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Featured….
IRS-CI Releases Its FY 2024 Highlight Reel
AICPA Releases Statement on BOI Injunction, FinCEN Appeal
PCAOB Says Audit Firm Culture is Tied to Audit Quality
PCAOB Punishes New York Audit Firm, Three Partners for Deceiving Inspection Staff
Contributors….
Randy Johnston
Brian Tankersley
Darren Root, CPA, CITP, CGMA
Becky Livingston
Ken Berry, JD
Webinars and CPE….
CPE Webcast Dec. 5 – Struggling with Workflow Chaos? Discover How Identifying Your Offerings Changes Everything!
CPE Webinar: Top 10 Payroll Tasks to Prepare for Year-End
Events….
Accounting
Intuit Connect 2024 – Oct. 28-30
Get inspired by influential speakers and expert-led sessions on topics such as QuickBooks tools and services, Mailchimp, firm growth, client advisory, and more.
SYNERGY 2024 Conference – Nov. 6-9, 2024
From AI-driven solutions to cutting-edge advancements in digital transformation, find out what’s next from Thomson Reuters at SYNERGY 2024
Ensuring Success 2024 – CPAs Can Earn Up to 14 Hours of Free CPE in December
The end of the year is almost here, and that means you need to check if you have all of your CPE completed. A lot of us have just gotten out of extension season, then the election, but if you need more CPE, Ensuring Success is an easy way to earn up to 14 hours of CPE credits in 2 days, from your own office or laptop. And it’s free.
Federal Court Blocks Enforcement of Corporate Transparency Act and BOI
A new federal law that would require most LLCs, corporations and partnerships to file disclosures with the Treasury Department, including Beneficial Ownership Information, has been halted by a Texas federal judge.
Corvee to Launch Professional Tax Prep System Under Its ‘Instead’ Brand
Corvee announced that the the company’s tax management platform, Instead, has been approved by the Internal Revenue Service to offer e-filing tax preparation software, and is nearing completion of the corresponding capabilities to prepare associated state, city and other related jurisdictional tax filings.
Taxes
Corvee to Launch Professional Tax Prep System Under Its ‘Instead’ Brand
Corvee announced that the the company’s tax management platform, Instead, has been approved by the Internal Revenue Service to offer e-filing tax preparation software, and is nearing completion of the corresponding capabilities to prepare associated state, city and other related jurisdictional tax filings.
Taxes
IRS-CI Releases Its FY 2024 Highlight Reel
IRS-CI initiated more than 2,667 criminal investigations, obtained 1,571 convictions, and reclaimed its 90% conviction rate in FY24.
Small Business
AICPA Releases Statement on BOI Injunction, FinCEN Appeal
A federal court in Texas has issued an injunction barring enforcement of the Corporate Transparency Act and BOI reporting, until the case is resolved.
Auditing
PCAOB Says Audit Firm Culture is Tied to Audit Quality
Taking a deep dive into internal firm culture, a new PCAOB staff report discusses several factors that can impact audit quality.
Auditing
PCAOB Punishes New York Audit Firm, Three Partners for Deceiving Inspection Staff
The PCAOB doled out $465,000 in total fines, permanently revoked the registration of Raines & Fischer, and barred three of its partners.
Small Business
AMEX Report Shows Small Businesses are Embracing Tech, Eyeing Growth in 2025
Looking back on 2024, 70% of small businesses say their business became stronger following a period of uncertainty, and nearly three-quarters (74%) expect a period of stability for their business in 2025.
Technology
Overview of 2024 CCH Connections- The Accounting Technology Lab Podcast – Nov. 2024
Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference.
Sales Tax
Sovos Handled Taxes on Nearly 300 Million Transactions During Black Friday and Cyber Monday
Sovos achieved record-breaking performance during this year’s Black Friday and Cyber Monday shopping events.
Auditing
PCAOB Revokes Israel-Based Audit Firm’s Registration, Bars Partner
The sanctions against Weinstein International CPA and Idan Weinstein are for violating rules on three issuer audits.
Small Business
Improve Client Cash Flow in 2025 Using Proven Strategies
Slow or non-payments are a real concern, and as a firm owner, it’s in your best interest to help your clients receive their payments faster and reevaluate spending.
Mergers and Acquisitions
Platform Accounting Group Acquires NorCal Accounting Firm DHS
Platform is a next-gen accounting and professional services group created in 2015. It strives to preserve the dynamics of small firm cultures and incorporates the technology and connectedness of the 21st century.
Auditing
PCAOB Adopts New Audit Firm Reporting Standards
“Sound and consistent information strengthens investor confidence and can drive audit quality,” PCAOB Chair Erica Williams said.
Accounting
IDC Names Thomson Reuters as a Leader in SaaS, Tax Automation
Pagero, part of Thomson Reuters, was also recently named a Leader in the IDC MarketScape.
Accounting
Tipalti Adds Solution for Canadian Businesses
Since establishing a presence in Canada with its Vancouver office in 2020 and its Toronto office in 2022 to support its US headquarters, Tipalti has grown its Canadian workforce to over 300 employees.
Financial Reporting
Federal Court Blocks Enforcement of Corporate Transparency Act and BOI
A new federal law that would require most LLCs, corporations and partnerships to file disclosures with the Treasury Department, including Beneficial Ownership Information, has been halted by a Texas federal judge.
Payroll
ADP Says Jobs Increased 146K in November, Annual Pay Up by 4.8%
The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market.
Payroll
Survey Shows 62% of Workers Face Serious Financial Anxieties
While many employees feel a strong sense of long-term “retirement confidence,” anxiety around near-term finances is growing and impacting workplace productivity.
Payroll
U.S. Small Business Job Growth Rate Remained Steady in November
According to the Paychex Small Business Employment Watch, small business job growth across the U.S. remained relatively consistent in November .
Accounting
CPA Business Execs’ Optimism About the Economy is Soaring Post-Election, AICPA Says
CPA business leaders’ optimism about the economy surged by 41 percentage points from the previous quarter, the AICPA & CIMA said.
Firm Management
Dean Dorton Picks Up Shilts CPA in Florida
The deal with Shilts CPA, effective Dec. 1, expands the top 100 accounting firm’s valuation and forensic accounting offerings.
Corporate Boards Are More Diverse, But Growth in Diversity is Slowing
When it comes to gender diversity, there’s a complex picture: While women hold a record level of overall board seats (29%), they hold just 8% of board chair positions.
SEC
Trump Picks Paul Atkins to Lead SEC
Atkins, a former SEC commissioner, would succeed Gary Gensler, who said he will step down when Trump is inaugurated Jan. 20.
Payroll
Trump Taps Fiserv CEO Bisignano for Social Security Chief
If confirmed, Frank Bisignano would head the agency running the Social Security program, which is facing a budget shortfall.
Payroll
Payroll Integrations Automates SECURE 2.0 Compliance in Minutes
The company’s platform prepares companies for compliance with the new 2025 requirements under SECURE 2.0, including auto-enrollment in new retirement plans.
Taxes
Trump Names Former Congressman Billy Long to be IRS Commissioner
The current IRS commissioner, Danny Werfel, has said that he intends to fulfill his term, which is slated to end on Nov. 12, 2027.
Accounting
An Accounting Major, UnitedHealthcare Chief Executive Brian Thompson’s Career Included Stop at PwC
Thompson, who worked at UnitedHealthcare for the past 20 years and was named CEO in 2021, was fatally shot in New York Dec. 4.
Firm Management
LBMC Expands Into Memphis After Deal With Frazee Ivy Davis
The top 40 firm has grown its footprint across Tennessee by adding Frazee Ivy Davis, an accounting firm based in Memphis.
Firm Management
Citrin Cooperman Adds Andsager, Bartlett & Pieroni in Rhode Island
The top 20 accounting firm’s acquisition of ABP expands its established presence in Providence, RI, and greater New England.
Taxes
Opinion: Donald Trump Promised to Raise Taxes, But Biden and Congress Could Tie His Hands
The Biden administration and the current Congress should consider scaling back Trump’s power to unilaterally enact tariffs.
Firm Management
Cherry Bekaert Acquires DeBlanc, Murphy & Murphy in Maryland
The acquisition aims to strengthen the top 25 firm’s position in the greater Washington, D.C. market and expand its service offerings
Firm Management
BerryDunn Joins Forces With Burzenski & Co. in Connecticut
The top 50 firm has merged with East Haven, CT-based accounting, tax, and advisory firm Burzenski & Co., effective Dec. 1.
Firm Management
LGA and McGaunn & Schwadron CPAs Merge
The top 200 firm has combined with McGaunn & Schwadron, a Needham, MA-based veterinary and dental practice accounting firm.