Accounting

2022 was an extraordinary year for Accounting Today’s Top 100 Firms, with a staggering average growth rate of 18.55%, and similarly strong growth in their partner and employee figures — all recorded while the country was still emerging from the COVID pandemic. With the entry of private equity money into the accounting landscape, M&A continued

The Global Reporting Initiative released a report Wednesday urging companies to take a due diligence approach in their sustainability efforts. The paper explains how due diligence policies set expectations for all types of corporate behavior, not just for sustainability. Topics such as tax, procurement, corruption and human rights are likely to be included in the

1099 trouble; getting a partner out; oh BOI; and other highlights from our favorite tax bloggers. Playing nice Incoming The Tax Times (https://www.thetaxtimes.com): In what may well become the huge tax story of the second half of this year, FinCEN has issued its first guidance on reporting beneficial ownership information. Reporting requirements kick in next Jan.

The International Organization of Securities Commissions is encouraging the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants to develop a more global assurance framework for sustainability-related corporate reporting. In a report released Tuesday by IOSCO, the group of international securities regulators called for early engagement with preparers, investors and

The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants are moving to a new oversight body called the International Foundation for Ethics and Audit to give them more independence from the International Federation of Accountants. The move comes after the Monitoring Group, an international group of financial regulators and

The Public Company Accounting Oversight Board levied a $100,000 fine and censured Friedman LLP, a former Top 100 Firm that’s now part of Marcum LLP, for improper use of Chinese firms during audits of 12 different companies that operate in China. In a settled disciplinary order released Monday, the PCAOB sanctioned the New York-based firm

Top 10 Firm Baker Tilly is teaming up with green energy funding and tax credit marketplace Ever.green to launch a marketplace for clean energy tax credits. Baker Tilly will provide its energy advisory services, tax expertise and professional due-diligence excellence to the Ever.green marketplace to vet all transactions so they’re secure and comply with regulatory

The management team at Brazilian retailer Americanas SA told its external auditor and internal auditing committee as late as December 2022 that there were no supply-chain financing operations taking place at the firm.  At the same time, executives gave the securities regulator CVM conflicting information, and a central bank system showed the account registering supply

Baker Tilly Baker Tilly US, Chicago, formed a strategic collaboration with Ever.green, a clean energy project funding and tax credit marketplace, to bring its energy advisory services, tax expertise and professional due diligence to the Ever.green marketplace. Cassie Crist was hired as a partner on the accounting and consulting services team at Sikich, Chicago. 

Victims of winter storms and blizzards in New York now have until mid-May to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside or have a business in Erie, Genesee, Niagara,

Like many businesses across industries, accounting firms are facing significant obstacles in their pursuits to recruit skilled workers — but, unlike in other industries, the issue is unlikely to be fixed through benefits, perks and boosted compensation. While other sectors are struggling to convince skilled candidates to join their ranks, accounting firms are struggling to

EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Every year brings changes in the patterns of which tax returns need to be filed, but those changes were exaggerated in the first years of the pandemic. From 2020 to 2021, seven different tax return types varied by more than 20% (up

Slowly but surely, more private businesses are adopting the new lease accounting standard as they face demands to put their operating leases on their balance sheets for the first time. The Financial Accounting Standards Board’s ASC 842 standard took effect for private companies last year after the original effective date was delayed to help companies

Proposed IRS rules for non-fungible tokens have been seen as a good first step to accounting professionals in this space, indicating that the agency is finally taking these assets seriously. A non-fungible token, or NFT, is a digital asset that represents ownership of something unique, like a piece of art, music, or a collectible. When

The Internal Revenue Service updated its frequently asked questions Wednesday about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks, after the IRS recently delayed a requirement to lower the reporting threshold from $20,000 to $600. Last December, the IRS postponed the lowered threshold for reporting on transactions involving

Armanino LLP, a Top 25 Firm based in San Ramon, California, is expanding its entertainment management practice by adding Royalty Compliance Organization, a music rights and royalty auditing firmin St. Louis, and Blue Sky Group, a music business management team in Nashville, effective April 1, 2023.  The addition of the two companies, led by Royalty

The International Accounting Standards Board is proposing to modify its financial instruments standard to deal with assets with environmental, social and governance features, as well as electronic payment systems. The IASB released an exposure draft Tuesday proposing to amend the classification and measurement requirements under International Financial Reporting Standards for financial instruments, known as IFRS

Evaporation of banks; slow filers; crypto and normal taxes; and other highlights from our favorite tax bloggers. Going slow Why? Rocks and shoals Favs Procedurally Taxing (https://procedurallytaxing.com): Fave headline of the week: “Court Invokes Aesop’s Fables in Denying Government’s Request for Injunctive Relief.” Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Fave opening of the week:

The Organization for Economic Cooperation and Development is making plans for easing multinational companies and government tax authorities into its plans for a global minimum tax. Last Thursday, the OECD held a public consultation meeting on compliance and the tax certainty aspects of the global minimum tax. The OECD unveiled technical guidance last month for

Psychologist Robin Hogarth developed the concept of wicked learning environments and kind learning environments. I bring this up because it summarizes where our profession is going.  In a kind environment, the rules don’t change, patterns tend to repeat themselves, and client interactions look the same day after day, year after year. Remember those days? In a