Accounting

The Senate unanimously passed bipartisan legislation Wednesday to help nonprofits, state and local governments, and federally recognized tribes remain financially viable during the COVID-19 pandemic by ensuring they receive federal help for unemployment payments upfront, instead of being reimbursed later. The House later passed the bill in a pro forma session Thursday and it’s headed
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Top 20 Firm Dixon Hughes Goodman, based in Charlotte, North Carolina, has announced a live-streamed panel discussion, to be held on July `14, 2020, in which firm leaders will engage in conversations centered around racial injustice and what businesses in America can do to help. “As part of our unwavering commitment to equality and inclusion,
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The American Institute of CPAs’ Auditing Standards Board released an updated standard for auditing accounting estimates and disclosures to deal with the increased volatility of the economy this year in the midst of the novel coronavirus pandemic. Statement on Auditing Standards No. 143, Auditing Accounting Estimates and Related Disclosures, supersedes the earlier SAS No. 122
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The Internal Revenue Service has released final regulations on deductions for two of the international tax regimes introduced under the Tax Cuts and Jobs Act of 2017: foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) for U.S.-based multinational corporations. The final regulations offer guidance on both the computation of the deductions available and
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The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects, including thought leadership, professional research and insights, along with learning and development in areas of mutual interest and value for their members and communities. The two organizations said Wednesday they will work
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Tax software provider Sovos has acquired Accordance, U.K.-based value added tax managed services company. Financial terms of the deal were not disclosed. Accordance has been a Sovos partner since 2018, and has since then implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients. The global coronavirus pandemic has created an atmosphere
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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. It answers some of the questions raised by GASB stakeholders, especially state and local governments. Technical Bulletin 2020-1, Accounting and Financial Reporting Issues
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Disclosures by public companies of nonfinancial information, such as environmental, social and governance (ESG) issues, aren’t always “clear or useful,” according to a report released Monday by the Government Accountability Office. The GAO report noted that ESG information could be an indicator of its long-term financial performance, and investors have been asking companies to disclose
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The House gave final last-minute congressional approval Wednesday to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available. The Senate had passed the extension Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications
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CohnReznick, New York, elected two members to its executive board: Sheslie Royster, tax partner and leader of the Baltimore office tax practice who also assists the Charlotte office tax group; and Kristen Soles, partner and leader of the government contracting industry practice in Tysons, Maryland. Additionally, Alan Wolfson, regional managing partner, Northeast, is currently on
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Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants
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