AI is taking the accounting industry by storm, eliminating mundane tasks like data entry and reconciliation, providing powerful insights and freeing people for more interesting work. There’s no denying its power or the impact it’s already had on the industry. Further, with the advent of generative AI including ChatGPT, automation
New cybersecurity disclosure rules from the Securities and Exchange Commission will require accountants to work with their clients to ensure they’ll be ready for its implementation, whether that means simply reassessing current protocols or building out an entire security infrastructure. The new rules, approved late last month (see previous story),
The federal Inflation Reduction Act, passed a year ago this month, was supposed to be — and may yet be — landmark legislation in the history of the United States and the world and the climate of both. But in the meantime, what can tax preparers expect clients to ask
Atlanta-based firm Regional Leader firm Smith + Howard is merging in Chattanooga, Tennessee-based Market Street Partners, effective Aug. 15. Smith + Howard, which received an undisclosed amount of funding from private equity firm Broad Sky Partners last November, operates under an alternative practice structure in which licensed CPA firm Smith
Tax prep giant H&R Block reported a 10% increase in its quarterly dividend, to 32 cents per share, after a strong finish to the year. Full-year revenue for the tax prep franchise giant was $3.5 billion (0.3% growth). In the fourth quarter, Block repurchased $200 million worth of shares at
In today’s world, the business and finance landscape is constantly evolving as a result of tech innovations, changing client expectations and shifting regulatory landscapes. Client accounting services (CAS) have emerged in recent years as a solution to meet the advancing needs of organizations, empowering them to outsource their accounting function
President Joe Biden’s signature economic legislation promised to create a wave of demand for made-in-America electric vehicles by offering lucrative tax credits. A year later, EV uptake is more of a wavelet as U.S. car buyers and automakers grapple with qualifications that have limited eligibility for many current electrified models.
The Internal Revenue Service has done a bad job plugging potential IT security leaks, according to a new report from the Treasury Inspector General for Tax Administration. In “Security Weaknesses Are Not Timely Resolved and Effectively Managed,” TIGTA claims that between Jan. 1, 2005, and Aug. 26, 2022, the IRS
Generative AI is being used as a way to train people on cybersecurity threats by providing real-time simulations of cyber attacks. Two recently launched products demonstrate the interest companies have in providing such training. Enterprise cloud email security platform Ironscales announced the beta launch of GPT-powered Phishing Simulation Testing (PST),
The head of the International Auditing and Assurance Standard Board views the recently proposed standard for sustainability reporting assurance as a way to make those reports more verifiable. The IAASB released the proposed International Standard on Sustainability Assurance 5000, “General Requirements for Sustainability Assurance Engagements,” last week for public comment