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Featured….
AICPA Auditing Standards Board Approves Revisions to Attestation Standards
Updated CPA Pipeline Report Show Top Reasons Some Decide Not to Pursue Credential
Biden Seeks to Bolster Solar Manufacturers With Tax and Trade Moves
Global Minimum Tax: 3 Key Priorities for U.S. Multinationals
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
Events….
Accounting
Xerocon 2024 Nashville: Aug. 14-15, 2024
The event will be hosted at the Music City Center, allowing Xero’s community of accountants and bookkeepers from across the U.S., Canada and beyond the chance to connect, as well as options for earning CPE credit.
Accounting
RightNOW Conference 2024
Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. May 14-16, 2024 | Austin, TX.
The Votes Are In: 2024 Readers Choice Awards
The Readers’ Choice Awards give readers the chance to spotlight the technologies they most respect and trust to provide client services, manage their firms, and help their clients run their businesses.
How to Use Microsoft Copilot for CPA Firm Marketing
If you need help with marketing, consider incorporating Copilot into your marketing arsenal for increased efficiency and creativity.
The Accounting Technology Lab Podcast – Review of Digilence Cloud – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at the Digilence Experience Cloud, a cloud-based digital intelligence solution for accounting firms.
Small Business
Lili Launches New Accountant AI for Small Business Financial Management
Lili also partnered with Amazon Bedrock to ensure Accountant AI has robust privacy and security measures to keep businesses’ data safe from potential leaks or misuse.
Accounting Standards
AICPA Auditing Standards Board Approves Revisions to Attestation Standards
The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards.
Accounting
Updated CPA Pipeline Report Show Top Reasons Some Decide Not to Pursue Credential
Among all respondents surveyed, “time” emerged as the top-ranked challenge—or deterrent—to becoming a CPA.
Taxes
Biden Seeks to Bolster Solar Manufacturers With Tax and Trade Moves
The measures include expanded tariffs, tax policy guidance, and promises of heightened vigilance for signs of unfair trade.
Taxes
Global Minimum Tax: 3 Key Priorities for U.S. Multinationals
U.S.-based multinational companies can emerge not just compliant but better positioned in a post-global minimum tax world.
Firm Management
TaxDome Rolls Out Client-Facing Status Feature, Elevating Project Transparency and Communication
This addition to the TaxDome platform is designed to enhance transparency, foster trust, and streamline communication between tax firms and their clients.
Firm Management
Baker Tilly to Acquire Top 100 Firm Seiler in California
The deal is the Chicago-based top 10 firm’s first since it announced receiving a large private equity investment in February.
Avantax Acquires GA Investment Management Adding 10-person, $400-Million Practice to Avantax’s Employee-based Model
Since closing the acquisition, $400 million in GA client assets have been onboarded to the Avantax platform, and 10 GA employees are now W-2 employees of Avantax.
Firm Management
Outgoing PwC Boss Already Has a New Gig Lined Up At Citigroup
Tim Ryan, who was to officially step down as PwC US senior partner on June 30, will reportedly leave the firm a month earlier to join Citi.
Payroll
U.S. Inflation Drops in April as Federal Reserve Considers Interest Rate Cut
A measure of underlying U.S. inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Legislation
U.S. to Increase Some Tariffs on Chinese Electric Vehicles to 100%
The rate on Chinese EVs will increase from 25 percent to 100 percent this year, while the rate on lithium-ion EV batteries will increase from 7.5 percent to 25 percent.
Auditing
KPMG Leads in IPO Audit Clients for Q1 of 2024
The Big Four firm audited eight of the 46 IPOs, tops among the 20 different firms with at least one IPO audit client in the first quarter.
Payroll
Gen Z and Millennials Are Optimistic and Focused on Purpose in Job Satisfaction Survey
They have cautious optimism that circumstances may improve. Just under a third of Gen Zs and millennials believe the economic situation in their countries will improve over the next year.
Small Business
U.S. Wineries Hopeful about Sustained Sales Growth Over Next 5 Years
While headwinds still persist in the industry, the survey results show wineries are feeling cautiously optimistic about sales growth over the next five years after a challenging destocking phase.
Taxes
IRS Adds Security Protections for CAF Program, Transcript Requests
The risk a compromised CAF number presents to practitioners and taxpayers is prompting these additional security measures.
Technology
Rightworks Unveils Two New Security Offerings
The solutions help accounting firms and small businesses create a WISP to achieve regulatory compliance and resolve security gaps.
Payroll
Utility Overdue Bills Rise for More Households, Says Fed Survey
U.S. household debt has reached a record and more borrowers are struggling to keep up.
Small Business
Sales Tax FAQs for Fulfillment by Amazon (FBA) Seller Clients
As a business grows and sales volume ticks up, all that activity can trigger new tax obligations.
Technology
Tech Gifts for 2024 College Grads
From a very thin and light phone grip to a very comfy desk chair, there’s bound to be a gift idea your grad will love. I’ve included list prices. You may find these items cheaper if they are on sale.
Accounting
CPAs Provide Six Ways to Replenish the Talent Pipeline
From evolving CPA licensure models to better starting pay, the profession can do several things to attract new talent, a new NPAG report says.
Accounting
Avalara Honored as BigCommerce Tech Partner Award Winner
The BigCommerce Global Partner Awards recognize the top-performing partners among BigCommerce’s global network of thousands of agency and technology partners in its open ecosystem.
Sales Tax
How to Explain Communications Tax to Clients
The term “communications tax” often refers to a multitude of federal government charges, state and local taxes, fees, and regulatory contribution charges.
Small Business
U.S. Retail Sales Saw Increase in April
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.4% month over month in April and almost unchanged.
Auditing
PCAOB Replaces Old Quality Control Rules With a New Standard
The new quality control standard will require audit firms to annually evaluate their QC systems and report the results to the PCAOB.
Auditing
New PCAOB Rules Would Push Auditors to Assemble Final Documentation More Quickly
As part of a new standard adopted May 13, the time period to assemble a final set of audit documentation would be cut from 45 to 14 days.
Taxes
NYU to Host Federal Real Estate and Partnerships Tax Conference
This year’s speaker line-up features nationally recognized experts who will guide participants through in-depth sessions and discussions…
Small Business
Avalara and Shopify Expand Partnership for Global Tax Compliance
Through the expanded partnership, Shopify merchants of any size can easily manage and automate global tax compliance with Avalara.
Taxes
Trump Pledges Across-the-Board Tax Cuts If He Returns to White House
During a rally Saturday on the New Jersey shore, Donald Trump pledged to double down on tax cuts if he wins a second term as president.
Payroll
Some Americans Plan a ‘Slow-Roll’ Into Retirement
Often when people aged 50 or older contact her, Pittsburgh financial coach Shay Port said the conversation starts with them declaring that they will never be able to retire.
Accounting
Professionals on the Move – May 2024
Professionals on the Move is a round-up of recent promotions, management changes, and other staffing announcements from across the profession.
Firm Management
PwC Admits 158 to Partnership
The class of 2024, which includes 88 partners and 70 principals, is significantly smaller than last year’s class of 258.
Accounting
State CPA Society News & Updates – May 2024
State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories.