The AICPA signaled strong support for a bill introduced in Congress last week that would authorize Treasury to regulate paid tax return preparers and mandate minimum competency standards. The proposed legislation has bipartisan backing and is sponsored by Reps. Jimmy Panetta, D-Calif., and Tom Rice, R-S.C. If enacted, the Taxpayer Protection and Preparer Proficiency Act, […]
Archives for June 2021
More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
In a third batch of “Dirty Dozen” cautions about common tax-related scams, the IRS on Wednesday warned taxpayers about bogus charity appeals and frauds upon seniors and immigrants (IR-2021-141). The IRS also called attention to unscrupulous individuals who purport to serve taxpayers with “pennies on the dollar” settlements of their tax debts and shady or […]
Business implications of AI within tax & accounting – Reuters
With AI promising the greatest transformation in many industries, including tax & accounting, we need to begin asking what the implications of this will be. Artificial intelligence (AI) continues to promise the greatest level of transformation within many industries, including tax & accounting. “The global AI market was valued at $62.35 billion in 2020, and […]
Why MTTR is Bad for SecOps
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Don’t focus only on 5G when it comes to launching IoT offerings
The Internet of Things (IoT) has been maturing for 20 years with some companies driving long-established strategies with high volumes of connections and demonstrably successful business cases. These established deployments are helping their owners generate money, save costs and achieve compliance but, as Peter Fowler, senior vice president North America at Quectel Wireless Solutions says, […]
Dr. Scott Gottlieb says U.S. unlikely to have another ‘raging epidemic’ from Covid delta variant
Dr. Scott Gottlieb told CNBC on Wednesday he believes there’s enough Covid immunity protection across the U.S. population that, even as the highly transmissible delta variant circulates, the country is unlikely to experience a situation nearly as dire as previous points in the pandemic. “I don’t think it’s going to be a raging epidemic across […]
ASB addresses agreed-upon procedures for asset-backed securities
A new statement of position issued Wednesday by the AICPA Auditing Standards Board (ASB) addresses the effects of changes to the attestation standards on agreed-upon procedures related to rated asset-backed securities issued in accordance with the Securities Exchange Act of 1934, as amended, when those engagements fall within the definition and scope of “third-party due […]
Google to tighten up financial ad rules from August
Google is to make it harder for non-FCA authorised firms to advertise financial products in the UK without advance verification. From August the global search company will change its UK advertising policy to require most financial advertisers to be verified in advance before they can advertise. There has been widespread criticism from the FCA and […]
Recognizing Financial Survivorship Guilt And Strategies To (Help Clients) Cope
Executive Summary Survivorship Guilt is the experience of emotional distress that can result after having survived a traumatic event when others did not. These feelings can have an adverse effect on behavior, such as reduced motivation and irritability, and when left untreated, can manifest in much more serious and harmful behaviors, including suicide. Given the […]
Managing third-party risk in a connected world
Recent world events have accelerated digital transformation programmes in organisations of all sizes and sectors. As businesses create more connected products, integrate new technologies or enter new partnerships, they need to ensure they are not exposing their data and systems or their clients’ data to cyber risks, says Paul Kenealy, co-founder & managing director at […]