The Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.
Robotic process automation (RPA) is a form of business process automation that combines traditional software user interfaces with optical character recognition, machine learning, and artificial intelligence (AI) to help automate the mundane and routine tasks in your business processes.
The U.S. Department of Labor announced a final rule that will allow employers to more easily offer perks and benefits to their employees. The rule released December 16, 2019 marks the first significant update to the regulations governing regular rate requirements under the Fair Labor Standards Act (FLSA) in over 50 years. Those requirements define what forms of payment employers include and exclude in the FLSA's "time and one-half" calculation when determining overtime rates.
Internet use by some 4.39 billion people1 generates quintillion bytes of data each day. Companies in all industries are adopting robotic process automation, data analytics, and artificial intelligence to harness this data and become more efficient and profitable. This feature discusses the potential regulatory impact of data analytics, a few use cases for how these tools have been implemented, and some guiding principles for implementing process automation or audit data analytics.
As trusted professionals, CPAs can expect to find themselves involved — either as an advisor or service provider — in a case involving some form of elder financial abuse or an investment scam that targets senior citizens. CPAs need to not only be aware of the warning signs that indicate the possibility of abuse or fraud, but also partner with other trusted advisors to educate clients and constituents about these issues and how to protect themselves from becoming victims.
The Treasury Department and Internal Revenue Service issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers' compensation by publicly held corporations.
One of the many benefits of being a CPA is the wide array of career paths. CPAs can focus on providing professional services to a specific industry or they can choose a particular route they would like to go, such as advisory, audit or tax. The accounting profession is full of many different specializations, which can also include forensics, valuation, personal financial planning and business management consulting, to name a few. CPAs can take control of their careers and choose the path they want to take.
In my previous CFOs have experienced one of the most dramatic transformations of any in recent years — from number crunchers to strategic advisors who help lead the direction of their organizations. Nonprofit CFOs are no different, except they often face even more challenges amid shifts in tax policy and finding alternative ways to obtain revenue. They are more analytical than ever, but they need to also consider the organization’s growth.
Blockchain and cryptocurrencies continue to dominate the headlines with the launch of blockchain and crypto products at mainstream organizations such as JP Morgan and Facebook. From a currency perspective, there also seems to be a shift toward greater acceptance of various cryptocurrencies and cryptoassets as a medium of exchange.
As the way in which we work continues to evolve, employers that stay ahead of the curve and keep up with the changing demands of employees are more likely to attract and retain talent.