Home > Accounting News

Accounting News 02/2017



Brewton native opens Destin accounting firm
Brewton native Luke Smith and partner Warren Sims are launching a new accounting firm in Destin, Fla. BluePoint Financial will specialize in tax preparation and financial advising and will host a ribbon cutting ceremony on Feb. 8 at 4:30 p.m. at the ...

Apple's stock surge accounting for most of Dow's early gain
Apple Inc.'s stock AAPL, -0.23% surged 3.9% in active premarket trade Wednesday, putting it on track to open at 1 1/2-year high, after the technology giant reported better-than-expected earnings. The stock's recent premarket price gain of $4.74 would ...

White Paper In-home senior care: Regulatory changes driving private employment
Make sure you're getting it all. Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services. Register. Accounting Today January 2017 ...

Aplos and Church Community Builder software now integrate
Churches have unique accounting needs, including tracking designated funds, departmental accounting, multi-site tracking, and generating granular reports. Both companies serve small-to-large-sized churches with cloud-based software geared towards the ...

Accounting errors plague Roadrunner Transportation, earnings restatement coming
“However, based on the investigation to date, Roadrunner has identified various accounting errors that it currently estimates will require prior period adjustments to Roadrunner's results of operations of between $20 million and $25 million ...

Shareholder sues Roadrunner over accounting errors
Roadrunner revealed Monday it had discovered accounting errors in two of its operating subsidiaries that would require $20 million to $25 million in adjustments to the company's results. The company also said securities filings and other presentations ...

Wiplfi adds another Chicago market accounting firm
Accounting and consulting provider Wipfli LLP is continuing to beef up its presence in the Chicago market, announcing Wednesday that Horwich Coleman Levin LLC has joined the firm. The downtown CPA firm is the fourth in the Chicago area to merge into ...

Drones Set to Disrupt the "Ideas Accounting Firms Won't Pursue" Niche
In a recent Journal of Accountancy piece, a bunch of people with way too much time on their hands to consider things that will never happen seem to think that drones are the next wave of innovation for accounting firms. Mind you, it was only a few ...

Comptroller investigating Carter County animal shelter, audit details county accounting issues
The findings include issues with accounting records for funds the state said were not properly maintained for the offices of county mayor, director of schools, highway superintendent as well as finance director. The audit also cited discrepancies with ...

Life Deconstructed: No accounting for what makes a marriage a battleground
Here's what I think: couples who work together end up wanting to kill each other. Look at Sonny and Cher! Brad and Angelina! Archie and Veronica! Add Nancy and me to that list. I have my little company of which I'm ridiculously proud that happily chugs ...

Creighton accounting students offer free tax preparation help
Creighton University accounting students are volunteering their time during the month of February, helping Nebraska residents file their taxes for free. Advertisement. It's all a part of an IRS sponsored program where volunteers help taxpayers who make ...

IPSASB issues new standard on accounting for public sector amalgamations
The International Public Sector Accounting Standards Board published the new accounting standard – IPSAS 40 – earlier this week, which covers public sector combinations, including reorganisations of government departments or restructurings of ...

Facebook Earnings Get Near $1 Billion Tax Windfall From Accounting Change
Facebook Inc.'s 2016 earnings got a boost of more than $900 million from an accounting change—and the same change could help lift earnings at other technology companies. Facebook said Wednesday after the market closed that its full-year earnings ...

Poll: Two-thirds of taxpayers expect to file in February
Liberty Tax Service anticipates a busy incoming month for preparers, citing the prep giant's recent poll that found that nearly nine out of 10 taxpayers had not yet filed their 2016 federal income tax returns. Almost 68 percent of those who hadn't ...

Block applies IBM's Watson to tax prep
H&R Block will be using IBM Watson this tax season to help inform clients about their filing options and other factors affecting their tax outcome. A screen demonstrating the interaction of IBM's Watson and tax prep. H&R Block's Watson screen HRB Tax ...

Accountants Confidence Index -- February 2017
The Accountants Confidence Index followed through on the big jump it took following the election with another increase in January. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants ...

Accounting Change Boosts Facebook's Earnings
As The Wall Street Journal reports, the Financial Accounting Standards Board approved the change in an attempt to simplify companies' accounting for employee stock payments. It is expected to increase the earnings of companies like Facebook that are ...

IRS attorney busted for distributing meth
Federal prosecutors in New York have charged an attorney who worked for the Internal Revenue Service's Office of Professional Responsibility in Washington, D.C., with distributing methamphetamine. Jack Vitayanon, 41, was arrested Wednesday in ...

Voices The Spirit of Accounting: Debunking myths about market values — Part 3
We've shown in previous columns that GAAP reporting is unethical because it's not fully truthful. We've also identified 14 myths that help perpetuate that inexcusably disgraceful condition by keeping market values out of financial statements. Six of ...

IRS warns W-2 phishing scam is spreading wider
The Internal Revenue Service is cautioning a variety of organizations that the W-2 phishing email scam is now spreading to more organizations beyond corporate America, with schools, restaurants, hospitals and tribal groups now being targeted by ...

New Accounting Standards Can Spell Danger, Opportunity
Do you know how the new international accounting standards will affect your business when it comes to commercial real estate leases? If you don't, you're already behind the curve. After several years of discussion and refinement, the dates for the ...

Tax, accounting service opens doors in Cottage Grove
Members of the Cottage Grove Chamber of Commerce welcomed Kim Sale and KMS Tax and Accounting Servides to the chamber and community Jan. 20. From left, are Laura Peterson, Monona State Bank; Chimeng Yang, Wisconsin Bank & Trust; Melanie ...

Suburban accounting firms merge
Accounting firms Cukierski & Kowal LLC and Michael J. Cochrane & Associates announced they are combining their practices. The new company is called Cukierski & Cochrane, LLC and is located at 990 E. Algonquin Road, Suite 100, Schaumburg, ...

Web Seminar Secrets of the top 100 firms
Accounting Today's Top 100 Firms and Regional Leaders presents a host of information on the profession's most successful practices, and this session will dig deep into that data to share some of the secrets behind their achievements, including trends ...

Seber Tans accounting firm grows in merger with Ullrey & Co.
KALAMAZOO, MI -- Two well-established local certified public accounting firms have joined forces. Seber Tans PLC, a firm with more than 40 years of longevity in the community, has been joined by Ullrey & Co. Certified Public Accountants, which has done ...

Why is credit union accounting shrouded in fog?
While there is abundant data in other areas of credit unions' critical functions, such as loans, strategy, marketing, and regulation, accounting is a grey mist on the horizon. We have found there is little to no industry data compiled in this area, and ...

College Accounting Programs Add Specialties as Profession Evolves
Accounting majors at local colleges have more options than in years past, as course offerings have shifted to meet a job market in which the demand for talented accountants is fueled by more cases of large-scale corporate fraud, new auditing techniques ...

Voices Recruiting and retaining experienced accounting professionals in 2017
The smaller firms, which are representative of the vast majority of public accounting, are also being profoundly impacted and, for all firms, the inability to hire experienced professionals is further exaggerated when it's time for succession and no ...

A Generally Accepted Accounting Principles Happy Month in SEC Enforcement
In January, the SEC settled no fewer than seven enforcement proceedings with companies that involved alleged violations of generally accepted accounting principles (GAAP). While the sheer number of settlements would have been remarkable on its own, ...

Accounting embraces cloud technology
The accounting industry, in particular, has been quick to see the potential benefit of shifting to a cloud-based service platform. Intuit, the California tech company best known for its accounting and tax software like QuickBooks and TurboTax, is ...

Accounting Outlook: Tax Reform, Less Regulation, More CPA Service
November 2016 elections that put all the levers of power in the hands of Republicans in Frankfort and Washington, D.C., should lead to policy changes that create opportunities for business and thus demand for accounting expertise and advice, in the ...

MSU accounting students offer free tax prep services
Students from the MSU School of Accountancy will volunteer their services through the volunteer income tax assistance and MyFreeTaxes program while getting real-world experience to add to their resumes. The VITA program is available to taxpayers who ...

Accounting students help community file taxes - WSIL-TV 3 Southern Illinois
"The Volunteer Income Tax Assistance Program is awesome because it helps us accountants, us future accountants, get familiar with the tax process and get that real world knowledge that is needed," said Humphrey. On the programs first Saturday this year ...

Adviser helps accounting firm handle transition
George Johnson, founder of Detroit accounting and advisory firm George Johnson & Co., hired a managing partner to be able to transfer the day-to-day responsibilities of the company, and to ensure the business will carry on. "It allows a business to ...

Accounting business moves into Cortez Xtrov building
Sheets has run her business, Dolores Sheets Tax Accounting Solutions, out of her home for several years, but she decided to move to Cortez in early January after Xtrov moved to Montezuma Avenue. But accounting isn't the only business that will operate ...

BUSINESS BUZZ: February 5
Akins began full time at JMF in 2014, as a staff accountant in tax and accounting. She worked as an intern for JMF during the 2013 and 2014 tax seasons. She graduated with a Bachelor of Science in Commerce and Business Administration in accounting and ...

The Hottest Silicon Valley Accounting Startup: A Conversation with inDinero Founder Jessica Mah
One of the biggest distractions for small-business owners has to be maintaining their books and their accounting. Attaining a firm for the business might be too expensive an endeavor, yet handling it by yourself takes away valuable time from growing ...

Starting Salaries for Accounting Positions Keep Going Up
The prediction trails the unusually high forecast for 2016, when the guide said starting salaries in accounting and finance would rise 4.0% to 5.3%, depending on the position. But the magnitude of the projected increase for 2017 doesn't indicate a ...

Accounting News Roundup: PwC's Humblebragging and KPMG's Tax Breaks | 01.26.17
The firm won the GE deal through a competitive bidding process that included some other “Big Four” accounting firms, he said. The top tier of U.S. accounting firms are PwC, Ernst & Young LLP, KPMG LLP and Deloitte LLP. When the arrangement was ...

Accounting News Roundup: CPA FOMO; KPMG and Rolls-Royce; A QuickBooks Phishing Scam | 01.25.17
AICPA President, CEO and Jean-Claude Van Damme stand-in Barry Melancon gave a speech to the Accountants Club of America on the "overall health of the profession and major issue updates." Accounting Today reports that the major topic of discussion ...

Accounting News Roundup: Flexible Schedules, Goodwill and Gossipy Bosses | 01.27.17
Here's a summary of the policies from Accounting Today: Under the new AWA program, professionals can now apply for reduced hours, remote work/work from home, and "non-core hours" granted they are available to work the firm's new common core hours ...

Accounting News Roundup: Wanted: Accounting Professors and More on GE's Deal With PwC | 01.23.17
Here's a report in the Daily Illini, the student newspaper of the University of Illinois, that says the school has approved the hire of three new accounting professors, but also mentions that the accounting department "usually sees two or three ...

The Importance of Proper Accounting in Insurance Agencies
Independent insurance agencies' accounting methods and contractual and legal requirements are unique, especially considering how lax enforcement is when all 50 states and the federal government have long-standing accounting rules that apply to 100 ...

Financial Accounting Foundation Names Kimberly A. Howard as ...
Financial Accounting Foundation Names Kimberly A. Howard as ...

Financial Accounting Foundation Names Kimberly A. Howard as Vice President of Human Resources
In her role, Ms. Howard has overall responsibility for attracting and retaining top talent to the organization—encompassing the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the FAF. Ms. Howard ...

Accounting Softwares Market by Type, Manufacturing Technology and Industry Chain Analysis and Forecasts to 2021
The Global and Chinese Accounting Softwares Market, 2016 Industry Research Report is a professional and in-depth study on the current state of the global Accounting Softwares market with a focus on the Chinese industry. The report provides key ...

Dexter + Chaney, Procore Integrated Project Management and Accounting Solution Now Available to Construction ...
Dexter + Chaney, Procore Integrated Project Management and Accounting Solution Now Available to Construction ...

Dexter + Chaney and Procore Integrate Project Management and Accounting Software
The two companies began working together last year on the integration, with the goal of providing an integrated project management and accounting solution for the construction industry. That core integration is now complete and tested with client ...

Voices Art of Accounting: How to make tax season smoother this year
Tax season is a busy time and there is a temptation to take a shortcut on procedures, skip some extra training or sidestep an extra effort to be in touch with a client. Succumbing to these and other temptations is a shortsighted mistake that should be ...

British Accounting Sofware Company Lists Tel Aviv University Among World's Top 10 Schools Producing Founders of ...
British Accounting Sofware Company Lists Tel Aviv University Among World's Top 10 Schools Producing Founders of ...