Key Accounting Industry and Insights Updates - August 2022

1. Grant Thornton releases a cloud solution for quality management.

Grant Thornton LLP has introduced qm.x, a cloud-enabled application that facilitates accounting firms’ efforts to implement new quality guidelines from the International Auditing and Assurance Standards Board (IAASB). Read More

2. ETAAC praises IRS e-file initiatives and slams 'funding uncertainty.

The IRS Electronic Tax Administration Advisory Committee said in its recent report that the service has demonstrated its skill at executing appropriately funded technology and process modernization projects, but warned it will need more support if it wants to meet its true potential. Read More

3. GOP lawmaker proposes to double R&D tax credit

Rep. Jackie Walorski, R-Indiana, a senior member of the tax-writing House Ways and Means Committee, has introduced legislation to double the size of the research and development tax credit and enable more small-business startups to claim it. Read More

4. SEC to require e-filing for advisors and institutional managers

The Securities and Exchange Commission today adopted amendments to require certain documents filed by investment advisers, institutional investment managers, and certain other entities to be filed or submitted electronically. Read More

5. Ernst & Young's IPO will create a lot of sour grapes

When partnerships resolve to promote their companies into the general public markets via an preliminary public providing, it’s at all times concerning the cash — even when it isn’t solely concerning the cash. Read More

6. Black CPA Centennial distributes $93.5K in scholarships

The Illinois CPA Society named the recipients Tuesday of the nearly $100,000 it committed to giving to 100 Black accounting students to enable them to study to become CPAs. Read More

7. Crypto crash halts states' plans to accept Bitcoin for taxes

Two US states are steaming ahead with programs that will permit taxes to be paid in cryptocurrency, but the idea has been shelved almost everywhere else in the wake of the crash that has erased hundreds of billions of dollars worth of digital assets. Read More

8. MassCPAs expands high school outreach via community college

The Massachusetts Society of CPAs committed $25,000 Tuesday to Bristol Community College in Fall River to support the expansion of early college programs and courses in public high schools. Read More

9. Audit partners skeptical about the economy, inflation risks

Most audit partners in the U.S. are not optimistic about the economic outlook over the next 12 months, according to a new survey by the Center for Audit Quality, seeing the top economic risks to businesses as inflation, labor shortages, and supply shortages and supply chain disruptions. Read More

10. FASB proposes changes in insurance standard transition rules

Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.. Read More

11. Global tax deal threatened as Senate dysfunction delays vote

An unprecedented global agreement on how to tax corporations, a key diplomatic victory for President Joe Biden, is at risk of unraveling after a member of his own party delayed a crucial vote, threatening the chances of the world’s biggest economy joining the deal. Read More

12. TIGTA: Delayed screening of IRS new hires risked taxpayer data

Some IRS new hires in 2020 and 2021 had access to sensitive information including taxpayer data while preemployment fingerprinting and in-person verification of their identification documents had been deferred because of the COVID-19 pandemic. The result, according to a Treasury Inspector General for Tax Administration (TIGTA) report, was a potential risk of exposing taxpayer data.  Read More

13. EZLease Offers Free Accounting Solution

EZLease, a maker of lease accounting software, is now offering a free, full-function lease management system for private and government organizations managing small lease portfolios. Resource-constrained organizations now have a free way to experience the fastest path to long-term lease accounting compliance.. Read More

14. Revamped CPA exam will bring big changes

The American Institute of CPAs and the National Association of State Boards of Accountancy are laying the groundwork for a major overhaul of the CPA exam that will see material being rearranged and moving to new sections, while emphasizing more technology skills. Read More

15. Tipalti Announces New Features to Centralize and Enable Advanced Invoice Collaboration for Accounts Payable Teams

B2B fintech unicorn enhances users’ ability to connect internally within its AP solution with Bill Talk and Bill Docs. Read More

16. RSM named first Certified Implementer of Bloomberg tax tools

Bloomberg Tax & Accounting announced that Chicago-based Top 10 Firm RSM US has been named the first Certified Implementer of Bloomberg Tax Provision and Bloomberg Tax Fixed Assets. Read More

17. Xero releases a basic accounting app for small biz, freelancers

As the benefits of digital transformation are realised by more small businesses, Xero, the global small business platform today announced the early release of Xero Go, a new mobile app designed to serve the increased number of sole traders over the last two decades* that is available for iOS download today. Read More

18. IRS seeks transformation in the new 5-year plan

Improving the taxpayer experience while surmounting operational difficulties that include a shrinking workforce are among goals the IRS has set for itself in the next five fiscal year. Read More

19. State Rules for Voluntary Disclosure Agreements Vary Widely

While almost all states offer a Voluntary Disclosure Agreement (VDA) program, issues that qualify for inclusion in these programs vary widely, according to Bloomberg Tax & Accounting’s 22nd annual Survey of State Tax Departments. Read more

20. Manchin says he’ll reconsider Biden’s tax and climate plan in September

Senator Joe Manchin said he put the brakes on the Democrats’ tax and climate agenda in order to wait for July inflation data and to see what the Federal Reserve does next - but is willing to consider moving ahead in September. Read More

Entigrity™ is a trusted offshore staffing partner to over 600+ accountants, CPAs, and tax firms across the US and Canada. Our flexible and transparent hiring model gives helps firms of all sizes to hire staff for accounting, bookkeeping, tax preparation, or any other task for 75% less cost. As a firm 'run by accountants, for the accountants', Entigrity captures the hiring needs of accounting firms most precisely, providing staff that works directly under your control and management, still, you are left with least to worry about compliance, payroll taxes, overheads or any other benefits.