KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - NOVEMBVER 2022

Jacob Scott, CPA     Nov 07, 2022     240
KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - NOVEMBVER 2022

KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - NOVEMBER 2022

1. U.S. Govt. encourage U.K. to dial back Tax-Cut Plans
Biden administration informs U.K. government led by Prime Minister Liz Truss to rethink & dial back over the heavy tax cuts. The IMF even called U.K. to re-evaluate the tax measures after the pound and British government bonds took the historic plunge.  Read More

 

2. IRS Warns of Huge Increase in Scam Texts
After identification of huge increase in Scam Text IRS has warned and has identified thousand of fraudulent domains tied to many Text Scam, SMS, MMS targeting taxpayers. The messages seems like they are directly coming form IRS with tempting offers in COVID relief and Tax Credits. Read More

 

3. Hurricane Ian Victims Granted Tax Extensions
Tax Extension for the victims of Hurricane Ian throughout Florida until February 15, 2023 to file their Federal Individual and Business Tax Returns. The IRS will also work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline. Read More

 

4. Details of KPMG Audit Misconduct reported by FRC Carillon
FRC has published the details regarding the Independent disciplinary tribunal detailing its finding of misconduct by KPMG LLP, a former KPMG partner and four KOMG Employees, following an investigation undertaken pursuant to the accountancy scheme. Read More

 

5. BSSF raises over $3k for United way. 
The New Jersey Society of CPAs, Roseland, launched its 13th annual food drive to benefit the Community Food Bank of New Jersey, accepting both physical and online donations at various locations. Read More

 

6. More than 1.4M Meals were funded by GSCPA for Georgia food banks
Over 70 accounting firms and accounting departments representing over 66,300 members participated in the virtual food fight between August 8 and August 19. Accounting professionals competed to give their earnings back to the community and raised funds for nine food banks across the state. Read More

 

7. 20% of U.S. Workers Say They Felt Mistreated by Colleagues Over Political Views
The Society for Human Resource Management (SHRM) released new research that shows that 20% of U.S. Workers felt mistreated by their co-workers or peers due to their political views. This research was concluded during the end of summer showing an increase in political discussion. Read More

 

8. Tax Automation Solution provided by Blue Dot and Rydoo
Rydoo and Blue dot Partner to Provide Tax Automation Solution for Corporate VAT and Employee Benefits Reclaim. Blue dot, a leading tax compliance platform for employee-driven spending for VAT recovery and Taxable Employee Benefits (TEB) analysis, announced today the launch of a new partnership with Rydoo. Read More

 

9. Deloitte UK Partners Bank £1 Million on Average as Revenue Jumps
Deloitte UK's equity partners will receive an average of £1.1 million ($1.2 million) this year, after revenue and profit jumped at the professional services firm's advisory and audit arms. Advising on sustainability and regulation helped boost risk advisory revenue. Read More

 

10. $50B in Record revenue for PwC
PwC announces record global revenues of US $ 50 Billion with revenues up by 13.4% with increasing demands for services globally and creating 32,000 new jobs. Revenue growth was strong throughout the year, following the rebound in the last quarter of FY21 as the impact of the COVID-19 pandemic subsided. Read More

 

11. Bright acquires BTCSoftware Ltd. 
Bright, a UK and Ireland-based accounting, practice management and payroll software provider, has struck a deal to acquire UK based tax software firm, BTCSoftware Ltd. The company has made its name as a tax software expert with accounts production, corporation tax and self-assessment tax return modules. Read More

 

12. CFOs seeking advice for coping Inflation
With Inflation moving on an upward scale CFOs are seeking for the advice for tackling the inflation. The U.S. Bureau of Labor Statistics reported Thursday that the Consumer Price Index for All Urban Consumers rose 0.4% in September on a seasonally adjusted basis after climbing 0.1% in August. Read More

 

13. Deloitte VC quits after drunken statements
A Deloitte vice-chairman is quitting after a drunken rant at Royal Ascot which was sexist, racist and bullying He launched into a rant which was insulting to women and included an offensive comment about an ethnic minority employee. Read More

 

14. Mastercard join hands with Paxos for Crypto Trading
Mastercard, the payments giant, has entered into an agreement with Paxos Trust Company, a well-known regulated blockchain infrastructure platform, to let mainstream financial institutions offer crypto trading to their customers. early this year, Mastercard teamed up with Coinbase exchange to allow its users to make NFT purchases using its card. Read More

 

15. Azets warns Companies with unnecessary audit fees
Companies rack up £120m in unnecessary audits fees warning the company, Azets said the companies have required audit due to the freezing of the Audit turnover threshold. Read More

 

16. Rishi Sunak becomes 3rd UK PM within weeks
Rishi Sunak becomes next PM of U.K. becoming the leader of the Conservative party becoming the sole candidate to surpass the threshold of 100 votes after Penny Mordaunt withdraws from the race just minutes before deadline. Read More

 

17. CAQ increases diversity efforts with new initiative1
The Center for Audit Quality (CAQ) announced a strategic education initiative on Tuesday intended to expose students to careers in accounting, attract greater diversity and representation within the profession, and address barriers to entry from underrepresented and underserved groups. Read More

 

18. Inheritance Tax bill hits all time high with £3.5bn
Inheritance tax hits all-time high for 2022/23 in fourth year-on-year rise. IHT bill of £3.5bn is govt attempt to plug holes, industry says. The overall government tax take for the first half of 2022/23 has hit £3.5bn aided by £557m in inheritance tax (IHT) brought into HM Treasury during September, HM Revenue & Customs (HMRC) data reveals. Read More 

 

19. NJCPA  offers accounts scholarships for High school and College students
NJCPA Offering Accounting Scholarships for High School and College Students College-bound New Jersey high school seniors, as well as sophomore, junior and senior accounting students at New Jersey colleges or universities can apply for accounting scholarships available from the New Jersey Society of Certified Public Accountants (NJCPA). Read More

 

20. GASB creates task force to deal with Financial Stress
The Governmental Accounting Standards Board has appointed a new task force to help GASB deal with going concern uncertainties and severe financial stress disclosures. The Government Accounting Standards Board (GASB) is a private non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States. Read More

 

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About The Author

Jacob Scott, CPA

Member, Advisory Board

Jacob Scott is a CPA with over 20 years of experience in the area of accounting & finance and has worked as a Senior Audit Associate at EY. Jacob drives the financial planning of the company by analyzing its performance and risks. He retains constant awareness of the company’s financial position and acts to prevent problems. He also sets up and oversees the company’s finance IT system as well as sets targets for and supervise all accounting and finance personnel (management accountants, internal auditors, etc.) Besides overseeing all audit and internal control operations, Jacob develops the corporate fundraising strategy and manage relationships with partners and investors. His roles also include preparing timely and detailed reports on financial performance on a quarterly and annual basis and conducting analysis to make forecasts and report to upper executives. He ensures adherence to financial laws and guidelines.  He has a keen interest in activities and societies, industry tours, educational seminars, cultural activities, sports, and most importantly attending conferences.

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