Critical Audit Matters: What Firms Are Reporting, A Solution to Complex Accounting Standards, and more - October 15, 2019 News

by MICPA | Oct 16, 2019   ()

Critical Audit Matters: What Firms Are Reporting
The first auditor's reports containing the Public Company Accounting Oversight Board’s (PCAOB) newly required critical audit matters are available in public company annual reports. A Journal of Accountancy analysis shows that auditors are following a thorough process in their reporting and reveals the most common issues reported in critical audit matters.
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Podcast: A Solution to Complex Accounting Standards
As a recent episode of the Small Firm Philosophy podcast explains, the Financial Reporting
Framework for Small- and Medium-Sized Entities (FRF for SMEs) may be a good fit for CPAs’ small business clients.

IRS Clarifies the Tax Treatment of Certain Cryptocurrency Transactions
As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly
changing area, the IRS issued two new pieces of guidance for taxpayers who engage in
transactions involving virtual currency.
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2 Million ITINs Set to Expire in 2019
Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal
application soon. An ITIN is a tax ID number used by taxpayers who don't qualify to get a Social Security number.
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Podcast: How Companies Are Managing Costs to Transform
Finance professionals have the ability to help companies meet cost targets to enable
transformation that can create an advantage over competitors. This podcast from Financial
Management explains how it's done.

Wayfair's Impact on Not-For-Profit Purchases and Revenues
Several states provide sales tax exemptions to not-for-profits, whether they be for purchases to support their mission, their sales, or both. The Tax Adviser explains how those rules interact with the new broadened sales tax nexus standards.
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Pitfalls and Treasures of the QBI Deduction
The Tax Advisor reviews potential good and bad parts of the qualified business income (QBI) deduction that could easily be overlooked in tax planning for small businesses. One of those pitfalls is the deduction's effect on retirement plan contributions.
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Trends That Are Shaping Social Security
This article from USA Today offers a closer look at Social Security, touching on topics such as the cost-of-living adjustment, average benefits and the financial health of the program.
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Don't Fall for These 6 Cybersecurity Myths
When counseling business on data security, the discussion often begins with misconceptions around vulnerability, the nature of cybercrime agents, and the liability businesses may face in the event of a cyberattack. looks at six such misconceptions.
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2020 CPA Exam Updates are Around the Corner
Starting January 1, 2020, there will be major changes to the FAR exam, specifically surrounding Financial Instruments - Credit Losses. Roger CPA Review outlines all the changes candidates need to know about the 2020 updates.
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Free Exam Questions for Your Candidates
For a limited time, the AICPA has released 140 free CPA Exam multiple-choice questions (MCQs) that were previously used in one of the four live Exam sections. Download these MCQs now through Dec. 31.
Download Now

Up to $100,000 in Scholarships for Lucky Students – and Firms
Five firms across the country will have a chance to develop the next generation of CPAs while getting a leg up on recruitment. But first, you must apply to participate in the PCPS George Willie Ethnically Diverse Student Scholarship and Internship program.
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Source: MICPA
Source: MICPA

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