Accounting

While the concept of virtual firms and remote teams has been around for a number of years, many accounting firms have struggled to make the change in their business model for a number of reasons. Over the last few months, a number of accounting firms have had to make the transition to working virtually and
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The Financial Accounting Standards Board has created a web portal to offer a view of its post-implementation review process. The PIR process is an important quality control mechanism that’s built into FASB’s standard-setting process, starting after a standard has been issued. During the PIR process, FASB requests and considers feedback from different types of stakeholders
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A man from St. Simons Island, Georgia has been indicted for threatening to use a pipe bomb on an Internal Revenue Service building in New York. Benjamin Stasko, 32, was charged Friday by federal prosecutors with willful threat to kill using firearms or explosives, and interstate transmission of a threat to injure. The online threat
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If there’s one side effect of the pandemic that can be considered positive, it’s the almost universal adoption of videoconferencing. I’ve been using videoconferencing in various forms for decades and there’s one constant I’ve noticed: Within minutes of concluding the video meeting, I’ve pretty much forgotten a good portion of what was discussed. As I’ve
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President Donald Trump announced four executive actions on Saturday, including continued expanded unemployment benefits and a temporary payroll tax deferral for some workers, as the coronavirus pandemic continues to hobble the U.S. economy. Trump also ordered continued eviction protection and student-loan relief. The moves could jeopardize negotiations with congressional Democrats over an additional coronavirus relief
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A high-powered group of U.S. regulators said stock exchanges should set new rules that could trigger the delisting of Chinese companies, following mounting concerns that investors are being exposed to frauds. The President’s Working Group on Financial Markets said Thursday that in order to trade on a U.S. exchange, companies must grant American regulators access
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Did you ever see the “Casual Friday” episode on the HBO hit comedy, “Curb Your Enthusiasm”? That’s when Larry David’s friend visits the estate planner Larry recommended and is shocked to find the attorney wearing jeans and a denim shirt in his office. “This is how we dress on casual Friday, but we would never
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The Securities and Exchange Commission named Lindsay McCord as chief accountant in the SEC’s Division of Corporation Finance. McCord has been acting chief accountant there since the departure of Kyle Moffatt in March, leading its work to monitor disclosures by companies impacted by COVID-19 and offer regulatory relief and guidance on financial statements and other
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Employment in the private sector increased by 167,000 jobs from June to July, according to payroll giant ADP, despite the millions of unemployment claims being filed in recent weeks, with job losses concentrated in medium-size businesses as a result of the novel coronavirus pandemic. Small businesses gained 63,000 jobs in July, according to the ADP
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As of today, the IRS has ruled that expenses paid with forgiven Paycheck Protection Program loans are not deductible. But what if the loan is processed and expenses are paid in 2020, but the forgiveness determination is not made until 2021? Such circumstances are not only possible but likely to occur, according to Roger Harris,
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In today’s COVID-19 world where nothing seems normal, and “new normals” are popping up in every business operation, service businesses are trying to make up for lost income and rising expenses in creative ways that will lessen the financial impact of COVID-19. One way that is attracting a lot of unexpected negative attention is tacking
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