Accounting
CFO Optimism Hits Highest Mark in 3 Years
Grant Thornton’s Q2 2024 CFO survey of more than 225 senior financial leaders revealed several other positive indicators.
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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Accounting Standards
AICPA Comments and Requests to Testify on Foreign Trust Proposed Regulations
The submitted recommendations will simplify filing for taxpayers and practitioners, reduce the administrative burden on the IRS
Accounting
AICPA Comments on Proposed Regs on Excise Tax on Repurchase of Corporate Stock
Section 4501(a) was enacted as part of the Inflation Reduction Act of 2022 and provides that a covered corporation is subject to “a tax equal to 1 percent of the fair market value of any stock of the corporation which is repurchased by such corporation during the taxable year.”
Small Business
Retailers Saw Moderate Growth in June
Total retail sales, excluding automobiles and gasoline, were up 0.47% seasonally adjusted month over month and up 3.42% unadjusted year over year in June, according to the Retail Monitor.
Accounting
Andersen Global Adds Valuation Capabilities in Nigeria and South Africa
These additions mark Andersen’s first valuation service offerings in Africa, adding to the firm’s global valuation service offerings in North America, Europe, Latin America, the Middle East, and Asia.
Payroll
68% of Americans Think They Are On Track for Retirement, But Worry it Won't Last
Sixty-eight percent of savers with access to a retirement plan at work believe they are on track with retirement savings, up 12% from last year, due in part to improved market conditions. But for those who feel off-track, long-term uncertainty about how much savings (41%) or retirement income they will need (43%) are top of mind.
Accounting
Workiva Adds New Global Internal Audit Standards to Audit Management Platform
Released by the Institute of Internal Auditors (The IIA), the Global Internal Audit Standards are designed to equip internal audit professionals to respond to emerging business challenges and engage with board members and executives as strategic partners for their organizations.
Accounting
insightsoftware Acquires LeaseAccelerator
The acquisition extends insightsoftware’s market reach in the U.S. and enhances its lease accounting and administration solutions. LeaseAccelerator offers a core capability crucial for CFOs and Controllers that provides full control over the entire lease lifecycle.
Accounting
ERP Provider Zone & Co. Acquires Staria Flow AP Automation System
Staria Flow is designed to streamline accounts payable processes and payments offering users increased efficiency and control over their financial operations.
Advisory
Accounting Firm Adds New Subsidiary, Schneider Downs Capital
Schneider Downs & Co. introduces a new subsidiary: Schneider Downs Capital LLC (SD Capital), a focused team of value advisors specializing in middle market transactions.
Accounting
Becker Launches Tax Representation Training with Tax Rep Network
Topics will include: IRS Enforcement of Individuals, Examinations of Cash-Intensive Businesses, IRS Collection Process, the Inside Secrets to Tax-Liens. New webcasts will be added monthly.
Small Business
Hidden Fees Surprise E-Commerce Shoppers as Global Sales Challenges Increase
Around two-thirds of both the 16–24-year-old (63%) and 25-34-year-old (68%) age groups surveyed made international purchases in the last year, compared to only 41% of shoppers over the age of 55.