Despite the existence of new coronavirus relief money from the HIV Emergency Project Grants and CRF programs, according to the guidance in the 2020 Office of Management and Budget (OMB) Compliance Supplement and related Addendum, the determination of major programs does not change for the single audit of this client. “A lot of auditors think, […]
Archives for May 2021
Mental health claims double at Zurich in 2020
Mental illness was the most common income protection claim for Zurich in 2020, the provider has revealed. The company paid over £1.7m to individual customers in 2020 as the pandemic took hold. Zurich said that one in four policyholders accessed support services with 82% seeking therapy. The firm has released the figures on the eve […]
Lamborghini-driving advisor sentenced to 13-plus years for fraud liked the finer things in life
He promised his clients, many of them retirees who turned over their life savings, that they were “guaranteed” to make money with him. Instead, the Chicago-based financial advisor stole their money to bankroll a $40,000-a-month mansion in the Hollywood Hills, luxury sportscar rentals and other lavish expenses. A federal judge handed DaRayl D. Davis a […]
Etsy slides more than 9% after it warns of slowing growth
An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn. Victor J. Blue/Bloomberg via Getty Images Etsy stock dropped more than 9% in after-hours trading on Wednesday after the company reported first-quarter earnings results that surpassed analysts’ estimates, but warned that it expects the total sale of goods […]
FloQast releases accounting coloring book and guided meditation ahead of Tax Day – Accounting Today
Accounting software developer FloQast has some creative ways for accountants and tax professionals to relax during the hectic final days of this year’s extended tax season with a new coloring book and guided meditation. “The World’s Greatest Accounting Coloring Book That You Never Knew You Needed” portrays various moments in accounting history, including the introduction […]
AI presents opportunities for cost optimization in manufacturing
Emerging technologies — such as artificial intelligence (AI) and especially machine learning — allow organizations to streamline their operations and better realize growth opportunities. Importantly, they can also prevent costly defects and avoid operational inefficiencies. While COVID-19 sped up the pace of adoption for many industries, including industrial manufacturing, manufacturing companies have historically embraced new […]
FASB proposes hedge accounting changes – Journal of Accountancy
FASB proposed a new accounting standard Wednesday that is designed to better align hedge accounting with an organization’s risk management strategy. The proposal would expand the current single-layer hedging model to allow multiple-layer hedges of a single closed portfolio of prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable […]
Reconstructing Lost IRA Basis To Help Avoid Double Taxation
Executive Summary From time to time, individuals (typically high-income) can make after-tax contributions to traditional retirement accounts that are usually designated for pre-tax funds. No deduction is received for these contributions because the contributions have already been taxed and should not be taxed again. To avoid such double taxation, however, the after-tax contributions must be […]
1 in 8 over-50s change retirement plans
One in eight workers over 50 have changed their retirement plans as a result of the Coronavirus pandemic, according to the latest figures from the Office for National Statistics (ONS). Those on furlough were most likely to have changed their plans but they were almost evenly split on bringing forward their retirement (10%) or moving […]
U.S. birth and fertility rates dropped to another record low in 2020, CDC says
A newborn baby is cuddled by her mother while asleep. Tim Clayton | Corbis News | Getty Images U.S. birth and fertility rates dropped to another record low in 2020 as births fell for the sixth consecutive year to the lowest levels since 1979, according to new data from the Centers for Disease Control and […]