News

When Does the IRS Consider Education Deductible?

If you're thinking of taking a course to improve your skills, the tuition may be tax deductible. But there are gray areas, and IRS guidance is far from clear. Would-be students have to pass a multipronged test.
Tax

IRS Not Continuing Legal Fight Over Regulating Preparers

The agency decided not to file a petition with the US Supreme Court by the May 12 deadline to continue a court battle on whether it has the legal authority to mandate testing and continuing education of paid tax return preparers.
A&A

Alert Highlights Big Changes for Audits of Broker-Dealers

A member alert issued by the Center for Audit Quality and the AICPA outlines regulatory changes for audits and attestation engagements of brokers and dealers and futures commission merchants that are effective June 1.
Practice Management

How to Throw a Party—Accounting Style

Most people don't put "accountant" and "party animal" together. But according accounting association BKR International, accounting firms lead the way in creative, year-round morale-boosting events.
A&A

Reconciliation of Accounts Still Mostly Done by Hand: Report

Fifty-nine percent of US companies and 66 percent of Canadian businesses are still reconciling their general ledger accounts manually, according to a new report from Robert Half and the Financial Executives Research Foundation.
A&A

Bramwell’s Lunch Beat: New EU Audit Rules Could Be a ‘Challenge’ for US Banks

The menu for May 14 features specials on tax proposal could beef up highway fund, no veto threat on Senate tax extenders bill – yet, GOP wants medical devices tax eliminated, and more.
A&A

Auditing Special Purpose Frameworks: Flowchart Prep Tips

Electronically prepared flowcharts are rapidly becoming the most effective means of documentation. Today, the creation process has become quick and easy.
Practice

Building High-Functioning Teams

Create a team that operates efficiently, meets goals and has team members enjoying coming to work each day. Building a great team will attract great team members that are looking out for each other and the client, improving project realization and retention at the same time.
Tax

Senate Advances Tax Break Legislation

By a vote of 96 to 3, the Democrat-controlled Senate took its first step in reviving a plethora of expired tax breaks by advancing a bill on Tuesday that would extend the provisions for two years, adding nearly $85 billion to the deficit.
A&A

FRF for SMEs Series—Statement of Financial Position, Part 2

This presentation will discuss the accounting policies and disclosure requirements for certain assets and liabilities in a statement of financial position.
Tax

Report: IRS Made Up to $15.6 Billion in Faulty EITC Payments in 2013

The Treasury Inspector General for Tax Administration found that 22 to 26 percent of all EITC payments were issued improperly by the IRS last year, costing taxpayers between $13.3 billion to $15.6 billion.
Practice Development

How to Start a Cloud Accounting Practice

Don't be intimidated by the jargon. You too can move to the cloud, creating a true modern accounting practice. Be more creative in the accounting services you offer.
A&A

Bramwell’s Lunch Beat: Tax Break Ball Back in Senate’s Court

The menu for May 13 features specials on Credit Suisse deal with US could reach $2 billion, financial restatements pack less of a punch, Audit Analytics examines SEC case lengths and settlements, and more.
Tax

Video Explains New FSA Flexibility Rules

In a new video on health care FSAs, the IRS shows flexibility on the old "use it or lose it" rules. You now have a choice between a grace period and carryover.
A&A

New Study: Paid-For Analyst Reports Can Benefit Investors

Recently published research by three accounting professors found that reports from paid-for stock analysts offer nearly the same relevant information to investors as reports from sell-side firms.

How the IRS Tells a 'Loan' from a 'Gift'

The IRS gives you a deduction on loans when you can't collect, but there can be a thin line between a bad loan and a gift, especially when relatives are involved.
A&A

Bramwell’s Lunch Beat: SEC to Hear Appeal From Big Four’s China Affiliates

The menu for May 12 features specials on Pfizer/AstraZeneca deal: more about drugs or taxes, Credit Suisse CEO losing support, the House won’t arrest Lois Lerner, and more.
Practice

How to Set Up Your Firm in the Correct Model

You probably have a model of how your firm should run. You probably think it's a profitable way of doing business. Unfortunately, you're wrong. But you can fix it.
Practice

How to Make a Stranger a Client

Where are your new clients coming from? Maybe you need to think a little out-of-the-box. It's all about engaging new people, and here are some examples of how to do that.

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