Latest Articles

  • Cost of Cyberattacks in 2018 Estimated to be $654 Billion

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    A recent report from digital strategy consulting firm ForgeRock calculates that, last year alone, cyberattacks cost U.S. companies a collective $654 billion. 
  • Congress Passes IRS Reform Bill

    By:
    Chris Gaetano
    |
    Jun 14, 2019
    The Senate has approved a wide-ranging IRS reform bill without a controversial provision regarding free filing, and it now awaits the president's signature.
  • SEC Could Level $50M Fine on KPMG Over PCAOB Cheating Scandal

    By:
    Chris Gaetano
    |
    Jun 14, 2019
    The Securities and Exchange Commission is considering a record-setting $50 million fine against KPMG, one of the largest it has ever leveled, for a scandal in which audit partners colluded with staffers from the Public Company Accounting Oversight Board (PCAOB), who passed on inside information about the agency's inspection plans for the firm.
  • FASB Chair Expresses Concern That Tech Could Increasingly Delay Standards Implementation

    By:
    Chris Gaetano
    |
    Jun 13, 2019
    Financial Accounting Standards Board (FASB) Chair Russell Golden, in a discussion with the Wall Street Journal alongside Public Company Accounting Oversight Board (PCAOB) Chair William Dunkhe, said he was concerned that while technology can improve the accounting process, it could also delay the implementation of new standards. 
  • TIGTA Finds Great Improvements in 1099-MISC Processing Accuracy

    By:
    Chris Gaetano
    |
    Jun 13, 2019
    The Treasury Inspector General for Tax Administration (TIGTA) has offered a bit of good news, reporting that federal agencies have greatly improved their accuracy on 1099-MISC submissions. 
  • IRS Puts Final Nail in Coffin of State Charity-Based SALT Cap Workarounds

    By:
    Chris Gaetano
    |
    Jun 12, 2019
    The IRS, never very fond of the idea to begin with, issued final regulations effectively killing attempts by state governments to circumvent the $10,000 cap on state-and-local-tax (SALT) deductions through the use of charitable organizations. 
  • Survey: Most CFOs Bracing for Recession in 2020

    By:
    Chris Gaetano
    |
    Jun 12, 2019
    Nearly half of chief financial officers believe that there will be a recession by the middle of 2020, and a large majority, 69 percent, believe it will happen by the end of 2020. 
  • Tax Preparers Reporting Larger Numbers of Extensions This Year

    By:
    Chris Gaetano
    |
    Jun 11, 2019
    A number of factors in the tax system combined into a perfect storm of tax complexity that has led many preparers to file many more extensions than in previous years. 
  • 20,000-Person Survey Finds Common Elements in Most Productive People

    By:
    Chris Gaetano
    |
    Jun 11, 2019
    A survey of 20,000 people asking about their work habits has found a few common features in those who had the most personal productivity. 
  • AICPA Announces It Will Control '.cpa' Domain Name

    By:
    Chris Gaetano
    |
    Jun 10, 2019
    The AICPA announced this week that it is currently in the process of being awarded the ".cpa" domain name from the Internet Corporation for Assigned Names and Numbers, which governs domain name control, and it is in the contract execution phase.