Key Accounting Industry and Insights Updates - July 2022

Leena Parikh, CA     Jul 05, 2022     1087
Key Accounting Industry and Insights Updates - July 2022

Key Accounting Industry and Insights Updates - July 2022

1. An $8B ESG market pits EU lawmakers against audit firms

There’s a standoff brewing between European lawmakers and the Big Four accounting firms as they try to lay claim to an ESG market that may generate fees of as much as $8 billion a year. Read More

2. BDO Partners with Entigrity to Help Member Accounting Firms 

Entigrity has joined the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals. Read More

3. GASB streamlines guidance on compensated absences with unified model

GASB issued guidance Thursday on compensated absences, enhancing recognition and measurement requirements and refining related disclosure requirements. Read More

4. Senate Finance airs post-Wayfair sales tax burdens

Small business owners told the Senate Finance Committee on Tuesday how the interstate reach of state and local sales taxes authorized by the Supreme Court in South Dakota v. Wayfair, Inc., 138 S. Ct. 2080 (2018), has imposed new costs and other burdens. Read More

5. Taxpayers with Balances Due Have Been Put on Notice By the IRS

The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money. Read More

6. Raises $27M in Series A Funding Round

The Series A funding will help Hourly expand beyond the state of California, where it was founded. The company aims to scale its insurance platform nationwide. Read More

7. AuditFile Announces New Product: PCR+T

AuditFile, Inc., developer of the award-winning cloud-based audit automation platform, has launched a new product, AuditFile PCR+T, which is available to all AuditFile users. Read More

8. PCAOB sets new requirements for use of multiple audit firms

The Public Company Accounting Oversight Board adopted a set of amendments Tuesday to its auditing standards to strengthen the rules that apply to audits involving multiple audit firms with new requirements for a lead auditor’s use of other auditors. Read More

9. New Reporting Requirements for 1099-K

Whatever the outcome, both small business merchants, new gig workers, and accountants alike should be prepared for an influx of Form 1099-K in 2023. Read More

10. Supreme Court agrees to weigh fines for not reporting overseas accounts

The U.S. Supreme Court agreed to decide how steep the penalties are for people who fail to file required reports with the federal government listing their foreign bank accounts. Read More

11. Standard mileage rate to increase for last half of 2022

The IRS announced on Thursday that the optional standard mileage rate is increasing by 4 cents per mile for the last six months of 2022. Effective July 1, the standard mileage rate for business travel will be 62.5 cents per mile (Announcement 2022-13). Read More

12. 2023 Low Income Taxpayer Clinic Grant Application Period Now Open

Under Internal Revenue Code (IRC) Section 7526, the IRS awards matching grants up to $100,000 per year to qualifying organizations to develop, expand or maintain an LITC. Read More

13. Biden says decision nearing on gas-tax pause, student debt

President Joe Biden said he’s aiming to decide this week whether to move to suspend the federal gasoline tax in a bid to ease the impact of soaring prices at the pump. Read More

14. Supreme Court to resolve FBAR penalty dispute

The U.S. Supreme Court on Tuesday agreed to hear the case of Romanian-American businessman Alexandru Bittner, who was held liable for $2.72 million in penalties for failing to file Financial Crimes Enforcement Network (FinCEN) Forms 114, Report of Foreign Bank and Financial Accounts (FBAR) (Bittner, No. 21-1195 (U.S. 6/21/22) (petition for cert. granted)). 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. SOX compliance hours and costs increased

Two decades after passage of the Sarbanes-Oxley Act, public companies are spending more time and money trying to comply with SOX requirements, despite the increasing use of technology to automate the process. Read More

17. Accounting Firms Elliott Davis and Whitley Penn Are a Merger Match

There is going to be a new public accounting firm later this year that is expected to become one of the top 25 largest in the United States by revenue: Elliott Penn. Read More

18. UK Loses EU Court Bid to Topple Bloc’s Tax Clawback Order

The UK lost a fight seeking to topple a pre-Brexit European Union order by the bloc’s antitrust chief Margrethe Vestager to claw back allegedly illegal tax breaks from multinational companies the EU said had received an unfair advantage. Read More

19. SEC requires more paper forms to be filed electronically

The Securities and Exchange Commission is requiring some financial forms that currently are allowed to be filed or submitted in paper format to be filed or submitted electronically. Read More

20. DHG, BKD merger becomes official as executives look ahead to future as Forvis

Top 20 Firms BKD CPAs & Advisors and Dixon Hughes Goodman completed their previously announced megamerger Wednesday, rebranding the combined firm as Forvis (short for “forward vision”) and launching Forvis Wealth Advisors, a combination of BKD Wealth Advisors and DHG Wealth Advisors. 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.

About The Author

Leena Parikh, CA

Director, Training

Aim to empower team with knowledge - Training & Development

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