KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - FEBRUARY 2022

1. IRS Sets April 18 as Tax Deadline

The IRS recently announced that taxpayers will have until April 18, 2022, to file and pay income taxes or to request an automatic six-month extension. The reason for the delay is due to a holiday recognized in Washington, D.C Emancipation Day. Read More

2. Transition Advisors merges with Whitman Business Advisors

Transition Advisors and Whitman Business Advisors announced that they have merged to form Whitman Transition Advisors, effective immediately, creating the largest M&A and consulting organisation focused exclusively on CPA firms in the country. Read More

3. Treasury rule provides flexibility for state and local government pandemic aid

State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds (SLFRF) program as a result of a new final rule. Read More

4. CAQ and American Accounting Association revamp research partnership

The Center for Audit Quality and the American Accounting Association are making changes to their Access to Audit Personnel research partnership program. Read More

5. CBIZ Acquires Accounting Firm Marks Paneth

National accounting, financial, insurance and advisory services firm CBIZ, Inc. has acquired the non-attest assets of Marks Paneth LLP, effective January 1, 2022. Read More

6. GASB to consider governmental going concern standards

GASB is undertaking a major project concerning uncertainties and severe financial distress, as well as pre-agenda research activity on subsequent events, as part of its technical plan for the first four months of this year. Read More

7. Single audit clarity provided related to pandemic relief programs

Practitioners who perform single audits have more clarity about requirements and procedures related to two key federal government COVID-19 relief programs, and more information from the Office of Management and Budget (OMB) is expected this month. Read More

8. Tax pros focusing on recruiting and training new talent

Tax leaders are concentrating on recruiting and training new and existing talent this year, while emphasizing personal development and health and wellness in order to attract and retain good people, according to a new survey. Read More

9. Parthenon Capital to Acquire RSM’s Wealth Management Practice

RSM US LLP (“RSM”), the nation’s leading provider of audit, tax and consulting services focused on the middle market, and Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, today announced they have entered into an agreement for Parthenon to acquire RSM US Wealth Management LLC. Read More

10. FASB issues 2 new financial accounting concept statements

New concept statements released Wednesday address financial statement elements and factors FASB should consider in developing accounting guidance. Read More

11. IAASB looks for feedback on auditing standard for less complex entities

The International Auditing and Assurance Standards Board is surveying stakeholders about a proposed standard for easing the audit requirements for less complex companies, while beefing them up for more complicated structures. Read More

12. IRS makes Tax Exempt Organization Search primary source to get exempt organization data

The Internal Revenue Service announced today that the publicly available data it provides on electronically filed Forms 990 in a machine-readable format will be available solely on the Tax Exempt Organization Search webpage. Read More

13. GASB adds going concern project to agenda

The Governmental Accounting Standards Board is adding a major project concerning uncertainties and severe financial stress to its technical plan for the first third of this year. Read More

14. Fintech startup LiveFlow raises $3.5M seed to automate financial data flows

Fintech startup LiveFlow has raised a $3.5 million seed round, led by Moonfire Ventures with backing from Y Combinator, Seedcamp and WndrCo. Read More

15. IMA outlines entry-level skills for accountants

The Institute of Management Accountants released a report describing the essential competencies it sees as necessary for all entry-level accountants. Read More

16. Small biz raised hourly wages to $30 in December

Employees at small businesses saw their average hourly earnings hit a record high in December, while employment levels kept rising, according to a report released Tuesday by payroll giant Paychex. Read More

17. Cryptocurrency Considerations for CPAs

Cryptocurrency is becoming increasingly popular as a payment method and investment opportunity, which means CPAs will be dealing with this technology more frequently.  Read More

18. Audit chiefs see corporate governance declining

Corporate governance received a grade of B and has slipped over the past year, according to a new survey of chief audit executives. Read More

19. H&R Block launches the challenger bank it teased last year

On Thursday, the Kansas City company announced the launch of Spruce, a challenger bank it first teased last March. At the time, Chief Executive Jeff Jones said he wanted to diversify the company’s product set and target low- to moderate-income customers without strong banking relationships. Read more

20. KPMG U.S. announces $160M increase in salaries

Big Four firm KPMG announced a nearly $160 million investment in salary increases Tuesday, increasing pay for approximately 30,000 employees. Read More

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