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    1. AICPA sees dip in Americans’ financial satisfaction | Accounting Today

      Interest rate increases and inflation fears are causing a slight decline in the American Institute of CPAs’ Personal Financial Satisfaction Index in the first quarter of the year, despite positive news in the stock market and promises of tax reform. The AICPA’s Personal Financial Satisfaction Index saw a 1.6 point decline in Q1, while a related measure, the Personal Financial Pain Index, increased 3.2 points.

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    2. Universities seek to defend endowments from Republican tax plans | Accounting Today

      Some of the richest U.S. colleges are pushing back against scrutiny by Congress over the tax-exempt status of their endowments. Lobbying disclosure forms show almost two dozen schools such as Princeton University, the University of Notre Dame and Cornell University are including endowment tax issues in their federal agenda, along with perennial topics such as student loans and funding for scientific research.

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    3. Tax reform will have to wait for health care, Trump says | Accounting Today

      (Bloomberg) Despite a stalemate in Congress over a plan to repeal and replace Obamacare, President Donald Trump says his efforts on health care are “doing very well” and that he still wants a bill passed before tackling tax reform. Trump said in an interview aired Wednesday morning on Fox Business that a GOP health bill will get done, even after members of Congress left last week for recess with no clear compromise in sight.

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    4. AICPA asks Congress to pass tax corrections legislation | Accounting Today

      The American Institute of CPAs wants Congress to reintroduce legislation to make various technical corrections in the tax laws. In a letter Wednesday, the AICPA urged leaders of Congress’s tax committees, the House Ways and Means Committee and the Senate Finance Committee, to reintroduce the Tax Technical Corrections Act of 2016. It was originally introduced last December in both houses of Congress by Democrats and Republicans.

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    5. Grab these tax breaks before they disappear | Accounting Today

      Some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republic congressional leadership, so taxpayers may want to make the most of them now, recommends tax research and software provider Wolters Kluwer.“With tax reform on the agenda for 2017, several tax deductions and credits might be sacrificed in order to lower tax rates, so make sure that you claim all of the tax breaks to which you are entitled before they disappear,” said Mark Luscombe, JD, LLM, CPA and principal federal tax analyst for Wolters Kluwer Tax ...

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    6. AICPA releases revenue recognition guide | Accounting Today

      The American Institute of CPAs has issued a new audit and accounting guide on the revenue recognition standard. The online edition of the AICPA’s Audit & Accounting Guide on Revenue Recognition aims to help entities and auditors understand, implement and audit the converged standard released in 2014 by the Financial Accounting Standards Board and the International Accounting Standards Board.

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    7. CAQ Helps Audit Committees Assess Revenue Recognition Standard

      CAQ Helps Audit Committees Assess Revenue Recognition Standard

      The Center for Audit Quality has released a document to help audit committees to evaluate how far along their companies have come in implementing the new revenue recognition accounting standard. The document, “Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees,” comes as recent studies indicate that many companies are far behind in getting ready for the impending standard, which takes effect in about a year for public companies.

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    8. More Private Companies Sharing Financial Info with Staff

      More Private Companies Sharing Financial Info with Staff

      An increasing proportion of private companies are providing updates on financial performance internally with employees, according to a new survey. The survey, by Robert Half Management Resources, found that 56 percent of CFOs polled said their organization provides at least some employees with regular updates on financial performance, up 32 percentage points from a similar survey in 2012.

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    9. Sales Tax Rates Held Steady in Q3

      Sales Tax Rates Held Steady in Q3

      Sales tax rates for the most part stayed unchanged in the third quarter of the year, according to a new report. The latest ONESOURCE Indirect Tax Report from Thomson Reuters found the average combined sales tax rate in the U.S. increased only marginally in Q3 thanks to stable sales tax rates and slight increases to city and county-level tax rates, The average state-level sales tax rate held steady at 5.56 percent during the third quarter of the year.

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    10. Pathways to Growth: The I Word

      innovation. This is especially important for mature service lines. Let’s start with a working definition. I love the one offered by Scott Anthony, author of The First Mile and other books on the subject. He suggests that innovation is “something different that creates value.” Accounting firms are often advised to innovate by differentiating their services. After all, you can’t outgrow your competitors if you don’t have new, shiny stuff on the shelf!

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    11. NASBA Chair Sets Goals

      NASBA Chair Sets Goals

      The National Association of State Boards of Accountancy’s new chairman, Telford A. Lodden, described his goals for the organization during his 2016-2017 term, urging members to maintain high standards for accountants during a recent NASBA conference. “We live in a world that wants us to widen the plate and lower the quality, but we can’t—we are regulators,” Lodden said during NASBA’s 109th Annual Meeting in Austin, Texas.

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    12. Domestic Manufacturers Probably Over-claimed Tax Deductions

      Domestic Manufacturers Probably Over-claimed Tax Deductions

      The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, identified 2,829 companies that filed returns for 2013 potentially overclaiming the DPAD by more than $27 million. The tax deduction dates back to a 2004 law known as the American Jobs Creation Act.

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    13. Accounting Could Play Role in Reaching U.N. Global Goals

      Accounting Could Play Role in Reaching U.N. Global Goals

      The International Federation of Accountants has released a report describing how the accounting profession can help the United Nations achieve its sustainable development goals. IFAC’s new report offers a look at the accounting profession’s contribution to achieving the U.N.’s 2030 Agenda for Sustainable Development. The report describes how the profession contributes to eight of the U.N.’s goals, including several activities and initiatives within the profession that support the goals.

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    14. The Voices of Tomorrow

      The Voices of Tomorrow

      As Millennials enter the workforce and steadily gain more and more leadership roles, current managers might want to know a bit more about their younger counterparts to ensure the ongoing success of their practices. The profession, in many ways, has been preparing for this transition. One such initiative is the American Institute of CPAs’ Leadership Academy, held this year Oct. 2–6 in Durham, N.C.

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    15. IRS Previews Audit Techniques for Tangible Property Regulations

      IRS Previews Audit Techniques for Tangible Property Regulations

      Most taxpayers have finalized implementation of the Tangible Property Regulations over a year ago. These regulations covered how to determine when an expenditure is capital versus when an expenditure can be treated as an expense. In most situations, the implementation of these regulations is considered to be taxpayer favorable. Most taxpayers who correctly implement these regulations will find that more items can be expensed as compared to the old rules.

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    16. Audit Committees Shed More Light on Auditor Oversight

      Audit Committees Shed More Light on Auditor Oversight

      Audit committees are increasing the amount of information they are giving investors on the actions they are taking to oversee their outside auditing firms, according to a new report. The annual Audit Committee Transparency Barometer report from the Center for Audit Quality and Audit Analytics found double-digit growth in the past two years in the percentage of S&P 500 companies that disclose information on issues such as auditor appointment and audit partner rotation.

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    17. IRS Hopes to Collect Billions in Taxes from Nonfilers

      IRS Hopes to Collect Billions in Taxes from Nonfilers

      The Internal Revenue Service plans to make changes in how it deals with people who don’t file tax returns to collect billions of dollars in lost tax revenue, according to a new report. The report, from the Treasury Inspector General for Tax Administration, said the IRS has a strategy in place as part of its Case Creation Nonfiler Identification Process to identify taxpayers who have not filed a tax return and are required to do so if their income is above a certain threshold.

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    18. Group Complains to IRS of High Information Reporting Costs

      Group Complains to IRS of High Information Reporting Costs

      A new report from an Internal Revenue Service advisory group points to the high costs of information reporting and how the IRS can reduce the burden. The report, from the IRS’s Information Reporting Program Advisory Committee, describes some of the challenges in information reporting, and how the IRS’s perpetually constrained budget often keeps the agency from acting on the recommendations from the committee’s annual reports.

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    19. SEC Enforcement Hits Records in 2016

      SEC Enforcement Hits Records in 2016

      The Securities and Exchange Commission reported that it has filed 868 enforcement actions related to financial reporting misconduct in fiscal year 2016 – a new single-year high. The fiscal year, which ended Sept. 30, included the most ever cases involving investment advisors or investment companies (160), new highs for actions related to the Foreign Corrupt Practices Act (21), and the largest amount of money distributed to whistleblowers in a single year ($57 million).

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