AICPA & CIMA leader’s tenure includes the creation of the CGMA designation and creation of the Association of International Certified Professional Accountants.
HSA inflation-adjusted maximum contribution amounts for 2025 announced
After steep increases for 2024, the HSA maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
Advice for building trust when everything’s changing
Joselin Martin, CPA, CGMA, joined a construction company where the founder was adjusting to his new role as a senior executive. Jeff Livesay, CPA, CGMA, was hired to help transition a firm from first generation to second with its first new leadership team in nearly 40 years — at the same time the firm started […]
COBRA premium assistance credit under ARPA clarified
In 86 questions and answers, the IRS in Notice 2021-31 gave employers, health care plans, and insurers background and clarifications on how to provide premium assistance for COBRA health care continuation benefits to affected employees and other beneficiaries and claim a corresponding tax credit. The temporary premium assistance and credit are available under the American […]
Restaurant Revitalization Fund to stop accepting applications Monday
The Restaurant Revitalization Fund (RRF) will officially stop accepting applications Monday, May 24, at 8 p.m. ET, the U.S. Small Business Administration (SBA) announced. While the application window won’t close until Monday, it realistically remains open only to the smallest providers of on-site food and drink. The SBA revealed last week that the RRF had […]
Diverse faculty attracts diverse students
Having diversity in the front of the classroom benefits all students, especially the students of color who may not be used to seeing people like themselves in that position, said Mark Dawkins, CPA, Ph.D., professor of accounting at the University of North Florida and the first Black CPA, Ph.D., president-elect of the American Accounting Association. […]
Finance leaders search for opportunities as outbreak drags on
Altman sees opportunity in the logistics sector as companies reinvent their supply chains, including investment in new delivery hubs. But Welch Equipment’s revenues are down from last year — partially a result of the sales cycle, but also a slowdown for some clients’ facilities. “What has curtailed us is the companies who have really not […]
COVID-19 decisions create data dilemma for businesses
Businesses have struggled for years to control and track the movement of data throughout the organization. The COVID-19 pandemic has further exacerbated this issue. Problems with connectivity and interoperability between legacy systems and software-as-a-service (SaaS) platforms prompted employees to consistently use personal instances of cloud-based services to aid in the completion of their work. As […]
TQAs discuss nongovernmental health care entities’ pandemic-related issues
Nongovernmental health care entities’ accounting for coronavirus pandemic-related governmental assistance is addressed in Technical Questions and Answers issued by the AICPA on Wednesday. TQAs 6400.63–.70 were developed by the AICPA Health Care Expert Panel and provide background and nonauthoritative accounting information for nongovernmental health care entities, which include business entities and not-for-profits. Information is provided […]