In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process these payments, […]

You’ve been working hard and delivering great results for your firm, perhaps helping implement new initiatives or processes due to the pandemic. But month after month, your paycheck is the same. Now, with a growing portion of the population in the United States and some other countries vaccinated and at least some aspects of life […]

The AICPA Auditing Standards Board’s (ASB’s) plans to finalize a new risk assessment standard at its August meeting should be welcome news for many practitioners. Risk assessment is a fundamental process for every audit, but it’s been clear for years that some auditors could improve the way they consider risks when they approach an engagement. […]

The cryptocurrency ecosystem is revolutionizing the world of finance and growing at a rapid clip that shows little signs of slowing. However, navigating this new frontier and ensuring tax compliance can prove challenging, as many tax clients are unaware of their obligations for reporting and paying taxes on cryptocurrency transactions. This is presenting a host […]

For interior designer Beth Diana Smith, the path to home décor began with numbers. Math came easily to her and by age 10, she said, “I knew I wanted to become an accountant.” She received a bachelor’s in business administration and a master’s in professional accounting from Seton Hall University. “I like understanding the rules, […]

Your business’s accounting and financial security can only be as strong as the systems you use to protect its most sensitive data. Estimated reading time: 6 minutes You wouldn’t leave your office unlocked at night or use business computers without the appropriate antivirus software installed for obvious reasons. Your business and its assets need to […]

The accounting and finance profession is having trouble retaining employees from different racial, ethnic and gender backgrounds, but there are some strategies organizations can use to hold onto diverse employees. A study released in February by the Institute of Management Accountants and the California Society of CPAs found that 43 to 55% of female, nonwhite, […]

The PCAOB proposed a rule Thursday that would provide a framework for the board to follow when its oversight activities are thwarted by overseas authorities. The proposal is intended to implement regulations that were made law in the Holding Foreign Companies Accountable Act, P.L. 116-222. “Cooperation between the PCAOB and our international counterparts is vital […]

It’s been more than a year since the pandemic began, and while the vaccine rollout is reason for optimism, many organizations will be dealing with financial fallout for the foreseeable future. While private businesses and not-for-profit organizations face mounting financial pressures, many are also still contending with the adoption of new guidance for lease accounting. […]