DAILY BRIEFING

View in browser

July 22, 2021

Prepared for Voornaam

4 ways to improve your client relationships

By Nathan Liao      

Every one of your clients wants to work with an accountant they can trust and rely on.  View story →

Companies reexamine their lease accounting as they rightsize space during COVID

By Michael Cohn       14 min read

Businesses are downsizing their office space and renegotiating leases as employees work from home, and they need to look at how they’re accounting for the leases under the new rules. View story →

RELATED

Can we save the climate through better bookkeeping? Yes! →

We need to measure the amounts of greenhouse gases that are emitted and removed from the atmosphere, and get them to 'net zero.'

IRS overlooked FEMA numbers to verify casualty and theft loss deductions

By Michael Cohn       4 min read

The service didn’t flag hundreds of millions of dollars of unsupported deductions. View story →

The sad state of accounting standards

By Baruch Lev       5 min read

NYU accounting professor Baruch Lev on three ways standard-setters can significantly improve their agendas. View story →

FloQast scores $110M in latest funding round

By Michael Cohn       2 min read

The developer of accounting workflow automation software raised its valuation to $1.2 billion. View story →

SPONSOR CONTENT

ASC 842 and IFRS 16 Lease Accounting Software from CoStar

Lease accounting software from CoStar analyzes and classifies leases for new lease accounting requirements Watch here →

Yellen confronts clashing deadlines to clinch global tax accord

By MacKenzie Hawkins and Laura Davison       4 min read

U.S. lawmakers are wary of passing any legislation until they have strong assurances that other countries will also change their laws.  View story →

Follow Accounting Today in real time. More ways to get the most trusted industry news and analysis.

Twitter

Facebook

LinkedIn

Crypto software firm TaxBit discusses funding at unicorn value

By Gillian Tan       1 min read

The company automates all aspects of cryptocurrency tax compliance, and is looking at a valuation north of $1 billion. View story →

Can we save the climate through better bookkeeping? Yes!

By Robert Hinkle and Peter R. Orszag       3 min read

We need to measure the amounts of greenhouse gases that are emitted and removed from the atmosphere, and get them to 'net zero.' View story →

Democrats reject GOP call for conditions on debt-limit hike

By Erik Wasson and Laura Litvan       3 min read

Accounting gimmicks may be needed to keep the federal government from defaulting. View story →

The coming shift in sales tax compliance

By Roger Russell       3 min read

A new survey by Sovos highlights the ongoing digital evolution of the field. View story →

Ex-IRS tech employee convicted of fraud

By Michael Cohn       2 min read

A federal jury convicted a former Internal Revenue Service IT specialist on fraud charges for stealing a victim’s identity and using it to buy $58,000 worth of plane tickets, hotel rooms and home-remodeling materials. Read story →

GASB proposes to improve notes to financial statements

By Michael Cohn       2 min read

The Governmental Accounting Standards Board released a proposed concepts statement to guide GASB when establishing note disclosure requirements for state and local governments.  Read story →

Wyden introduces bill to overhaul pass-through deduction and expand to accountants

By Michael Cohn       6 min read

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000. Read story →

In the blogs: Large unknowns

By Jeff Stimpson       4 min read

The pandemic and financial crimes; another provider leaves; why CRM and accounting don’t mix; and other highlights from our favorite tax bloggers. Read story →

DHG announces hybrid work model

By Sean McCabe       2 min read

Top 20 Firm Dixon Hughes Goodman will launch DHG Anywhere, a new work model focused on flexibility for both staff and clients, in September. Read story →

RESOURCES

WEB SEMINAR

Helping nonprofits navigate the future

Tuesday, July 27, 2021 2:00 PM EDT

Few clients need their accountants’ help more than nonprofit organizations, which face a host of constraints and new expectations even in the best of times – but with the COVID-19 pandemic having seriously impacted their ability to both fulfill their core missions and raise much-needed funds, nonprofits need help more than ever. Learn More →

SPONSORED BY SAGE INTACCT

EBOOK

Bridge your ERP gaps with financial automation

Discover the challenges, benefits, and framework to optimize your financial close in five steps with this comprehensive eBook. Download Now →

SPONSORED BY ADRA BY TRINTECH *

REPORT

Covid-19 exposed weaknesses in organizations’ financial close process and accelerated the path towards automation

Trintech conducted a global survey of 486 financial professionals to assess their biggest challenges and their plans for future innovation. Learn More →

SPONSORED BY ADRA BY TRINTECH *

More resources →