DAILY BRIEFING

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July 29, 2021

Prepared for Voornaam

Rapid change, uncertainty to remain hallmarks of profession, say AICPA leaders

By Danielle Lee       7 min read

The key tactic for CPA firms moving forward, and also what successfully guided many of them through the pandemic, is strategic prioritization, according to the panel of AICPA and CPA.com leaders that led an Engage conference keynote.  View story →

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Please share your workplace insights and experiences when it comes to DEI in our short survey. As a thank you, we'll be making a donation to the ASPCA to help animals in need. Take the survey →

Accounting Today

Editorial Team

Britney Spears asks PwC alum to take over conservatorship

By Ranica Arrowsmith       2 min read

Jason Rubin is a CPA with extensive experience in forensic, investigative accounting, and conservatorships.  View story →

SBA to open streamlined PPP loan forgiveness portal

By Michael Cohn       3 min read

The U.S. Small Business Administration will be unveiling an online portal where Paycheck Protection Program borrowers can directly apply for forgiveness on loans of $150,000 or less without going through their bank. View story →

Congress proposes to restore tax deductions for performing artists

By Michael Cohn       4 min read

Two lawmakers in the House reintroduced bipartisan legislation Wednesday to change a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct business expenses. View story →

Tech news: Sage adds Cloud at Work as accredited cloud hosting provider, and more

By Ranica Arrowsmith      

Introhive closes $100 million Series C round, and AvidXchange buys FastPay.  View story →

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EY creates blockchain solution to global tax challenge

By Ranica Arrowsmith       2 min read

Together with government and industry representatives, the firm has created a far-reaching blockchain solution to address challenges in the cross-border withholding tax process. View story →

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Over 40 IRS employees died of COVID

By Michael Cohn       3 min read

Despite strong efforts by the service, the pandemic claimed dozens of its employee, according to a TIGTA report. View story →

Dynamics GP end date extended past 2028

By Ranica Arrowsmith       2 min read

No longer will the ERP software completely sunset within the decade.  View story →

Machine learning in accounting and what it means for business

By Snehal Shinde       3 min read

If you’ve ever messaged an online chatbot or asked Alexa a question, you’ve used machine learning. But do you know how machine learning in accounting can make a startup or small business’s processes more accurate and efficient?  View story →

Nearly 500 taxpayers had over $150M in their IRAs

By Michael Cohn       2 min read

New reports indicate 497 high-income taxpayers had over $150 million in their individual retirement accounts, and nearly 25,000 taxpayers had aggregate IRA account balances of $5 million or more. View story →

COSO offers guidance on enterprise risk management in cloud computing

By Michael Cohn       2 min read

The Committee of Sponsoring Organizations of the Treadway Commission issued guidance Wednesday on enterprise risk management for cloud computing to help organizations using COSO’s ERM framework improve their cloud governance. Read story →

Bipartisan group agrees on broad infrastructure package

By Laura Litvan and Erik Wasson       3 min read

The agreement marks a significant breakthrough in the drive to muscle through Congress a massive infusion of new spending for roads, bridges and other critical projects. Read story →

Accounting firms warn clients about ransomware attacks

By Michael Cohn       9 min read

CPA firms are becoming increasingly concerned about clients who have lax cybersecurity in place. Read story →

PwC wins ruling against auditor whistleblower who sued over termination

By Michael Cohn       4 min read

A federal judge in San Francisco ruled in favor of PricewaterhouseCoopers in a case involving a former employee who sued PwC for firing him after he complained about conflicts of interest among audit clients. Read story →

In the blogs: Captain’s backlog

By Jeff Stimpson       4 min read

CTC scams already; inequitable ACA; pandemic’s effects on states remain unclear; and other highlights from our favorite tax bloggers. Read story →

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WEB SEMINAR

ASC 842 and GASB 87 leasing compliance: 6 steps to prepare

Thursday, July 29, 2021 2:00 PM EDT

Compliance with the lease accounting standards applies to every organization subject to the rules of the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB), regardless of size.  Learn More →

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Countdown to Lease Accounting Compliance: Top five lessons learned from FASB and GASB implementations

Thursday, September 9, 2021 2:00 PM EDT

As organizations get ready to make their overall leasing process more efficient and cost-effective, learning from other organizations that are using lease accounting automation to achieve and maintain compliance is crucial to their own success. Learn More →

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WEB SEMINAR

Meet the 2021 Best Firms to Work For

Wednesday, September 8, 2021 2:00 PM EDT

Accounting Today will reveal its annual ranking of the top workplaces in the accounting profession during this live webinar -- and talk with leaders from some of the winners to reveal what sets them apart from other accounting firms, and how they became employers of choice in the field. Learn More →

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