Accounting

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States once flush with revenue from surging sales tax collections are starting to see inflation-related declines, signaling state revenues may continue to drop. The number of states that saw year-over-year declines increased to 25 in June from 16 in May, according to the Urban Institute. That declining performance, which is analyzed over a three month
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Small businesses are more concerned about inflation than ever before, with 90% sharing that they fear the impact of inflation on their business, according to a new report.  The quarterly MetLife and U.S. Chamber of Commerce Small Business Index revealed that half of respondents think inflation is currently the biggest challenge for small businesses, and
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Right Networks, a vertical cloud service provider, announced that, after celebrating a major milestone of 250,000 subscribers, it has named Michael Bird as the company’s first president and Will Yapp as its chief revenue officer. Both will begin their new roles immediately. … SkyStem, which makes automated month-end close and account reconciliation software, released a
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Madison Litwin The Massachusetts Society of CPAs, in partnership with the Association of International Certified Professional Accountants Women’s Initiatives Executive Committee, announced the seven honorees of the 2022 Women to Watch Awards. In the Emerging Leaders category: Madison Litwin, tax manager, private client services group, KLR; Kayla Ducharme, senior associate, audit asset management practice, KPMG; Marni Kaufman, senior
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The Securities and Exchange Commission’s Investor Advisory Committee released a set of recommendations for reforming the way the Financial Accounting Standards Board operates so it can be more responsive to the needs of investors. “In recent years, investors have increasingly voiced concerns that accounting standard-setting has not kept pace with the evolution of the sources
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The Internal Revenue Service needs to beef up security at its facilities to address ongoing threats, according to a recent report. The report, released Monday by the Treasury Inspector General for Tax Administration, pointed out the IRS is often the target of threats from individuals and organizations looking to do it harm. The IRS already
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Finance leaders are hard at work automating their offices, with accounts payable being named as the top priority for such investments. This is according to a recent survey from payments company MineralTree. When asked to rate a list of various priorities from 1 to 10, finance leaders listed accounts payable as the highest with an
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Repeat business; bar none; installment plan; and other highlights of recent tax cases. Plover, Wisconsin: Tax preparer James Canfield, 74, has been sentenced to eight months in prison for aiding in the preparation of false federal returns.   Canfield owned and operated Advanced Accounting Concepts. Between 2013 and 2018, he prepared and electronically submitted federal returns
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Continuing delays in management actions are contributing to the backlogs of millions of unprocessed tax returns and tax transcript requests at the Internal Revenue Service, according to a new report. The report, released Wednesday by the Treasury Inspector General for Tax Administration, found that backlogs of tax returns and other types of tax account work
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The Internal Revenue Service said Wednesday that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs like the PPP. The IRS cited a memorandum released last week by its Office of Chief Counsel saying that when a taxpayer’s loan is forgiven based
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Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February to file various federal individual and business returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency, meaning that individuals and households that reside or have a business anywhere in the Commonwealth
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An employee’s gender influences how managers evaluate both their past performance and their potential for advancement, with female employees seen as having less ability but more potential, according to a new study based on accounting information. The study, which appears in the summer issue of the American Accounting Association’s Journal of Management Accounting Research, looked