The unemployment rate declined in January to 6.3 percent as employers added 49,000 jobs in the midst of the pandemic, including 3,800 in accounting and bookkeeping services. The U.S. Bureau of Labor Statistics reported improved job numbers Friday for January after steep job losses of 227,000 in December, when the unemployment rate was 6.7 percent. […]

The changes emerging for audit firm quality management standards may pose implementation challenges for firms that are comparable to those caused by Section 404(b) of the Sarbanes-Oxley Act for audit clients a generation ago, according to KPMG’s Christian Peo, CPA. Yet Peo, KPMG’s national managing partner for audit quality and professional practice, is excited about […]

Remember the clawback provision of SOX 304? That provision provides a reimbursement remedy against CEOs and CFOs when the issuer has restated its financial statements as a result of misconduct. Although the provision was enacted in 2002, it wasn’t until 2007 that an executive was successfully hit with a clawback claim (and a big one […]

A new approach to quality management was ushered in Thursday by the AICPA Auditing Standards Board (ASB), which issued an exposure draft of three interrelated proposed standards. The proposed standards are designed to bring important changes to the way firms will manage quality in their accounting and auditing practices. The standards the ASB is proposing: […]

The AICPA sent a letter Wednesday urging the US Small Business Administration (SBA) to address problems small businesses are encountering when trying to apply for Paycheck Protection Program (PPP) forgivable loans. The letter, which is signed by AICPA President and CEO Barry Melancon, CPA, CGMA, refers to “a number of very significant operational changes to […]

For relationships to work, couples need to be willing to discuss their finances. Fortunately, 81% of Americans who live with a partner or spouse said they’re “very” or at least “somewhat” comfortable having conversations about money, according to a new survey from the AICPA, which also shows avoiding the topic can have negative consequences. The […]

Connected Accounting Startup Lockstep Closes $10 Million Series A We store cookies on your computer to improve your experience and provide more personalized services, both on this website and on other sites. For more information about the cookies we use, see our Privacy Policy. We won’t track your information when you visit our site. We […]

SEATTLE, Feb. 3, 2021 /PRNewswire/ — Lockstep, the world’s first connected accounting cloud, today announced the close of a $10 million Series A funding round led by Point72 Ventures with participation from Clocktower Ventures and Revel Partners. Founded in 2019, Lockstep helps more than 180 customers process over 800 thousand invoices per month with almost 4 million entities. […]

The IRS instructed lenders that have erroneously filed or furnished Forms 1099-MISC, Miscellaneous Income, reporting certain payments on U.S. Small Business Administration (SBA) subsidized loans as income of the borrower, to file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments (Announcement 2021-2). Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, […]