Staff departures are part of life in a professional service environment — accounting firms included — and when these individuals depart, essential processes and client information often go with them. What can a firm do to prevent this? In this case study, we take a look at how Schlabach Enterprises
U.S. oil and gas companies, along with their investors, may be facing the risk of significant stranded assets because they aren’t doing enough to reflect the impacts of the climate crisis in their financial reports. A report released last Thursday by the sustainability nonprofit Ceres analyzed how the oil and
QuickBooks handles business payroll quite efficiently, and part of the reason is regular updates from Intuit. These updates fix bugs and issues of the software and introduce new tools to the tray. However, some users face the QuickBooks error PS033 while downloading the payroll updates from the internet. Its error
The Biden administration’s proposal to impose a global minimum tax on corporations has been provoking opposition in Congress, with Republicans advocating user fees instead to pay for infrastructure improvements. A bipartisan group of senators has proposed indexing the gas tax for inflation as a way to pay for an infrastructure
The White House reiterated President Joe Biden’s opposition to indexing the gasoline tax to inflation to help pay for an infrastructure plan, raising new questions about the viability of a bipartisan compromise emerging in the Senate. “After the extraordinarily hard times that ordinary Americans endured in 2020 — job losses,
The Securities and Exchange Commission is reportedly probing William Duhnke, the recently fired chair of the Public Company Accounting Oversight Board. The Wall Street Journal reported Thursday that the SEC is investigating whether Duhnke violated any rules relating to the handling of internal complaints at the PCAOB. Duhnke was abruptly
The country’s workforce has changed significantly because of the COVID-19 outbreak. Pew Research mentions that, in December 2020, as much as 54 percent of workers wanted to keep working remotely even after the epidemic’s end. Working from home brings with it a lot of concern from an accounting perspective. Tax requirements
Accounting firms, like many businesses, are reopening their doors as the COVID-19 pandemic recedes thanks to wide availability of vaccines in the U.S., but they’re trying to avoid alienating staff. Firms have been welcoming back employees who have been working from home for over a year, but giving them options
Resident tax guru Julian Block answers some pointed reader questions on expense reporting for freelance writers, which remain despite IRS guidance. Query: I’m a self-employed freelance writer, whose output includes hundreds of articles for print and electronic publications, as well as several books. Back in the pre-pandemic autumn of 2019,
The Financial Accounting Standards Board released a proposed accounting standards update Wednesday with the goal of improving the discount rate guidance for lessees that are not public businesses, such as private companies, not-for-profits and employee benefit plans. The proposed update aims to reduce the expected cost of implementing the leases
