If you are like many of the tax practitioners I’ve talked to lately, the 2020 filing season felt like a rambling run-on sentence.
Because of the pandemic, last year’s April 15 filing deadline was extended to July, which ran into fall extension season and bled into more tax legislation. Now we are staring down another April 15 deadline probably not as rested and refreshed as we usually are in late February.
However, to put things in perspective, I’d like to share one of my favorite quotes (I routinely say some version of this to my teenager, whether she wants to hear it or not):
“Attitude is a choice. Happiness is a choice. Optimism is a choice. Kindness is a choice. Giving is a choice. Respect is a choice. Whatever choice you make makes you. Choose wisely.”
Roy T. Bennett
Continue reading "6 wise choices to start this tax season strongly" »
“Same as last year?” Definitely not.
This year won’t be “business as usual” for auditors. Auditors are navigating a new revenue recognition standard and still dealing with pandemic-related disruptions. CPAs have worked hard to perform audits under uncertain circumstances since the pandemic began, and that work will continue this year.
The AICPA® will help you prepare for these changes so you can keep performing high-quality work. We talked to experts — more than 230 peer reviewers — about the challenges auditors are facing around revenue recognition and the current business environment. We’ve also identified resources that will help you audit successfully.
Continue reading "Top audit challenges in 2021: peer reviewers weigh in" »
Cyber breaches have become more common threats for businesses. The COVID-19 pandemic accelerated the digitalization of many companies and a shift to remote working. That increased first-quarter cybercrime 273% in 2020 compared to 2019. The new and innovative ways hackers found to steal company data cost U.S. businesses an average of $8.64 million per breach. Even more startling: small businesses were victims of nearly a third of all cyberattacks.
What new trends, patterns and hacks can we expect this year? How can CPA firms protect their practice and their clients from cyberattacks?
Continue reading "Three cybercrime trends to prepare for in 2021" »
They say money can’t buy love, but it can buy heartbreak. Love and finances are exceedingly complex subjects, so it makes sense that it only gets more complicated when you combine them. With Valentine’s Day just around the corner, the AICPA® Financial Literacy Commission encourages Americans to give their loved ones the gift of an honest talk about money.
Nearly three in four (73%) married or cohabitating Americans say financial decisions have caused tension in their relationships. Of these, nearly half (47%) admit that this tension has negatively affected intimacy with their partner. This is all according to a recent AICPA survey The Harris Poll conducted on behalf of the American Institute of CPAs® (AICPA).
Continue reading "This Valentine’s Day, talk money" »
Millions of smaller organizations have used digital transformation to reinvent the way they work during the pandemic. The accounting profession is no exception. Fully 97% of respondents to an informal poll of AICPA and CIMA members in late fall 2020 said COVID-19 accelerated digital transformation in their organizations, firms and small businesses.
That poll was part of a series to learn more about AICPA and CIMA members’ perceptions on how to keep digital transformation in process. The data, while not statistically representative of the whole member community, offers a quick snapshot of the concerns many organizations may need to address on their digital transformation journey.
Continue reading "How your peers are moving digital transformation forward" »