As playwright Oscar Wilde famously said, “No good deed goes unpunished.” That’s kind of how I feel about the well-intentioned Employee Retention Tax Credit. The ERTC was introduced early during the pandemic to encourage businesses to keep employees on their payroll during a period of significant economic hardship. The Consolidated
In business and life, “Yes” opens doors to opportunity and growth. “No” holds you back. Say yes once and a decision is made. A no will be unwelcome and you might need to repeat it to get the message through. Executives and investors often reward agreement and are reluctant to
A proposal to require annual payouts from inherited retirement accounts is upsetting every corner of the retirement industry. It all began last February, when the Internal Revenue Service jolted financial planners by introducing a potential rule for a recent law under which heirs must drain those accounts within 10 years.
The accounting and tax profession is transforming at a rapid pace in its entirety, right from the way the operations are managed and how communication happens with staff and clients, to the way our services are delivered, as well as the type of services we offer. The most prominent driving
The Internal Revenue Service’s Employee Plans function is pilot-testing a new pre-examination retirement plan compliance program, starting this month, as a way to shorten the length of time needed for exams. The IRS said in an email Friday it would notify plan sponsors by letter if their retirement plan was
The Public Company Accounting Oversight Board plans to hold a meeting next Wednesday with its reconstituted Investor Advisory Group, the first meeting in nearly four years with one of the audit regulator’s biggest stakeholders. The PCAOB announced the agenda Friday for the June 8 meeting. It will include the PCAOB’s
The widespread adoption of mobile banking has made things more convenient for consumers but at the cost of introducing myriad new “attack vectors” for malware attacks, particularly “trojan” programs that masquerade as legitimate applications, according to a recent report from Zimperium, a mobile security provider. These trojans are downloaded either
Last week I read that a Black accountant was appointed as managing partner of a Top 50 CPA firm, and another was chosen as chairperson of the AICPA Private Companies Practice Section executive committee. At that same time, I read a firm’s announcement of a new group of summer interns
The competition to attract top talent for accounting firms is fierce. With fewer people going into financial service industries — and the Great Resignation showing no signs of slowing down — accounting firms must use all available resources to attract top candidates. In response, senior executives are asking their marketing
Baker Tilly has named golfer Cameron Smith its new brand ambassador; RSM launched its Family Office Institute; a new Examinations director at the Securities and Exchange Commission; and other firm and personnel news from across the accounting profession.