KEY ACCOUNTING INDUSTRY INSIGHTS & UPDATES - JUNE 2022

1. FASB adds digital assets project to agenda

The Financial Accounting Standards Board voted to add a project to its technical agenda to improve the accounting for and disclosure of certain digital assets, such as cryptocurrency. Read More

2. PCAOB Updates Standard-Setting and Research Agendas

The PCAOB’s approach to advancing audit quality through standards, interpretations, and other guidance prioritizes select standard-setting projects. Read More 

3. KPMG urges audit committees to be more active in cybersecurity

A recent report from Big Four firm KPMG urges audit committee members to take a more active role in defending their organizations from cyber-attacks. Read More

4. IRS blames old tech in destruction of information returns

The IRS said Thursday that it destroyed approximately 30 million unprocessed information returns because its "antiquated technology" forced it to dispose of the paper documents and vowed to process all such information returns that it received in 2021 and 2022. Read More

5. NABA, CAQ announce partnership to grow accounting talent pipeline

The National Association of Black Accountants (NABA) and the Center for Audit Quality (CAQ) are teaming up to help community college students progress from two-year to four-year accounting programs. Read More

6. Deloitte and TaxBit Partner for Digital Asset Tax Information

Deloitte Tax LLP and TaxBit have formed a strategic alliance to help organizations that transact in digital assets comply with tax information and cost basis reporting requirements. Read More

7. SEC greatly expands crypto and cybersecurity team

The Securities and Exchange Commission signaled that it's about to get even more serious about cryptocurrencies and cybersecurity, as it announced a near-doubling in size of the team responsible for these areas. Read More

8. Learners and employers call for more innovative accounting education

Educators aren’t fully meeting the needs of students or employers when it comes to teaching accountants and finance professionals, according to a new international analysis from the Association of Chartered Certified Accountants. Read More

9. RubinBrown Combines with JMW & Associates to Expand in Kansas City

JMW will join RubinBrown’s Private Client Services Group, which also offers high-net-worth individuals and families, family office groups, and their associated businesses, sophisticated, integrated, and confidential tax and wealth advisory solutions. Read More

10. TIGTA: IRS should work to expand e-filing

Ongoing processing backlogs of paper-filed returns point to the IRS's need for a systemwide strategy to increase electronic return filing, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit report. Read More

11. IPSASB plans sustainability standard for public sector

The International Public Sector Accounting Standards Board opened a global consultation asking for input on a proposal for a sustainability reporting framework for the public sector, echoing recent moves in the private sector. Read More

12. IRIS Software Group Acquires Irish Payroll Services Firm Paycheck Plus

IRIS Software Group (IRIS) has acquired Paycheck Plus. Founded in 2005, the Drogheda, Ireland-based business has grown consistently into Ireland’s premier payroll services provider, with clients in Ireland, the UK, across Europe, and in the USA. Read More

13. Tax investigators identify potential $1B crypto Ponzi scheme

International tax officials have identified more than 50 leads to potential crypto tax crimes that may lead to official investigations in the coming weeks, including one case that could be a $1 billion Ponzi scheme. Read More

14. Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS has delayed by more than a month the rollout of an electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, filed by S corporations. Read More

15. Senate bill would deny tax breaks to cos. operating in Russia

Senate Finance Committee Chair Ron Wyden, D-Oregon, and committee member Rob Portman, R-Ohio, introduced bipartisan legislation Thursday to disallow foreign tax credits for companies that pay taxes to the Russian or Belarussian governments, and other tax benefits. Read More

16. QuickBooks Launches Spreadsheet Sync to Address Pain Point for Small & Medium-Sized Businesses

Spreadsheet Sync, minimizes manual data entry and the complications of CSV imports and exports without having to use or learn a completely new tool. Read More

17. White House ties Republicans to a tax-hike plan disowned by GOP

President Joe Biden, in his battle to craft a winning message on the fight to tame decades-high inflation, has sought to tie Republicans to a plan that calls for higher taxes on low-income Americans. Read More

18. Avalara Launches Transfer Pricing Reports for Accountants

Avalara, Inc., a provider of cloud-based tax compliance automation for businesses of all sizes, has launched Avalara Transfer Pricing Reports for Accountants. Read More

19. Crypto investors likely pay less than half the taxes they owe

Cryptocurrency investors are collectively not paying the IRS at least half of the taxes they owe on their virtual-currency trades, according to new analysis from Barclays Plc. Read More

20. New IRIS platform aims to centralize accounting solutions

Business software developer IRIS Software Group released IRIS Elements, a cloud-based platform for accounting solutions that aims to be a central core resource for professionals versus using numerous separate apps. Read More

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