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July 23, 2021

Prepared for Voornaam

IRS warns of child tax credit scams

By Michael Cohn       5 min read

The Internal Revenue Service’s Criminal Investigation division is cautioning taxpayers and tax professionals to beware of scams related to the expanded Child Tax Credit in which fraudsters are trying to steal money and personal information. View story →

Millions took early distributions from retirement accounts due to COVID

By Michael Cohn       3 min read

A new TIGTA report warns, however, that many didn’t follow the rules and could face potential tax penalties. View story →

RELATED

IRS to fix its confusing tax ‘error’ on new 10-year rule for inherited retirement plans →

Heirs of IRAs and 401(k)s won't need to take annual distributions before cashing out within a decade of receiving the plans, the agency says.

Now what? Bridge the gap in financial planning and analysis

By Kimberly Ellison-Taylor       4 min read

During the COVID-19 crisis, many FP&A teams were challenged to update and develop financial models that accurately reflected the massive shifts in strategy, revenue and operations. View story →

Call your best clients on their birthdays

By Kyle Walters       4 min read

Small gestures pay big dividends and cement your position as the trusted advisor. View story →

Xero conducts 'Emotional Tax Return' competition in Australia

By Ranica Arrowsmith       3 min read

The contest aims to reward Aussie small businesses for the emotional costs incurred during this difficult tax season.  View story →

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AICPA presents 2020 'Medal of Inspiration'

By Sean McCabe       2 min read

The American Institute of CPAs announced that Fadi Shamoun, an undergrad at the Swinburn University of Technology, received Beta Alpha Psi’s annual award. View story →

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IIA offers IT General Controls certification

By Michael Cohn       1 min read

The Institute of Internal Auditors unveiled an IT General Controls Certificate Program on Thursday to train auditors on how to weigh technology risks, controls, programs, compliance, and policies. View story →

EY accused of actively concealing NMC Health audit fraud

By Jonathan Browning       3 min read

The hospital operator’s founder said the firm enjoyed a “deep and cozy” relationship with executives at the troubled company.  View story →

Anduin earmarks $14M seed round for intelligent practice management

By Ranica Arrowsmith       2 min read

The company is also developing a new analytics solution.  View story →

Tax Fraud Blotter: Rocky roads

By Jeff Stimpson       6 min read

For rent; lien on me; really creative; and other highlights of recent tax cases. View story →

Democrats reject GOP call for conditions on debt-limit hike

By Erik Wasson and Laura Litvan       3 min read

Accounting gimmicks may be needed to keep the federal government from defaulting. Read story →

Companies reexamine their lease accounting due to COVID

By Michael Cohn       14 min read

As businesses downsize office space and renegotiate leases, they need to look at how they’re accounting for the leases under the new rules. Read story →

IRS overlooked FEMA numbers to verify casualty and theft loss deductions

By Michael Cohn       4 min read

The service didn’t flag hundreds of millions of dollars of unsupported deductions. Read story →

FloQast scores $110M in latest funding round

By Michael Cohn       2 min read

The developer of accounting workflow automation software raised its valuation to $1.2 billion. Read story →

4 ways to improve your client relationships

By Nathan Liao      

Every one of your clients wants to work with an accountant they can trust and rely on.  Read story →

RESOURCES

WEB SEMINAR

Helping nonprofits navigate the future

Tuesday, July 27, 2021 2:00 PM EDT

Few clients need their accountants’ help more than nonprofit organizations, which face a host of constraints and new expectations even in the best of times – but with the COVID-19 pandemic having seriously impacted their ability to both fulfill their core missions and raise much-needed funds, nonprofits need help more than ever. Learn More →

SPONSORED BY SAGE INTACCT

REPORT

Covid-19 exposed weaknesses in organizations’ financial close process and accelerated the path towards automation

Trintech conducted a global survey of 486 financial professionals to assess their biggest challenges and their plans for future innovation. Learn More →

SPONSORED BY ADRA BY TRINTECH *

WEB SEMINAR

A diagnostic deep dive

Tuesday, September 7, 2021 2:00 PM EDT

As the saying goes, an ounce of prevention is worth a pound of cure. That prevention comes in the form of powerful diagnostics, for auditors who use a Knowledge Coach solution.  Learn More →

SPONSOR CONTENT FROM WOLTERS KLUWER

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