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News

 
  • Major Tech Outage Affects Financial Firms, Along with Other Businesses

    By:
    Ruth Singleton
    |
    Jul 19, 2024
    The global technology outage that began early Friday has affected banks and other financial firms, along with airlines, airports and media companies. The outage appeared to be caused by CrowdStrike, a cybersecurity firm whose software is used by many companies worldwide to protect against security breaches. A faulty software update issued by CrowdStrike apparently resulting in the crashing of many computers running the Microsoft Windows operating system.
  • Survey: CFOs Report Highest Level of Optimism About Economy Since 2021

    By:
    Ruth Singleton
    |
    Jul 18, 2024
    A recent survey by Grant Thornton, the Q2 2024 CFO survey, revealed that 58 percent of chief financial officers are optimistic about the U.S. economy, representing the highest level of optimism since the third quarter of 2021.
  • Firms Report on Who Their ‘Humans in the Loop’ Are When Using Generative AI

    By:
    Ruth Singleton
    |
    Jul 17, 2024
    The phrase “humans in the loop” refers to “the need for human interaction, intervention, and judgment to control or change the outcome of a process, and it is a practice that is being increasingly emphasized in machine learning, generative AI, and the like." Within accounting firms, the phrase has come to mean that, all levels, there are individuals who supervise and are held accountable for AI processes.
  • IRS Warns of Scam Promoting Non-Existent ‘Self-Employment Tax Credit’

    By:
    Ruth Singleton
    |
    Jul 17, 2024
    The IRS has issued an alert about bad advice circulating on social media about a non-existent “Self Employment Tax Credit.” This scam has led some taxpayers to file false claims.  “In reality, the underlying credit being referred to ... is a much more limited and technical credit called Credits for Sick Leave and Family Leave,” the IRS stated.
  • TIGTA: IRS Needs to Strengthen Its Digital Asset Enforcement Efforts

    By:
    Ruth Singleton
    |
    Jul 16, 2024

    In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) found that the agency’s “civil examination enforcement efforts focused on digital assets are mostly indirect and negligible.” One of TIGTA recommendations was that the IRS deputy commissioner "ensure that pertinent divisions and functions … develop a compliance plan that includes the use of Form 1099-DA (Digital Assets) data, case identification, and case selection of digital asset cases.”

  • FASB Issues Final Chapter of Its Conceptual Framework, Focusing on Measurement

    By:
    Ruth Singleton
    |
    Jul 15, 2024

    The Financial Accounting Standards Board announced last week that it issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. This latest chapter becomes Chapter 6 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, and it represents the completion of the FASB’s Conceptual Framework.

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