1. Articles from cpapracticeadvisor.com

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    1. Why States Are Struggling to Tax Services | CPA Practice Advisor

      Why States Are Struggling to Tax Services | CPA Practice Advisor

      As states struggle to align their tax codes with the modern service economy, expanding sales taxes to include activities like personal care, home repair, funeral services, computer maintenance and similar enterprises would seem to be a logical move. But states are finding it's not so easy. Twenty-three state legislatures considered proposals this year to impose taxes on at least some services. But so far, none has made it into law intact -- and most died outright.

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    2. 72% of Small Businesses Don't Have Succession Plan

      72% of Small Businesses Don't Have Succession Plan

      There may be nothing more certain than death and taxes, but Americans like to push thoughts of that first topic away. Perhaps that's why almost three-fourths of U.S. small businesses don't have a succession plan and most small business owners don't have a will. That's according to the 2017 Make-A-Will-Month survey by Rocket Lawyer, an online provider of legal services.

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    3. New Guide Focuses on Revenue Recognition | CPA Practice Advisor

      New Guide Focuses on Revenue Recognition | CPA Practice Advisor

      Thomson Reuters has released PPC’s Guide to Revenue Recognition, providing in-depth and practical guidance for accountants and their clients on the new requirements for how and when revenue is recorded. These changes will impact financial reporting for all entities and for some will significantly alter their accounting practices, prompting the need for early preparation.

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    4. Accounting and Reporting for Business Combinations

      From reaching new geographic markets to expanding product offerings, mergers, acquisitions, and other types of business combinations offer many benefits to the parties involved. However, the initial accounting for the business combination can be complicated and often requires extensive time and effort. The authoritative accounting and reporting guidance for business combinations under US GAAP is included in Topic 805, Business Combinations, of the FASB Accounting Standards Codification.

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    5. FASB Proposes Improvements to Not-for-Profit Accounting for Grants and Contributions

      FASB Proposes Improvements to Not-for-Profit Accounting for Grants and Contributions

      The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. Stakeholders are asked to review and provide comment on the proposed ASU by November 1, 2017.

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    6. Sales Tax Amnesty Program Extends to 13 States | CPA Practice Advisor

      The Multistate Tax Commission ("MTC"), in conjunction with 13 member states, has announced the launch of a sales tax amnesty program aimed at helping online sellers to become compliant with sales tax nexus regulations. This program was born from discussions that MTC Program Director, , had with Amazon sellers when he presented to more than 1,000 established Amazon sellers at the internet marketing event, PROSPER Show, in .

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    7. Survey Shows Nonprofits Most Concerned with Staffing and Funding Cutbacks

      Survey Shows Nonprofits Most Concerned with Staffing and Funding Cutbacks

      Staff retention and recruitment ranks as the number one challenge for nonprofits, according to the first annual BDO Nonprofit Standards, a benchmarking survey designed in partnership with The NonProfit Times. More than 70 percent of respondents cited those staffing concerns. Cutbacks in funding and drops in revenue follows, identified by 48 percent of nonprofits.

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    8. Ending Federal Tax on U.S. Corp. Profits Abroad Likely to Have Little Effect

      Ending Federal Tax on U.S. Corp. Profits Abroad Likely to Have Little Effect

      As corporate tax reform emerges as a national legislative priority, a key proposal is to scrap the current worldwide system of taxation (in which income earned abroad by subsidiaries of U.S. multinationals is subject to federal taxes when brought home) in favor of a territorial system that would enable U.S. parent companies to receive profits from those subsidiaries without incurring a federal levy.

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    9. Best Practices for Managing Nonprofit Finances | CPA Practice Advisor

      Best Practices for Managing Nonprofit Finances | CPA Practice Advisor

      Cooper Union is a NYC-based private college that was founded in 1859 with a mission to be “open and free to all.” For over 150 years the school relied on its significant endowment to provide a tuition-free education to its students. But in 2013 Cooper Union suddenly began charging its students $20,000 a year. President Jamshed Bharucha said at the time that the charge was necessary for the institution to stay financially viable.

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    10. FASB Issues Accounting Standard Update for Equity-Linked Financial Instruments

      FASB Issues Accounting Standard Update for Equity-Linked Financial Instruments

      The Financial Accounting Standards Board (FASB) has issued an Accounting Standard Update (ASU) that simplifies the accounting for certain financial instruments with down round features—a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. The ASU is based on recommendations from the Private Company Council (PCC).

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    11. Do High CEO-Employee Pay Gaps Lead to Increased Profitability?

      Do High CEO-Employee Pay Gaps Lead to Increased Profitability?

      One of the most controversial aspects of corporate governance in recent decades has been the phenomenal increase in the gap between the pay of CEOs and other top executives and that of rank-and-file company employees. From about 20 to 1 fifty years ago, the CEO-worker ratio had soared well past 100-1 by the millennium and has risen to as high as double or triple that ratio in the current century.

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    12. AICPA News - May 2017 | CPA Practice Advisor

      AICPA News - May 2017 | CPA Practice Advisor

      At a time when organizations around the world are facing cybersecurity attacks, it is more important than ever for them to demonstrate to key stakeholders the extent and effectiveness of their cybersecurity risk management efforts. To help businesses meet this growing challenge, the American Institute of CPAs (AICPA) has introduced a market-driven, flexible and voluntary cybersecurity risk management reporting framework.

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    13. The Changing Role of the CIO | CPA Practice Advisor

      The Changing Role of the CIO | CPA Practice Advisor

      Technology executives are making the shift from the back office to the boardroom, according to new research from Robert Half Technology. The survey reveals 35 percent of CIOs today believe their roles are primarily functional versus 44 percent five years ago. About one in three (34 percent) executives surveyed view the CIO role as mostly strategic. But is the ability to innovate and transform business operations enough to keep tech leaders invested in their jobs?

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    14. Economic Confidence Hits Record High for Mid-Market Companies

      Economic Confidence Hits Record High for Mid-Market Companies

      Confidence in the U.S. economy among middle market companies has reached a new high in early 2017, according to the Q1 2017 Middle Market Indicator (MMI) released today by the National Center for the Middle Market (NCMM). With nine in 10 middle market leaders indicating a positive perception of the country’s economy, this level of confidence represents the highest recorded in the MMI’s five-year history.

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    15. How Much Does the Skills Gap Cost Businesses? | CPA Practice Advisor

      How Much Does the Skills Gap Cost Businesses? | CPA Practice Advisor

      It's one of today's most vexing economic puzzles: Why can't employers find workers to fill their positions when approximately 7.5 million Americans are unemployed, and millions more are working part-time because they can't find full-time positions or have given up looking for work altogether? According to a new CareerBuilder survey, nearly 60 percent of U.S. employers have job openings that stay vacant for 12 weeks or longer.

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    16. Payroll Internal Controls Checklist | CPA Practice Advisor

      Payroll Internal Controls Checklist | CPA Practice Advisor

      No matter the size of the company or how employees are paid, internal controls are a necessity. Here are my suggestions for payroll-related internal controls that can protect you and your data. Separation of duties. With payroll, a separation of duties is a necessity both to lessen the likelihood of potential fraud and to catch unintended errors. For example, HR may be responsible for setting up new employee information, assigning the wage rate and creating the work schedule.

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    17. How Will the Potential Drop in the U.S. Corporate Income Tax Rate Impact Financial Statements?

      How Will the Potential Drop in the U.S. Corporate Income Tax Rate Impact Financial Statements?

      After the recent failure by the Republicans in the House to build the necessary backing for healthcare reform, House Republicans and the President have said they will be turning their focus to tax reform, with a goal of having markup legislation by August. With the likelihood of a drop in the corporate tax rate and a possible Border Adjustment Tax (“BAT”), prudent tax department leaders and CFOs will need to stay on top of pending legislation.

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    18. Should Controllers and Accounting Depts Be More Involved in Corporate Strategy?

      Should Controllers and Accounting Depts Be More Involved in Corporate Strategy?

      Nearly all organizations (91.2 percent) expect the controllership function — corporate controllers, chief accounting officers (CAO) and their teams — to more actively shape and execute strategic priorities, according to a recent Deloitte poll of over 1,500 controllership professionals. Many suggest that their current mission does not adequately contemplate this new mandate.

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    19. CFOs Spending More Time on Strategic Guidance | CPA Practice Advisor

      A new survey finds that chief financial officers (CFOs) are spending more than a third of their time as strategic advisers, taking on roles well beyond traditional financial management. The 2017 CFO Survey from Grant Thornton LLP also finds that 40 percent of CFOs identify strategic planning as one of their top priorities – only slightly behind more expected activities like increasing cash flow (45 percent) and reducing costs (41 percent).

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    20. Is Your HR Data Secure? 5 Questions to Ask IT | CPA Practice Advisor

      It can be comforting to think that the people safeguarding the HR files stored on your network have it all under control. Before you add even one more sensitive file to the server, find out just how secure your systems truly are by asking IT these questions: 1. Who here knows how a hacker thinks? Someone needs to be able to tap into the mindset of the bad guys and stay on top of the techniques they would likely use to access your data. Has IT assigned someone to try to get in and do their worst?

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    21. IRS Investigated 3,400 Cases of Tax ID Theft, Laundering, Cybercrime and Terrorism in 2016

      In 2016, the Criminal Investigation (CI) division of the Internal Revenue Service initiated 3,395 cases in fiscal year 2016 that focused on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing. That's according to the IRS Criminal Investigation annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016.

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    22. Only 17% of Finance Team Time Spent on Strategic Activities

      Only 17% of Finance Team Time Spent on Strategic Activities

      CFOs report that their teams continue to spend very little time on strategic tasks—just 17%—and remain reliant on the standard processes and technologies that negatively impact their ability to deliver actionable information. That's according to the latest CFO Indicator report from corporate performance management provider Adaptive Insights. The report examines the reporting process and how CFOs can free their teams to deliver the value-added analysis desired by key corporate stakeholders.

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