Payroll
IRS Updates Guidance on RMDs
The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries.
Isaac M. O'Bannon
Managing Editor
isaac.obannon@cpapracticeadvisor.com
Isaac M. O'Bannon is the managing editor and digital content manager for CPA Practice Advisor (www.CPAPracticeAdvisor.com), drawing on two decades of experience covering the areas of professional accounting, taxation, business productivity and consumer technologies.
Prior to CPA Practice Advisor, O'Bannon was a consultant at firms in San Francisco, Denver and Tulsa, serving clients that included Logitech, Polycom, Hilti, Microsoft, the Stanford Research Institute, the University of Oklahoma's College of Engineering and other technology leaders. He is a U.S. Navy veteran.
Email: isaac.obannon - @ - cpapracticeadvisor.com
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Firm Management
Long Island-Based S&P Financial Services Joins Avantax
S&P Financial’s mission is to build strong, multi-generational relationships with clients by offering them clarity, education, confidence, and complete disclosure when approaching their financial strategies.
Taxes
Federal Court Shuts Down New York Tax Preparer
A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer.
Payroll
Half of U.S. Businesses Report Lower Salary Budgets for 2024 than Previous Year
The report found employers are being more conservative with their salary budgets as they anticipate lower demand resulting in longer-term stability in their employee base following a period of high resignation and turnover.
Small Business
Retail Sales Saw Modest Gains in June
The Census Bureau said overall retail sales in June were unchanged seasonally adjusted month over month but up 2.3% unadjusted year over year. That compared with increases of 0.3% month over month and 2.6% year over year in May.
Auditing
AuditBoard Launches New Capabilities to Conform With New IIA Global Standards
These new capabilities are immediately available within AuditBoard’s top-rated Audit Management Solution, which benefits from the powerful and proprietary AI capabilities of AuditBoard’s connected risk platform.
Taxes
AICPA Requests Clarification on Corporate AMT Form 4626, Part V
The clarification would ensure that corporations that have already determined themselves to be an “applicable corporation” for purposes of the CAMT may skip Form 4626, Part V.
Nonprofit
Grant Thornton Names 20th Purple Paladin: Money Magnets Club
Through the program, Grant Thornton helps emerging nonprofit organizations move from “start-up to unstoppable” and provides funding, business advice and volunteer support, while also helping nonprofits raise awareness of their work and mission.
Accounting
U.S. Uniform CPA Examination is Now Offered in the Philippines
With the increasing globalization of business, many people who live abroad are interested in obtaining the U.S. professional designation. AICPA and NASBA, in partnership with their test provider Prometric, currently offer the U.S. CPA Exam in 18 countries aside from the Philippines.
Small Business
Clio Launches Accounting Solution for Law Firms
Clio Accounting is a legal-specific bookkeeping and accounting solution designed to address the unique financial needs of law firms.
Advisory
New SmartVault and Liscio Integration Paves the Way for Flexible Accounting Tech Stack
The integration is particularly timely as firms seek to replace outdated systems before the upcoming tax season.
Accounting
Embracing Technological Change and Expanding Advisory Services are Critical to Internal Audit Profession
The report identified several positive technology-driven changes that are expected transform internal audit over the next decade.