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Blog Articles & Video September 2021

Accountants face challenges with ESG reporting

September 24, 2021 No Comments

Financial professionals are confronting some big obstacles when it comes to environmental, social and governance reporting, according to a new survey, including competing and sometimes conflicting disclosure frameworks, reporting methodologies and stakeholder demands. The report, released Thursday by Financial Executives International’s Financial Education & Research Foundation, polled 53 chief accounting

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On the move: MACPA honors 2021 Women to Watch

September 24, 2021 No Comments

Ginnie Carlier Ginnie Carlier was appointed the new Americas vice chair, talent at EY, New York, where she has worked for 28 years and will now lead efforts to create transformative experiences for over 80,000 EY people across 31 countries. David Shulkin, physician and former government official, was named an

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From dancer to tax accountant, a career evolves

September 24, 2021 No Comments

Tifphani White-King, head of the U.S. tax practice at Mazars USA, has charted an unusual career path, starting with aspirations of dancing, then studying the law and taxes, and becoming one of the first Black female tax partners at a major accounting firm. She started out studying ballet and modern

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Windows Firewall is Blocking QuickBooks – What is the Plan of Action?

September 24, 2021 No Comments

QuickBooks is a dynamic accounting application that has been designed in a way to reduce manual labor, increase business productivity, along structuring financial growth. It runs on the fuel of the internet, as most of its operations involve real-time record maintenance. There can be connectivity issues, or the system security

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The Potential Tax Trap of PFIC Investments

September 24, 2021 No Comments

There are many times when a passive foreign investment company (PFIC) investment is made unknowingly and the tax consequences can be adverse. Certain elections should be considered that can lessen the tax implications, but it can be difficult obtaining the financial information necessary to determine whether or not the investment

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Tax Court Puts Spotlight on Actor-Related Expenses

September 23, 2021 No Comments

A new Tax Court(Gaston, TC Memo 2021-107, 9/2/21) case found that clients may be able to deduct expenses relating to acting, even if they’re not the next Streep or DiCaprio. The tax difference in the new case is critical. If you incur legitimate business expenses, they can offset taxable income,

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KPMG urges boards to focus on climate risks

September 23, 2021 No Comments

KPMG has released a new report on climate-associated financial risks that boards and their audit committees should consider. Climate change has become a top priority for investors and other stakeholders, according to the report, and the question should be discussed in every corporate boardroom. The report recommends that boards should

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Do CPAs Have an Opportunity in ESG?

September 23, 2021 No Comments

As hot as the latest TikTok trend, ESG (which stands for environmental, social, and governance) is the acronym on everyone’s lips, so what’s in it for CPAs? With ever-increasing stakeholder pressure, more organizations in the United States are reporting on ESG data, and the requisite assurance over ESG disclosures presents

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PCAOB adopts rules for HFCAA determinations

September 22, 2021 No Comments

The Public Company Accounting Oversight Board has adopted a new rule to give it a framework on how to determine when it can’t inspect foreign accounting firms. The rule, originally proposed in May 2021, came in response to the Holding Foreign Companies Accountable Act, which requires the board to determine

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6 Questions to Ask to Identify Your Ideal Client

September 22, 2021 No Comments

In a perfect world, every aspect of your business, from your elevator pitch to your website, would connect with customers who need you most and are willing to pay for your services. Yet, identifying and speaking directly to your ideal client is not always easy. CPAs are numbers people, so they

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