The American Institute of CPAs is planning to revise its independence rules amid the wave of private equity investments in accounting firms. In recent years, there has been a rising wave of PE firms buying stakes in CPA firms, prompting many of the firms to set up alternative practice structures,
Early in my career, I was doing well at a midsized accounting firm. But one thing struck me as absurd. There was constant pressure on my team and me to hit a certain number of billable hours — a lot of billable hours! In effect, the longer it took us
Baker Tilly, a Top 10 Firm based in Chicago, plans to acquire Hancock Askew & Co. LLP, a Regional Leader based in Savannah, Georgia, expanding Baker Tilly’s presence in Georgia and Florida. Hancock Askew has offices in Savannah, Atlanta and Augusta, Georgia, along with Tampa, Jacksonville and Orlando, Florida. Financial
For accountants who have clients with multiple entities, one of the biggest bottlenecks occurs in multi-entity consolidation. This challenge is especially pronounced in one sector in particular: family offices. Why is that, and how can you, as their trusted advisor, help combat the issue? The rise of multi-entity organizations To
While much has happened during the past few years, and significant change lies immediately ahead, there is little that is new in the upcoming tax season. However, beneficial ownership reporting and tariffs — which are not part of the typical issues that preparers deal with — are visible on the
An indictment unsealed last week in federal court in Central Islip, New York, charges Keith Williams, Janine Davis (a.k.a. “Holiday Davis”), Morais Dicks, James Hames Jr. (a.k.a. “Poppa J”), Jamari Lewis, Ewendra Mathurin (a.k.a. “Rayda Mathurin”) and Tiffany Williams (a.k.a. “Joy Williams”) with conspiracy to defraud the U.S., wire fraud
Andy Philipps of H&R Block’s Tax Institute H&R Block celebrated its 70th anniversary at an event Thursday in New York as the tax prep chain gets ready for the start of tax season on Monday. “The tax event for most Americans is the single biggest financial transaction of the year,
Scott Flynn Scott Flynn, currently the head of the U.S. audit practice, will become global head of audit of KPMG on April 1, 2025, succeeding Larry Bradley, who will retire March 31 after a 42-year career with KPMG. Flynn, who brings more than 30 years of experience working with multinational
The Internal Revenue Service doesn’t have the authority to independently verify that recipients of Low Income Taxpayer Clinic grants are eligible to receive them, according to a new report. The report, released Tuesday by the Treasury Inspector General for Tax Administration, found the IRS’s LITC Program Office is restricted by
KPMG US set up a subsidiary that has filed an application in Arizona to establish a law firm in the state, with hopes of going national. The subsidiary of the New York-based Big Four firm, known as KPMG Law US, filed an application with the Arizona Supreme Court to establish