DAILY BRIEFING

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May 5, 2021

Prepared for Voornaam

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Welcome to the new Accounting Today Daily Briefing newsletter! This updated look and feel is intended to deliver the must-read stories and ideas impacting your firm in a more dynamic and engaging way. Use your Accounting Today credentials to access our newsletter preference center, where you can sign up for additional mailings like breaking news alerts, real-time analysis and fresh ideas delivered every day.

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Editor-in-Chief

Expect a ‘more aggressive’ compliance landscape for taxpayers

By Roger Russell       5 min read

After a pause during COVID, experts predict an increase in tax controversies. View story →

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Editorial Team

Tech news: Bill.com and Square offer SMBs pandemic education, and more

By Ranica Arrowsmith      

Sovos buys Chilean e-invoicing and doc management company; and Workiva adds ESG reporting.  View story →

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Tech news: Bill.com adds Microsoft Dynamics integrations, and more →

AuditBoard releases risk and compliance software, and a new crypto payment platform is available.

Is a sea change in capital gains tax in the offing?

By Roger Russell       4 min read

Biden administration proposals could radically reshape how wealthy Americans are taxed. View story →

Michael Jackson estate wins smaller tax bill in court

By Michael Cohn       4 min read

The estate of the late singer prevailed on the valuation of his name and likeness and the taxes owed to the IRS in a long-awaited Tax Court ruling. View story →

EY acquires Frank Hirth

By Michael Cohn       2 min read

The Big Four firm has bought a large London-based firm that provides U.K. and U.S. personal tax services.  View story →

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Square now offers ACH Payments

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5 marketing strategies for driving organic growth

By Lee Frederiksen       4 min read

Even if your firm has an M&A plan in place as part of its growth strategy, you’ll also want to achieve at least some of your growth through sales.  View story →

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Small business hiring jumps in April

By Michael Cohn       2 min read

The numbers reflect a strong bounce back in the economy as companies emerge from the COVID-19 pandemic. View story →

In the blogs: Yes, you May

By Jeff Stimpson       3 min read

Possibly more on stretch IRAs; addressing the gap; the SALT cap and progressive taxation; and other highlights from our favorite tax bloggers. View story →

Biden tax rule could kill the step up in basis

By Caleb Melby and David Kocieniewski       7 min read

Congress estimates that the rule currently costs the government about $43 billion a year. View story →

Under Armour to pay $9M to settle SEC probe

By Matt Robinson       1 min read

The commission said the sports apparel company booked revenues earlier than it should have because it was at risk of missing analyst estimates. View story →

CAQ offers advice on auditing SPACs

By Michael Cohn       2 min read

The Center for Audit Quality released an alert Monday discussing the audit considerations surrounding a private company entering the public markets through a merger with a special purpose acquisition company. Read story →

CLA snags $11M in opportunity zone funding for clients

By Michael Cohn       5 min read

CliftonLarsonAllen LLP has managed to secure $11 million in opportunity zone funding for a client building a multifamily development in South St. Paul, Minnesota.  Read story →

FASB clarifies accounting for call options

By Michael Cohn       2 min read

The board released a standards update to improve the accounting for modifications or exchanges of freestanding equity-classified written call options, such as warrants. Read story →

Biden plan would give IRS authority to regulate tax preparers

By Michael Cohn       4 min read

The American Families Plan includes provisions that would expand Internal Revenue Service oversight of tax preparers. Read story →

Gilded launches crypto payroll platform

By Ranica Arrowsmith       2 min read

Mass Pay allows businesses to pay up to 500 employees at once with Ethereum-based cryptocurrency tokens.  Read story →

RESOURCES

WEB SEMINAR

Increasing transparency through ESG disclosure

Wednesday, May 5, 2021 2:00 PM EDT

Whether you are an accountant who is involved in the preparation of financial statement disclosures or an accountant who makes it a priority to stay current with trending topics in the accounting industry, joins us for this important webinar. Learn More →

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10 step guide to an efficient vendor invoice process

Our 10-step guide will walk you through step-by-step so you can stop paying invoices and start leveraging accounts payable. Learn More →

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Cryptocurrency, blockchain and your clients

Thursday, May 27, 2021 2:00 PM EDT

In very different ways, blockchain and cryptocurrencies offer new opportunities to accountants. Learn More →

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