Accounting
KPMG names new practice leads as part of ‘a new chapter’
KPMG appointed new leaders in the U.S. of its audit, tax and advisory businesses as the Big Four firm tries to regain trust after a bruising series of scandals. Original Article Posted at : https://www.accountingtoday.com/news/kpmg-names-new-management-team-in-bid-to-improve-reputation
Read MoreDespite productivity drops, firms commit to remote work in reopening
A new study also found that accountants are, by and large, very pleased with how their firms have responded to the pandemic. Original Article Posted at : https://www.accountingtoday.com/list/despite-productivity-drops-accounting-firms-commit-to-remote-work-in-reopening
Read MoreD.C. Proposal to Include Advertising in Sales Tax Won’t Work as Advertised
While some jurisdictions are exploring standalone—and legally dubious—taxes on digital advertising, D.C. Council Chair Phil Mendelson (D) has a more down-to-earth proposal: why not just include advertising in the sales tax base? The obvious upside is that it doesn’t immediately raise any legal red flags and it takes advantage of a tax that already exists…
Read MoreAccountants predict 2020 will be worst year for economy since World War II
This year is expected to be the worst for the global economy since World War II, according to a new survey by the Association of Chartered Certified Accountants and the Institute of Management Accountants. Original Article Posted at : https://www.accountingtoday.com/news/accountants-predict-2020-will-be-worst-year-for-economy-since-world-war-ii
Read MoreGASB offers guidance on CARES Act and coronavirus
The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic. Original Article Posted at : https://www.accountingtoday.com/news/gasb-offers-guidance-on-cares-act-and-coronavirus
Read MoreIRS issues rules for net operating losses in consolidated groups
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act from this year. Original Article Posted at : https://www.accountingtoday.com/news/irs-issues-rules-for-net-operating-losses-in-consolidated-groups
Read MoreESG disclosures by companies fall short, according to GAO
Disclosures of nonfinancial information, such as environmental, social and governance issues, aren’t always “clear or useful,” according to a report by the Government Accountability Office. Original Article Posted at : https://www.accountingtoday.com/news/esg-disclosures-by-companies-fall-short-according-to-gao
Read MoreTrump administration discloses $521.5B in coronavirus aid through PPP
The Trump administration released details of almost 4.9 million loans to businesses – from sole proprietors to restaurant and hotel chains – under the federal government’s largest coronavirus relief program so far, the $669 billion Paycheck Protection Program. Original Article Posted at : https://www.accountingtoday.com/articles/trump-administration-discloses-521-5b-in-coronavirus-aid-through-ppp
Read MoreNYSSCPA announces inaugural “40 Under 40” honorees
The New York State Society of CPAs highlighted local up-and-coming accounting professionals who have excelled in leadership both inside and outside of the profession. Original Article Posted at : https://www.accountingtoday.com/news/nysscpa-announces-inaugural-forty-under-40-honorees
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