September 12th, 2014
Opposition to the mandated use of accrual accounting grew this week, as a bipartisan majority of the House of Representatives urged Congressional leaders to remove the requirement from proposed tax reform legislation.
Saying the requirement for taxpayers with $10 million or more in income to switch to accrual accounting “will have a severely detrimental impact on thousands of businesses in our districts,” 233 House legislators from both sides of the aisle signed the letter to preserve cash accounting. Read the rest of this entry »
September 8th, 2014
The balance between work and life is getting better on Wall Street, say the finance professionals who work there. They rated the Blackstone Group number one among all banking firms in the annual survey of the best firms, conducted by career research firm Vault. As prestigious a brand as Blackstone is, and as strong a program as it offers for junior bankers, the survey respondents ranked it in the top five for it s quality of life. It was the second year in a row that Blackstone Group beat Goldman Sachs for the top spot on the Vault Banking 50. Overall, the 3,600 respondents to the annual Vault survey said the work-life balance among Wall Street firms improved. The average is now average 7.09 points,up from 6.90 last year. The New York Times
July 14th, 2014
A Fitch Ratings report says it’s unlikely the United States will adopt the complete International Financial Reporting Standards any time soon.
Parts of the standards may be accepted, but hurdles remain in three joint project areas – financial instruments, insurance and leasing.
Fitch says the (U.S.) Financial Accounting Standards Board and the International Accounting Standards Board are finding differences in financial products and in how to apply the standards to be the key challenges to adopting the standards for financial instruments. U.S. accounting representatives to the joint projects also raised concerns about the likelihood that the insurance standards affect both insurers and non-insuring issuers. Read the rest of this entry »
May 2nd, 2014
Long before the world began using Excel for shopping lists and to keep track of appointments, CPAs embraced the powerful spreadsheet program, which has all but replaced the calculator and pencil as accounting’s most commonly used tool.
The profession was equally quick to adopt other programs as they came along. Who hasn’t heard of Quickbooks, the best friend of bookkeepers (and small business accountants)? Read the rest of this entry »
April 7th, 2014
This is crunch week at accounting firms across the U.S. With the clock tick-tocking down to April 15th, lights will be burning late into the night — and in more than a few places, won’t be shut off at all.
At this point, there’s not much you can do about the late hours and the unhealthy lack of sleep. One thing you can do this week is to reject all the junk food and high carb, high fat foods that get ordered in for lunch and dinner. Read the rest of this entry »
February 25th, 2014
In collaboration with Latham & Watkins, the Managed Funds Association, trade group for the hedge fund and alternative assets industry, is out with a new hedge fund glossary. The MFA is offering the law firm’s Book of Jargon – Hedge Funds on its website. With some 900 terms, the glossary is a complete set of key terms, phrases, and definitions specific to all aspects of the global hedge fund industry. The Book of Jargon – Hedge Funds is also available as a free app that allows users to access the information on Apple’s iPhone and iPad devices.
February 7th, 2014
No sooner did you finish closing out 2013, then the 1099 and W-2 deadline popped up and now its month-end closing. No wonder your finance department is starting to yell “Uncle!”
Even if you haven’t looked at the calendar since 2013 became 2014, your accountants have, and they know they are only weeks away from a day that most of America’s dreads – April 15. Read the rest of this entry »
January 9th, 2014
Two leading accounting associations say 2014 could be the year that sees a new C-level executive taking an office in the C-suite: the Chief Financial and Technology Officer. The Association of Chartered Certified Accountants and the Institute of Management Accountants are using January’s second observance of CFO Month to raise awareness of the tight connections between a company’s digital data and its financial performance. Read the rest of this entry »
December 24th, 2013
Optimism is running high among CFOs and other top finance executives who say 2014 is going to be a good year for the country, their own company, and hiring. The annual Business Outlook Survey by the Association for Financial Professionals found 52% of finance executives predicting the year may get off to a bumpy start, but it will pick up steam in the second half. This is the largest percentage of optimists since before the recession in 2008. The largest share expect the year will see a 2.1% growth in GDP. But 11 percent are are even more positive, and predict a 3% rise in overall national growth. The survey also revealed that finance executives now expect their companies to begin hiring, both in U.S. and abroad, with 43% anticipating expanding U.S. payrolls. AFPOnline.org
December 9th, 2013
With no less than 41 different state income tax reporting requirements, employer groups and trade associations have been giving their support to two bills in Congress that would simplify tax rules nationwide.
Instead of requiring state withholding and tax filings by both employer and employee after only a day of working in a state, the simplified rules would require non-resident workers to comply with local tax rules only after having worked in the state for 30 days.
Among the industries especially impacted by multi-state tax situations are staffing firms that place workers in short-term on-site positions, as well as employers with multiple offices across the country. Depending on where an assignment is located, an employer may have to pay state taxes and workers have to multiple income tax forms to file, just to get a modest refund of their withholding. Read the rest of this entry »