Accounting Newsletter 

NASBA Will No Longer Publish CPA Exam Performance Data Until the New CPA Exam Debuts in 2024

This just in, NASBA is shelving its annual Candidate Performance on the Uniform CPA Examination book and publication of candidate performance data for the next few years as it invests the bulk of its efforts into the CPA Evolution project: IMPORTANT UPDATE: Due to the necessary and important focus on bringing CPA Evolution to fruition, including significant changes that must be made to NASBA’s technology and platforms to reflect the new exam and licensure structure, NASBA has ceased publishing the Candidate Performance on the Uniform CPA Examination publication until this…

Read More
Accounting Newsletter 

Friday Footnotes: PwC Germany Raided; BDO Ballers; Deloitte’s Unexpected New Hiring Push | 12.3.21

Partners at mid-tier accountant BDO paid more than at EY [Financial Times] BDO, the UK’s fifth-largest accounting firm by revenue, paid partners a record average of £760,000 before tax in the year to the end of June, surpassing the £749,000 paid out by EY. PwC Germany Offices Raided by Police in Tax Fraud Investigation [Bloomberg Tax] Law enforcement officers on Tuesday searched five PwC offices in Germany as part of an investigation into suspected tax fraud by some of the firm’s partners. Study Finds At Least Some Auditing Expertise Applies…

Read More
Accounting Newsletter 

How Does Cryptocurrency Affect Tax Payments?

If you have ever actually owned or used bitcoin, you might be interested in knowing just how cryptocurrency may affect tax payments — or your tax picture. If you have ever actually owned or used Bitcoin, you might be interested in knowing just how cryptocurrency may affect tax payments — or your tax picture. Regardless of how you acquired your bitcoin, understanding its outlook on your tax situation can help inform you on the proper methods and trading moves you make with the cryptocurrency. Here are the key facts to…

Read More
Accounting Newsletter 

Compensation Watch ’21: BKD Is Handing Out Mid-Year Raises But It’s Anyone’s Guess As to How Much

BKD employees have something in common with employees of BDO USA and Grant Thornton … besides working in the hellscape that is public accounting: They supposedly are getting mid-year raises but have no idea about how much they are going to get. From the tipline last weekend: BKD also announced a significant pay increase effective in January. The CEO said most staff will get it so some people will be left out e.g. maybe new hires. Yeah, newbies don’t deserve an extra dime until they suffer the indignity of climbing through a…

Read More
Accounting Newsletter 

Compensation Watch ’21: BDO USA Is Dangling a Mid-Year Raises Carrot (UPDATE)

[Updated with additional information at the bottom of article originally posted on Nov. 22.] With top mid-tier firms like RSM US, CohnReznick, and Plante Moran doling out mid-year raises, we hadn’t heard if similar “we really should give our overworked employees more money so they don’t leave us” actions were being taken at Grant Thornton and BDO USA. Well someone from BDO answered the call: BDO told us they are giving out mid-year salary adjustments effective Jan. 1 but we don’t know how much yet. At least that’s … somewhat…

Read More
Accounting Newsletter 

KPMG Poaches Someone From EY and Issues a Press Release, Part VIII

Just like our waistlines over Thanksgiving weekend, the tax practice at the Queen’s KPMG got larger earlier this month with the addition of three new partners. Candice Nichol, a tax lawyer with 14 years of experience, joined KPMG as a deal advisory tax partner in London from international law firm Simmons & Simmons, while Justin LaHood was appointed to lead KPMG UK’s Financial Services Tax Transformation business. The third person, Mike Bolan, was poached from EY: KPMG has also hired Mike Bolan to head its UK-US Financial Services Corridor. Mike,…

Read More
Accounting Newsletter 

Tax Changes – How Will Tax Season 2022 Look?

While, unlike 2020 and 2021, it seems that the deadline for the 2022 tax season won’t be pushed back, several other tax changes could impact you and your business. The 2022 tax season is the third one since the COVID-19 pandemic began, and as has been the trend, there are a lot of changes. It’s unlikely that the 2022 tax season will look like it did in past years, so business owners must be aware of tax changes that may impact how they file. These new complications are a sign…

Read More
Accounting Newsletter 

Black Friday Footnotes: Carillion Liquidator Wants Lots of KPMG Money; EY Can’t Handle the Truth; Mattel and PwC Settle with Investors | 11.26.21

Carillion Liquidator Seeks $336 Million From KPMG [Bloomberg] The U.K. government agency charged with liquidating Carillion Plc has lodged a claim at the high court against auditor KPMG, the Sunday Times reported. The official receiver has accused KPMG of negligence in its audit of the U.K. contractor and quantified claims of about 250 million pounds ($336 million) in dividends and advisory fees paid between 2014 and 2017, the newspaper reported. Full details of the legal claim are expected to be made public before the end of the year, it said.…

Read More
Accounting Newsletter 

Finish the Year Strong With These Quick Tips For Studying For the CPA Exam During the Holidays

Today is November 24, 2021 (in case you didn’t catch the tiny little publish date in the upper left-hand corner of this post) and with yesterday’s CPA exam score release, that leaves just one more score release for 2021 before we call this year a wrap. Where the year went is beyond me, but that’s a topic for another day. With Thanksgiving tomorrow and with all of us still stuck in this weird time vortex that we were unceremoniously flung into like particles at CERN back in early 2020, I…

Read More
Accounting Newsletter 

Compensation Watch ’21: Is Plante Moran Rolling Out Salary Adjustments For the Masses?

The answer is YES according to a tip we received last week: A few weeks ago Plante Moran announced to its employees that everyone is getting a January 1 market increase (separate from the normal market and merit increases that come on July 1 following the March 31 performance year). Increases are across the board, everyone at a particular level gets the exact same percentage. Increases are same regardless of office or practice unit. Anecdotally the specific increases have begun to be announced. Depending on level they are 3-6%. We…

Read More