of inflation, rose by 0.6 percent in May after having already risen by 0.8 percent in April.
  • U.S. Workers Quitting Jobs in Record Numbers

    By:
    Chris Gaetano
    |
    Jun 10, 2021
    Recent government data shows that, this past April, twice as many Americans quit their jobs than did so one year ago, indicating the growing opportunities for workers amid the economic recovery.
  • Leaked IRS Data Shows 'True' Tax Rate of 3.4 Percent for 25 Richest Americans

    By:
    Chris Gaetano
    |
    Jun 9, 2021
    IRS data leaked to ProPublica shows that, after using a wide variety of legally allowed tax avoidance measures, the 25 richest Americans had an average tax rate of about 3.4 percent in a five-year period, and some had a much lower rate, depending on the year, reaching 0 percent in many cases.
  • IIRC/SASB Merger Complete, New Value Reporting Foundation Takes Flight

    By:
    Chris Gaetano
    |
    Jun 9, 2021
    The Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) announced the completion of their merger into the new Value Reporting Foundation (VRF), which as of today has become a fully fledged organization of its own.
  • Study: Automating Internal Controls Associated with Smaller Audit Fees

    By:
    Chris Gaetano
    |
    Jun 9, 2021
    A recent survey outlined in Accounting Today found that while 62 percent of audit clients expect fees to increase this year, mostly due to inflation, those that have automated at least some of their internal controls processes will see smaller expenses than those that have not.
  • U.S. Authorities Report They Have Recovered Most of Bitcoin Ransom Paid After Colonial Pipeline Hack

    By:
    Chris Gaetano
    |
    Jun 8, 2021
    The U.S. Department of Justice announced that it has recovered the majority of the cryptocurrency used to pay off the DarkSide hacker collective, which shut down the Colonial Pipeline in May with a ransomware attack.
  • DOJ Seeks to Shut Down Alleged Serial Fraudulent Return Preparer

    By:
    Chris Gaetano
    |
    Jun 8, 2021
    The U.S. Department of Justice announced that it has filed a complaint against a tax preparer in Georgia who has allegedly been filing fraudulent tax returns for the past seven years.
  • Poll Finds 62 Percent of Manhattan Workers Expect They Will Be Back in Office Come September

    By:
    Chris Gaetano
    |
    Jun 8, 2021
    A recent survey has found that a solid majority of Manhattan office workers, 62 percent, anticipate they will be back in their offices by September.
  • Deloitte Commits $75 Million to DEI Efforts in Accounting

    By:
    Chris Gaetano
    |
    Jun 7, 2021
    Deloitte announced a new initiative, Making Accounting Diverse and Equitable, a $75 million program to generate more advisory, auditing and tax career opportunities and leadership pathways for the next generation of CPAs. Its goal is to increase racial and ethnic diversity and to help "students of color see and realize their future in business through the prism and possibilities of accounting."
  • Duhnke Removed From PCAOB, SEC Now Seeks New Chair

    By:
    Chris Gaetano
    |
    Jun 7, 2021
    William D. Duhnke III, who had served as the chair of the Public Company Accounting Oversight Board since 2017, has been removed from the organization entirely by the Securities and Exchange Commission, which is now seeking a new chair.