MPs on the influential Public Accounts Committee (PAC) have published a damning report criticising the Treasury for failing to fix what it calls a £17bn error on public service pensions that has disadvantaged younger workers, women and other groups. The PAC reports says the Treasury should have foreseen age discrimination issues that gave rise to […]
Archives for June 2021
Transact staff to return to the office
Staff at adviser platform Transact are to start to return to the office from August as the platform pilots a hybrid working model. Some staff will return to the office during August with all staff members to return in September, according to the platform’s latest update for financial advisers from CEO Jonathan Gunby. The platform […]
UK wealth grows faster despite pandemic
Financial wealth in the UK grew by 7% in 2019-20 compared to 5% for Western Europe, according to a new report. According to Boston Consulting Group’s (BCG) new global wealth report, global financial wealth rose by 8.3% in 2020 to reach an all time high of $250trn, despite the impact of the Coronavirus pandemic. Global […]
Regs. on postponing tax deadlines due to federally declared disasters
In new final regulations (T.D. 9950), Treasury and the IRS have attempted to resolve ambiguities about when a federally declared disaster will lead to a mandatory 60-day postponement of certain time-sensitive tax-related deadlines. The final regulations adopt, with some changes, proposed regulations issued in January (REG-115057-20). The mandatory postponement provision, Sec. 7508A(d), was added to […]
IBD settles SEC case as industry braces for enforcement under Gensler
More than a year after the end of a controversial SEC self-reporting program, a midsize wealth manager that didn’t participate has settled the regulator’s case against it. Centaurus Financial agreed to pay $1.3 million in disgorgement, interest and a fine after the SEC alleged the Anaheim, California-based independent broker-dealer failed to adequately disclose conflicts of […]
FinREC addresses EBP revenue recognition implementation
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting implementation paper Wednesday that would address revenue recognition implementation for employee benefit plans and would be included in the AICPA Audit and Accounting Guide, Employee Benefit Plans. FinREC is seeking comments on the proposed implementation guidance, which addresses how FASB’s new […]
World’s richest face tax blow after 40% wealth surge to $8.4T
Amazon.com Inc. founder Jeff Bezos has the resources to launch himself into space. Elon Musk does, too. In many ways, though, the richest people left the vast majority of the world behind long ago. The world’s wealthiest 500 individuals are now worth $8.4 trillion, up more than 40% in the year and a half since […]
I did the Business Casual podcast this week
Thanks to my friends at Morning Brew, especially Alex Lieberman for a fun, wide-ranging interview. Source: It’s the meme stock market now (Business Casual)
Microsoft: Big Cryptomining Attacks Hit Kubeflow
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7 Accounting Reports You Should Know Inside and Out as a Business Owner
You know that running a business means tracking all of your incoming and outgoing money. So, you write it all down and track every single penny and transaction. But, how do you analyze all of that information? The answer: accounting reports. Let’s dive into the seven accounting reports you should know when running a business. […]