Accounting June 28, 2025
Nominations Open for 2025 Innovation Awards
The Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.
June 19, 2014
New Fixed Asset System Boosts Transparency and Compliance
New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.
June 18, 2014
Report: IRS Meeting Requirements of Spending Cuts
The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.
June 18, 2014
GASB Proposes Improvements to State and Local Post Employment Benefits Reporting
On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope…
June 17, 2014
Florida Woman Faces Embezzlement, Wire Fraud Charges
According to the complaint, Gingell embezzled $697,000 from the summer of 2010 to March 2011 by sending money by wire transfer to her bank account and making money orders payable to herself and others. One of the wire transfers paid the remaining $40,000 balance of her mortgage, according to the complaint. Gingell made 71 wire…
June 12, 2014
How to Determine Reasonable S-Corp Shareholder Compensation
Income from an S corporation, which flows through to its shareholders and is taxed at the individual level, is normally not subject to self-employment tax. Most S corporations, however, have shareholders performing substantial services for the corporation as officers and otherwise.
June 10, 2014
Center for Audit Quality Supports PCAOB Efforts
Improved audit quality is a goal being pursued by the Public Company Accounting Oversight Board (PCAOB), and a non-partisan audit advocacy group is supporting its recent efforts.
June 7, 2014
2014 Review of Kashoo
Kashoo is a web-based micro-business application which describes itself as a tool for “real simple accounting” and “small business record-keeping.” Users can connect Kashoo to bank and credit card accounts online, and transactions are imported into the application without data entry. Payroll giant Paychex made an investment in the company in 2013 and now remarkets...…
June 6, 2014
2014 Review of Wave Accounting
Wave Accounting is part of Wave Apps, which is a suite of free or low-cost apps for self-employed individuals and micro-businesses to accomplish traditional accounting tasks like billing customers, recording payments, writing checks, and downloading transactions from financial institutions.
June 5, 2014
FASB and IASB Form Joint Transition Resource Group for Revenue Recognition
Members of the TRG include financial statement preparers, auditors and users representing a wide spectrum of industries, geographical locations and public and private companies and organizations.
June 4, 2014
Financial Accounting Foundation Appoints Two New Members to GASB Advisory Council
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of two new members to the Governmental Accounting Standards Advisory Council (GASAC).
June 4, 2014
Special Report Offers Overview of New FASB and IASB Revenue Recognition Model
Financial information and technology company Thomson Reuters has released a special report, An Overview of the Revised Accounting Model for Revenue Recognition, which provides useful insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms that utilize revenue to monitor organizations' financial performance and general financial health.
June 3, 2014
Kansas CPA Society to Host Governmental Accounting Conference
The Kansas Society of Certified Public Accountants plans to hold a statewide conference in Wichita next week that will focus on governments and nonprofits.