Accounting Newsletter 

What in the World is the Withholding Tax?

What the heck is a withholding tax? The only thing that is as certain as paying taxes is how complex they are. There’s no way around it: taxes are confusing. That’s the way they’ve been for centuries (when collectors took wheat or rice instead of coins or paper money)! So, you might be wondering, what the heck is a withholding tax?  How can they impact my interactions with the IRS? Well, sit back and read up because we have some simplified answers ready and waiting for you!  First Off, What…

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Accounting Newsletter 

Friday Footnotes: Deloitte Sued; RSM Sued; PwC Not Sued But Incompetent | 10.15.21

‘What do you actually do?’: Redditors scratch heads at consulting firms [Yahoo News] We’ve often wondered about this too. Deloitte Workers Sue Over ‘Astronomical’ 401(k) Fees [Law360] Deloitte workers slapped the accounting giant with a proposed class action in New York federal court, claiming the company allowed two multibillion-dollar retirement plans to get saddled with “astronomical” fees. Current and former Deloitte employees Rupinder Singh, Jeffrey S. Popkin, Joni Walker and Jenny Mark, whose Wednesday complaint seeks to represent a class of 90,000 participants across two plans, said the company should…

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Accounting Newsletter 

Someone at EY Had an Axe That Needed Grinding On Their Way Out the Door

On Oct. 7, someone on the way out the door at EY decided now was as good a time as any to air those final grievances and perhaps warn those who hadn’t yet experienced the full force of “bad fit” just what happens when you don’t fall in line. It’s posted on Reddit and the 154 comments that resulted are full of examples that show what this individual experienced is certainly not an isolated case (but we knew that). For the sake of those with bad eyes, the screenshot is…

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Accounting Newsletter 

[UPDATED] PwC Australia Diversity and Inclusion Manager Who Mocked Chinese Accents Had to Be Told You Aren’t Supposed to Mock Chinese Accents

[Updated original post from Sept. 28 with additional information on PwC Australia’s internal investigation. Update is at the bottom of this article.] Australian Financial Review has a blockbuster of an exclusive this morning, one that involves “a human resources executive dressed as a bat from Wuhan” and a senior manager of diversity and inclusion mocking Chinese accents at a PwC Australia trivia event last week. From AFR: The virtual trivia was run by members of PwC’s human resources team as a work event for the national infrastructure division. These senior…

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Accounting Newsletter 

3 Good Reasons to Switch to Cloud Accounting

Even if you own a relatively small business, you can afford to utilize cloud accounting. The accounting industry is always changing. Advances in technology change the landscape, which is true for many facets of modern life. Even if you own a relatively small business, you can afford to utilize cloud accounting. This approach will, hopefully, optimize your business operations. Finding ways to cut operating costs that do not come at the expense of employees, customers, and clients is always the right move. Let’s talk about some of the compelling reasons…

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Accounting Newsletter 

Friday Footnotes: Firm Fined For Data Breach; Deloitte Named Most Attractive; EY Expands Legal Arm | 10.8.21

FRC’s changes to fraud auditing standard explained [ICAEW Insights] The Financial Reporting Council (FRC)’s UK Auditing Standard on Fraud (ISA (UK) 240) has been significantly updated for the first time in 16 years. The changes are a response to recent public discussions on the role of audit in identifying fraud, including high profile cases in which auditors were found to fall short of their responsibilities when it comes to fraud. Deloitte named to Universum’s “World’s Most Attractive Employer” list for the 13th Consecutive Year [PR Newswire] Universum today featured Deloitte…

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Accounting Newsletter 

Elizabeth Warren Shocked to Learn Big Public Accounting Firms Do Shady Sh*t

Uh-oh, the Big 4 firms have gotten Sen. Elizabeth Warren’s dander up. The Massachusetts Democrat was appalled at a recent New York Times report that found at least 35 examples of big public accounting firm tax lawyers who left to join the US Treasury’s tax policy office or other government positions and then were rehired by their old firm. In nearly half of those cases, the employees were promoted to partner upon their return—often doubling their pay. What drew Warren’s ire was how these ex-PA tax lawyers were able to…

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Accounting Newsletter 

Opinion: The Profession Is Not ‘Diluted,’ It Is Evolving

[Ed. note: The following is a letter we received in response to a reader letter we published in September which lambasted the AICPA for diluting the profession. We are publishing it with permission from its author, who we have chosen to keep anonymous due to the anonymity of the original letter writer. We hope this further facilitates an important discussion about the future of the CPA profession.] Dear Adrienne I read with great interest the “Opinion” article you recently published in response to your Sept 14th column on the potential…

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Accounting Newsletter 

2022 Projected Public Accounting Salaries In Five HCOL Cities

One of the cool features of the Robert Half 2022 Accounting & Finance Salary Guide is the location feature, where you can type in the name of a city and it spits out the projected starting salaries next year for that city, taking into account factors like cost of living and talent availability. It also tells you if starting salaries in that city are expected to be higher or lower than the national average. Let’s take Los Angeles, for example. Starting salaries in the 10 public accounting roles highlighted in…

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Accounting Newsletter 

EY Poaches Someone From PwC and Issues a Press Release, Part VI

We have some Big 4-on-Big 4 poaching action in America’s Hat, as EY of the Canadian variety recently nabbed a partner from PwC. A new partner in EY’s Financial Services practice, Biswajit Das bends over backwards to provide CIO and COO advisory services for the Big 6 banks, insurance players, asset management firms, and large credit unions in Canada, according to his LinkedIn profile. Those six banks, according to some website, are: Bank of Montreal (BMO)Canadian Imperial Bank of Commerce (CIBC)National Bank of CanadaRoyal Bank of Canada (RBC)Bank of Nova…

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