KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - MAY 2022

1. FASB chair gets ready for new agenda

Financial Accounting Standards Board chair Richard Jones has been poring over the feedback the board received from a recent consultation on its future standard-setting agenda to decide on new projects to take on, possibly on cryptocurrency and other intangible assets. Read More

2. Pandemic Relief Fraud: Fake Bank and Business Records Easily Available Online

A website called banknovelties.com claims it can provide “fake bank statements” as well as “fake pay stubs,” “fake utility bills” and “fake US tax returns (1040).” They’re readily available for as low as $50 each. Read More

3. Single audit relief provided to certain governments with Treasury COVID-19 funding

Relief from single audit requirements has been granted for some small governments that are not accustomed to such audits but would have needed them because of unprecedented government funding in the wake of the COVID-19 pandemic. Read More

4. PCAOB looks back over last year amid board overhaul

The Public Company Accounting Oversight Board released its 2021 annual report on Thursday, highlighting its main accomplishments as it transitioned to a mostly new board. Read More

5. South Carolina Bookkeeper Guilty of $1 Million Embezzlement Over 25 Years

She is accused of transferring money to herself, often moving the funds between other business entities before it eventually landed in her account. Read More

6. Single audit relief provided to certain governments with Treasury COVID-19 funding

Relief from single audit requirements has been granted for some small governments that are not accustomed to such audits but would have needed them because of unprecedented government funding in the wake of the COVID-19 pandemic. Read More

7. China’s securities watchdog calls for new overseas listing rule to take effect

China’s securities watchdog called for faster implementation of a new rule surrounding overseas listings that may remove a hurdle for U.S. regulators seeking access to the auditing papers of Chinese firms listed in New York. Read More

8. AbacusNext Launches APX Advanced Payment Processing

AbacusNext, a leading software provider for legal and accounting professionals, announced today the launch of the next generation of Abacus Payment Exchange (APX). Read More

9. Letters from IRS to warn taxpayers about possible QOF actions needed

Taxpayers who may need to take additional actions related to qualified opportunity funds (QOFs) should begin receiving letters in the mail in April. the IRS announced Tuesday. Read More

10. Accounting class-action lawsuits plummeted in 2021

Accounting-related securities class-action lawsuits filings and settlements declined sharply last year, reversing a three-year trend, according to a new report. Read More

11. California Renters Tax Credit May Increase to Up to $1,000

An estimated 2.4 million Californians could see a boost in their tax refunds next year under a legislative proposal that would dramatically increase the state's renters' tax credit for the first time in more than four decades. Read More

12. CPA firms show progress in diversity amid pipeline challenges

U.S. CPA firm accounting and finance functions made gains in hiring and promoting diverse personnel in 2020 amid an overall slowing in the CPA pipeline that's probably at least partly attributable to the COVID-19 pandemic. Read More

13. Deloitte invests $1B in sustainability and climate practice

Deloitte expanded its investment Wednesday in its Deloitte Sustainability & Climate practice, with plans to bolster its advisory, assurance, audit, consulting, finance and tax services, and equip its 345,000 professionals with related skills. Read More

14. Tax Angles to U.S. Series EE Savings Bonds

For investors looking for safety and a definitive return on their money, U.S. Savings Bonds are a tried-and-true option. Read More

15. SALT cap challenge is denied Supreme Court review

The U.S. Supreme Court declined Monday to review an appellate case that upheld the $10,000 limit on the amount of state and local taxes (SALT) that can be claimed as a deduction on individual federal income tax returns. Read More

16. KPMG moves ahead in auditing

Big Four firm KPMG is adjusting to a new regulatory environment as the Securities and Exchange Commission and the Public Company Accounting Oversight Board signal a tougher stance, even as the firm rolls out its latest auditing technology. Read More

17. FASB addresses troubled debt, vintage disclosures in CECL standard

FASB modified its credit losses standard Thursday, eliminating the accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures. Read More

18. National taxpayer advocate directs IRS to implement scanning technology

National Taxpayer Advocate (NTA) Erin Collins formally directed the IRS to take immediate steps toward implementing existing scanning technology to process tax returns filed on paper. Read More

19. Superfund taxpayers granted failure-to-deposit penalty relief

The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. Read More

20. TV sitcom accountants compete to become brand ambassadors

A group of celebrities who have played accountants and CFOs on TV are participating in a mock competition to become brand ambassadors for the financial technology company DataRails. Read More

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