Key Accounting Industry and Insights Updates August 2022

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KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES -
AUGUST 2022 1. Grant Thornton releases a cloud
solution for quality management.
Grant Thornton LLP has introduced qm.x, a
cloud-enabled application that facilitates
accounting firms efforts to implement new
quality guidelines from the International
Auditing and Assurance Standards Board (IAASB).
Read More
2. ETAAC praises IRS e-file initiatives and
slams 'funding uncertainty.
The IRS Electronic Tax Administration Advisory
Committee said in its recent report that the
service has demonstrated its skill at executing
appropriately funded technology and process
modernization projects, but warned it will need
more support if it wants to meet its true
potential. Read More
www.entigrity.com
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3. GOP lawmaker proposes to double RD tax credit
Rep. Jackie Walorski, R-Indiana, a senior member
of the tax-writing House Ways and Means
Committee, has introduced legislation to double
the size of the research and development tax
credit and enable more small-business startups to
claim it. Read More
4. GOP lawmaker proposes to double RD tax credit
Rep. Jackie Walorski, R-Indiana, a senior member
of the tax-writing House Ways and Means
Committee, has introduced legislation to double
the size of the research and development tax
credit and enable more small-business startups to
claim it. Read More
www.entigrity.com
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5. Ernst Young's IPO will create a lot of sour
grapes
When partnerships resolve to promote their
companies into the general public markets via an
preliminary public providing, its at all times
concerning the cash even when it isnt solely
concerning the cash. Read More
6. Black CPA Centennial distributes 93.5K in
scholarships
When partnerships resolve to promote their
companies into the general public markets via an
preliminary public providing, its at all times
concerning the cash even when it isnt solely
concerning the cash. Read More
www.entigrity.com
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7. Crypto crash halts states' plans to accept
Bitcoin for taxes
Two US states are steaming ahead with programs
that will permit taxes to be paid in
cryptocurrency, but the idea has been shelved
almost everywhere else in the wake of the crash
that has erased hundreds of billions of dollars
worth of digital assets. Read More
8. MassCPAs expands high school outreach via
community college
The Massachusetts Society of CPAs committed
25,000 Tuesday to Bristol Community College in
Fall River to support the expansion of early
college programs and courses in public high
schools. Read More
www.entigrity.com
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9. Audit partners skeptical about the economy,
inflation risks
Most audit partners in the U.S. are not
optimistic about the economic outlook over the
next 12 months, according to a new survey by the
Center for Audit Quality, seeing the top economic
risks to businesses as inflation, labor
shortages, and supply shortages and supply chain
disruptions. Read More
10. FASB proposes changes in insurance standard
transition rules
Targeted Improvements to the Accounting for
Long-Duration Contracts (LDTI), for contracts
that have been derecognized because of a sale or
disposal of individual or a group of contracts or
legal entities before the LDTI effective date..
Read More
www.entigrity.com
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11. Global tax deal threatened as Senate
dysfunction delays vote
An unprecedented global agreement on how to tax
corporations, a key diplomatic victory for
President Joe Biden, is at risk of unraveling
after a member of his own party delayed a crucial
vote, threatening the chances of the worlds
biggest economy joining the deal. Read More
12. TIGTA Delayed screening of IRS new hires
risked taxpayer data
Some IRS new hires in 2020 and 2021 had access to
sensitive information including taxpayer data
while preemployment fingerprinting and in-person
verification of their identification documents
had been deferred because of the COVID-19
pandemic. The result, according to a Treasury
Inspector General for Tax Administration (TIGTA)
report, was a potential risk of exposing taxpayer
data. Read More
www.entigrity.com
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13. EZLease Offers Free Accounting Solution
EZLease, a maker of lease accounting software, is
now offering a free, full-function lease
management system for private and government
organizations managing small lease portfolios.
Resource-constrained organizations now have a
free way to experience the fastest path to
long-term lease accounting compliance.. Read More
14. Revamped CPA exam will bring big changes
The American Institute of CPAs and the National
Association of State Boards of Accountancy are
laying the groundwork for a major overhaul of the
CPA exam that will see material being rearranged
and moving to new sections, while emphasizing
more technology skills. Read More
www.entigrity.com
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15. Tipalti Announces New Features to Centralize
and Enable Advanced Invoice Collaboration for
Accounts Payable Teams
B2B fintech unicorn enhances users ability to
connect internally within its AP solution with
Bill Talk and Bill Docs. Read More
16. RSM named first Certified Implementer of
Bloomberg tax tools
Bloomberg Tax Accounting announced that
Chicago-based Top 10 Firm RSM US has been named
the first Certified Implementer of Bloomberg Tax
Provision and Bloomberg Tax Fixed Assets. Read
More
www.entigrity.com
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17. Xero releases a basic accounting app for
small biz, freelancers
As the benefits of digital transformation are
realised by more small businesses, Xero, the
global small business platform today announced
the early release of Xero Go, a new mobile app
designed to serve the increased number of sole
traders over the last two decades that is
available for iOS download today. Read More
18. IRS seeks transformation in the new 5-year
plan
Improving the taxpayer experience while
surmounting operational difficulties that include
a shrinking workforce are among goals the IRS has
set for itself in the next five fiscal year. Read
More
www.entigrity.com
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19. State Rules for Voluntary Disclosure
Agreements Vary Widely
While almost all states offer a Voluntary
Disclosure Agreement (VDA) program, issues that
qualify for inclusion in these programs vary
widely, according to Bloomberg Tax Accountings
22nd annual Survey of State Tax Departments. Read
more
20. Manchin says hell reconsider Bidens tax and
climate plan in September
Senator Joe Manchin said he put the brakes on the
Democrats tax and climate agenda in order to
wait for July inflation data and to see what the
Federal Reserve does next - but is willing to
consider moving ahead in September. Read More
www.entigrity.com
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