KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – FEBRUARY 2024

1. ADM unit being probed helped make leaders more than $70M

The division of Archer-Daniels-Midland Co. that's under investigation for its accounting practices is responsible for less than 10% of the crop giant's revenue. Yet it has had an outsized influence on recent executive bonuses, records show. ADM's board in 2020 and 2021 staked a considerable share of senior executives' stock award payouts to the profitability growth of its nutrition unit. Read More
2. IRS kicks off tax season with extended hours, service and tools
The Internal Revenue Service began accepting tax returns Monday, promising improved help to taxpayers and new resources both in-person and online. The IRS anticipates it will receive over 146 million individual tax returns by the April 15, 2024, deadline. The agency is using some of its extra funding from the Inflation Reduction Act to extend the hours of service at nearly 250 of its in-person Taxpayer Assistance Centers around the country. Read More
3. PwC revealed as anchor tenant for flagship city center offices
Professional services business, PwC, has confirmed it will become the anchor tenant in One City Park, the new grade A office space in Bradford’s Centenary Square. All of PwC’s Bradford staff will relocate to the 27,050 sq foot office space across two floors by June 2024, allowing the firm to continue its expansion plans in the city and increasing its workforce to around 500 employees over the next few years. Read  Mo re

4. PCAOB levies $590K in fines over Haynie audits
The Public Company Accounting Oversight Board announced $590,000 in fines on Top 100 Firm Haynie & Co. and some of its partners as part of a settled disciplinary order, and also sanctioned Jack Shama and his eponymous CPA firm. Read More
5. Biden would extend some Trump tax cuts
Treasury Secretary Janet Yellen said that a second Biden administration would seek to retain tax reductions enacted by former President Donald Trump that apply to those earning less than $400,000. Read More
6. $78 Billion Tax Deal Gets More Bipartisan Support in Congress

The House Ways and Means Committee voted overwhelmingly Friday to approve a $78 billion tax package that would revive a trio of business tax incentives and expand the child tax credit. Read More
7. Andersen Acquires California Firm and Opens San Diego Office
The business consultancy firm Andersen has announced a new San Diego office as the firm expands its presence in Southern California. The move comes after the professionals from Reibman, a leading San Diego-based tax compliance and planning firm, joined Andersen. Read More
8. Citrin Cooperman Adds NYC Business Software Consulting Firm
Top 25 accounting firm Citrin Cooperman has acquired Mibar, a business software consulting firm based in New York City. Financial terms of the deal weren’t disclosed. Mibar joins New York City-based Citrin Cooperman with 30 employees and more than $12 million in revenue. Read More
9. NYC seeks millions from Silicon Valley Bank for taxes
New York City is trying to collect more than $2.1 million it says Silicon Valley Bank owes in back taxes from before the California-based regional lender collapsed last year. In a complaint filed Thursday against the Federal Deposit Insurance Corporation, the receiver for the failed bank, the city cites corporation business tax "deficiencies" for 2017 through 2021 and is also seeking interest and penalties. Read More
10. AICPA suggests changes in Roth IRA catch-up rules
The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to modify their guidance on catch-up contributions in the wake of the SECURE 2.0 Act of 2022 requirement that certain catch-up contributions be made as Roth IRA deferrals. Read More
11. Marcum Merges in Federman, Lally & Remis in Connecticut

Financial terms of the deal weren’t disclosed. The merger strengthens Marcum’s team in New England’s automotive and food and beverage sectors, adding five partners and 12 associates. FLR also brings a wealth of experience to Marcum’s tax and assurance divisions. Read More
12. Supreme Court Won’t Take Up Washington Capital Gains Tax Challenge
The U.S. Supreme Court said Tuesday it would not review Quinn v. Washington, the lawsuit challenging Washington’s capital gains tax. The Legislature passed the tax in 2021 and payments first came due in April 2023. It’s a 7% tax on profits gained from the sale or exchange of stocks, bonds and other investments or tangible assets above $250,000. Read More
13. IRS offers guidance on emergency savings accounts
The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022. Pension-linked emergency savings accounts, or PLESAs for short, are individual accounts in defined contribution plans that can help employees save for financial emergencies. Read More
14. Marcum Merges in Federman, Lally & Remis in Connecticut
Financial terms of the deal weren’t disclosed. The merger strengthens Marcum’s team in New England’s automotive and food and beverage sectors, adding five partners and 12 associates. FLR also brings a wealth of experience to Marcum’s tax and assurance divisions. Read More
15. Grant Thornton Supports Global Climate Reporting Standard
“Grant Thornton is pleased to support the IFRS Foundation in their push for a common global standard for climate-related disclosures,” said Trent Gazzaway, global leader of service line capabilities and quality at GTIL, of our network’s commitment to advance the International Sustainability Standards Board’s climate-related reporting. Read More
16. Biden budget director not optimistic Congress can avoid shutdown
President Joe Biden's top budget official said she was concerned the U.S. government will partially shut down this month with Congress and the White House deadlocked over border security and spending levels. Read More
17. IRS inaugurates Tax Professional Awareness Week
The week represents the IRS's latest effort to support taxpayers, the tax community as well as tax pros. During the week, the IRS plans to focus on topics such as due diligence issues, Electronic Filing Identification Numbers, Preparer Tax Identification Numbers, electronic filing, e-Services and identity theft. Read More
18. ATA CPAs + Advisors Merges in Memphis Firm Whitehorn Tankersley & Davis
Top 200 accounting firm ATA CPAs + Advisors has expanded its presence in western Tennessee after combining with Memphis-based Whitehorn Tankersley & Davis PLLC on Jan. 1. Financial terms of the deal were not disclosed. The merger with WTD adds 18 professionals to the ATA team, including partners Lee Hood and Jeff Hunter, as well as principal Steve Davis. Read More
19. Grant Thornton Achieves $7.5 Billion in Global Revenue
The global business advisory and accounting firm Grant Thornton International Ltd announced in late December that its global revenues grew to a record $7.5 billion for the financial year ended September 30, 2023. This is an increase of 10.9% in adjusted constant currency terms, and follows the 13.7% growth achieved in the prior fiscal year. Read More
20. BDO launches secure AI platform Personas
BDO UK has launched a secure generative artificial intelligence (AI) platform, Personas, for its 7,500 employees as part of the firm’s investment in digital and innovation. Personas is a secure internal AI platform designed and built by BDO to support employees and improve productivity. Using the latest GPT-4 models, it will make day-to-day tasks more efficient and free up time for people to provide more complex, strategic advice that clients and businesses need. Read More

Entigrity™ is a trusted offshore staffing partner for 725+ accountants, CPAs, and tax firms across the US and Canada. With a flexible and transparent hiring model, the company empowers firms of all sizes to acquire skilled accounting, bookkeeping, and tax preparation staff. As a firm 'run by accountants, for the accountants,' Entigrity ensures precise alignment with the hiring needs of accounting firms, providing staff under your control and management, minimizing concerns about compliance, payroll taxes, overheads, or benefits. Entigrity is a proud independent member of the BDO Alliance USA. We have collaborated with IMA to train and upskill 5,000 Professionals in India. We were also recognized as one of the "Dream Companies to Work For" and won the "Great Place to Work® Certified™" in the accounting offshoring industry. 

Mukund Bhalala

Offshore Success Advisor

Mukund, Offshore Success Advisor at Entigrity, is a seasoned expert with over six years of experience in revolutionizing accounting firms across North America through innovative offshore staffing solutions. With a passion for customer relationship management and a keen eye for management accounting, Mukund spearheads large-scale projects, nurturing partnerships with leading firms. His extensive journey traversing 36 states and 210 cities in the USA enriched his understanding of diverse customer needs, fueling his commitment to delivering tailored offshore solutions. Mukund's mission is to empower teams, integrate cutting-edge technology, and drive growth in the accounting industry through strategic offshore staffing innovations.