Month: June 2022

My client, a third-generation owner-operator of what had been a very successful regional retail operation, was about 70 years old. Competition, supply challenges and labor issues had gradually eroded performance over the prior 30 years until there was no profit left. When you walked in the front door, the sense of pain and foreboding was
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Governments with higher taxes generally tout that they provide more services as an explanation, and while that is often true, the cost of these services can be more than half of an average worker’s salary, and for most, at least a third of their salary. Individual income taxes, payroll taxes, and consumption taxes like value-added
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Although the majority of 2022 state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Individual and corporate income tax changes usually take effect at the beginning of the calendar year to maintain policy consistency throughout the tax year, but sales and excise
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The International Federation of Accountants released a call to action this month urging CFOs and other finance leaders to improve the quality of sustainability information and processes by championing an “integrated mindset.” IFAC has been involved in bringing together the various standard-setters in the environmental, social and governance reporting space as ESG funds grow in
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Dougal Waters | Getty Images Despite the economic and professional gains made by women over the last 50 years, gender gaps persist — and not just in rate of pay. Retirement readiness and financial know-how are key areas with notable gaps, according to two studies recently released by the TIAA Institute. For example, among workers
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After an unpredictable legislative journey, the European Union has entered the final stage of negotiations on the world’s first carbon border adjustment mechanism (CBAM). It would appear that some in the United States Congress are paying attention. On June 8th, the European Parliament rejected a proposal to reform the EU’s Emissions Trading System (ETS) which
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While automation and artificial intelligence have already significantly increased the speed of accounting processes, a recent study from Sage reports that, when it comes to closing the books at least, professionals are experiencing rising pressure to do so faster and faster. “An overwhelming 93% of our respondents are under pressure to close the books faster,
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The Good Brigade | Digitalvision | Getty Images If you get your health insurance through the government Health Insurance Marketplace, you may want to brace for higher premiums next year. Unless Congress takes action, enhanced premium subsidies (technically tax credits) that have been in place for 2021 and 2022 will disappear after this year. The
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The Securities and Exchange Commission approved new rules that require institutional investment managers and investment advisors to file certain forms electronically. Specifically, applications for orders under the Advisers Act on EDGAR; confidential treatment requests for Form 13F filings on EDGAR; and Form ADV-NR (through the IARD system) must now be filed electronically. The SEC further
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President Joe Biden remarks on efforts to lower high gas prices at the Eisenhower Executive Office Building in Washington, D.C. on June 22, 2022. Jim Watson | AFP | Getty Images President Joe Biden has called on Congress to put a three-month federal gas tax holiday in place to help ease the financial pain drivers
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The Massachusetts Society of CPAs, Boston, appointed 19 members to the board of directors for its 2022-23 fiscal year. The board officers are: board chair: Karen McElroy, Deloitte; chair-elect Laura O’Brien, LGA; board vice chair, finance committee chair Laura Felice, BJ’s Wholesale Club, Inc.; board vice chair, audit committee chair John Geraci, LGA; board vice
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Photo by Mike Kline (notkalvin) | Moment | Getty Images Just three years after the Secure Act ushered in the first major changes to the U.S. retirement system in more than a decade, a slew of additional modifications could be on its way. With recent committee approval of proposals in the Senate and an already-passed
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