DAILY BRIEFING

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May 26, 2021

Prepared for Voornaam

Tax Strategy: Planning for the American Families Plan

By Mark A. Luscombe      

The Biden administration proposal contains many, but not all, of the tax provisions the president campaigned on. View story →

Digital tax uncertainty worries PE/VC managers

By Roger Russell       3 min read

Even as they look to ramp up acquisitions, funds are worried about the potential impact of these much-discussed taxes. View story →

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Tech news: Xero ecosystem now 1,000 apps strong, and more →

Anduin provides its billing solution to BDO firms, and TaxDome software updates improve e-sig capabilities.

4 productivity tools your firm cannot go without

By Kyle Walters      

$50 a month can upgrade your business and your relationship with clients. View story →

SEC reaches out to accountants on ESG disclosures

By Michael Cohn       5 min read

The Securities and Exchange Commission wants input from accountants on rules it is developing for disclosing climate risks and environmental, social and governance reporting. View story →

LeaseCrunch debuts lease accounting audit software

By Ranica Arrowsmith       1 min read

LeaseCrunch Verify allows firms to add client accounts from one dashboard and enter and test a sample size of their leases. View story →

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AICPA, CIMA offer audit risk guidance for crypto

By Michael Cohn       2 min read

The American Institute of CPAs and the Chartered Institute of Management Accountants jointly released guidance Tuesday for auditing and accounting for the risks of digital assets such as cryptocurrency. View story →

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The 529 puzzle: A college savings plan cheat sheet for advisors

By Lynnley Browning       5 min read

Plans sold through brokers cost nearly three times as much as those sold directly; time-stressed parents can find it’s worth it. View story →

In the blogs: Backward glances

By Jeff Stimpson       4 min read

Basis debate; relief to come; underreporting and the gap; and other highlights from our favorite tax bloggers. View story →

Warren floats $31.5B plan to pursue tax cheats

By Laura Davison       3 min read

The senator is proposing to nearly triple the IRS’s budget to help identify wealthy individuals who are evading taxes. View story →

Republicans plan new offer to Biden

By Erik Wasson and Steven T. Dennis       3 min read

GOP lawmakers reject the White House’s latest counteroffer of $1.7 trillion as too costly and object to corporate tax increases. View story →

Get ready for big political fights over carbon accounting

By Akshat Rathi       3 min read

The goal of the offset market is to reduce emissions, but without clear accounting and strict regulations there’s a big risk of greenwashing. Read story →

Gamified training gives accountants fun whodunits to solve

By Michael Cohn       4 min read

Continuing education courses can sometimes put accountants and tax professionals to sleep, but a new breed of e-learning is making the process more enjoyable and engaging. Read story →

IRS tests secure transcript technology for tax pros

By Michael Cohn       2 min read

The Internal Revenue Service has been pilot testing new technology allowing for secure tax transcript retrieval that can integrate with an accounting firm’s practice management system. Read story →

Aquinas College adds accounting and auditing program for non-CPAs

By Sean McCabe       1 min read

The Grand Rapids, Michigan-based institution is adding the online program due to the growing demand for IT professionals in the accounting and finance space. Read story →

IRS plans virtual tax forums for July

By Michael Cohn       2 min read

The service plans to host its tax forums online again this summer starting July 20. Read story →

RESOURCES

WEB SEMINAR

Rethinking audience engagement in accounting

Wednesday, May 26, 2021 11:00 AM EDT

In session, Accounting Today Editor-in-Chief, Daniel Hood, to share the editorial outlook for the remainder of 2021 and provide an in-depth view of the Accounting Today audience. Learn More →

WEB SEMINAR

Build a 21st century indirect tax practice

Thursday, June 24, 2021 2:00 PM EDT

Accelerating your firm toward a 21st century practice is possible for firms of any size.  Learn More →

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Building the modern tax department of the future: Embracing technology to drive your business

Wednesday, June 23, 2021 2:00 PM EDT

Tax reform, specific tax work-streams, acquisitions, keeping up with changing business activity and macro changes related to politics and the economy has put even more strain on corporate tax departments.  Learn More →

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