Accounting

As if tax season isn’t already stressful enough for accounting firms, the coronavirus pandemic is making things that much harder. With the tax filing deadline extended into July, numerous small-business loan and forgiveness programs being rolled out, businesses struggling with cash flow and payroll, and a myriad of other challenges, there’s no shortage of fires
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Think about how much time you and your colleagues are spending keeping abreast of all the new deadlines and stimulus programs. Imagine how hard it must be for your clients to keep up. Just because a client hasn’t called you specifically about the dizzying changes in this pandemic economy, don’t assume they fully understand what’s
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VIRGINIA The Virginia Society of CPAs, Richmond, announced the winners of the 2020 VSCPA Distinguished CPA Awards in four categories. The Outstanding Member Award went to Mike Gracik Jr. from Keiter, Richmond; the Impact Award to Louise Reed at Afloat, Richmond; and the Ruth Coles Harris Advancing Diversity & Inclusion Award to Patricia Drolet, Councilor
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Red-handed; marina fees and airline tickets; similar patterns; and other highlights of recent tax cases. West Hollywood, California: Philip Righter, 43, has agreed to plead guilty to federal criminal charges that he sold bogus art he claimed was created by artists such as Jean-Michel Basquiat, Keith Haring, Roy Lichtenstein and Andy Warhol. He also admitted
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The Internal Revenue Service announced that it is delaying its Special Enrollment Examination tests for Enrolled Agents due to the ongoing novel coronavirus pandemic shutting down its testing centers. “Because test centers are closed, the 2020-2021 test window will not start on May 1,” the IRS said in a statement Wednesday. “Those candidates who already
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Accounting Today is accepting submissions for its report recognizing the Best Accounting Firms for Technology. This is the second year the publication will recognize firms in this category. The original deadline for submissions has been extended due to firms needing to handle their pandemic responses. Given the growing importance of technology to the profession, the
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Celonis, which makes process mining software, has debuted a new suite of operational software including for accounts payable. The software is powered by artificial intelligence. Celonis Operational Applications combine Celonis’ process mining engine with business context, AI, and automation to detect friction in processes and take intelligent action to optimize business operations for the desired
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Public companies are dealing with a variety of financial reporting difficulties in the face of the unpredictable COVID-19 pandemic and the impact it’s having on businesses of all sizes. Those include preparation of forward-looking cash-flow estimates, recoverability and impairment of assets, accounting for financial assets, and going concern analyses.The SEC has been granting companies and
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The IRS has made several tweaks and updates to its online tool for taxpayers to check the status of their stimulus checks. The page has experienced glitches since it premiered earlier this month as the most convenient way for millions of taxpayers to track when they’d receive COVID-19-related stimulus payments. “We delivered Get My Payment
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Recent events affecting the global financial health of businesses have forced CFOs and treasurers to conserve and preserve cash. Leasing, a long-favored technique of treasurers worldwide, will proliferate in this new environment. Increasing free cash flow through leasing, which is critical during challenging economic environments, enables both large and small businesses to obtain long-lived assets
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The California Society of CPAs announced the recipients of its 2020 Women to Watch Awards, honoring six female leaders in the accounting and finance profession across the state. The announcement was made during CalCPA’s Women’s Leadership Forum live webcast. The annual award recognizes exceptional female professionals for factors such as leadership, public service, advocacy, mentoring
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The IRS is seeking nominations for the Internal Revenue Service Advisory Council. Applications will be accepted through June 12, 2020. The IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss federal tax administration issues. It proposes enhancements to IRS operations; recommends administrative and policy changes to improve taxpayer
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