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4+ hour, 27+ min ago (295+ words) Indirect tax solution provider Vertex and CPA.com are deepening their partnership to bring an artificial intelligence-based sales tax compliance tool to the accounting profession. In collaboration with AI-powered tax automation platform Kintsugi, the new solution will let CAS and state and local tax teams at accounting firms figure out clients' sales tax exposure, automate their registration and filing, and stay on top of ongoing compliance requirements. Firms can now either handle clients' compliance directly through a white-labelled platform, or refer them to Vertex and Kintsugi. The solution integrates with major ERP, billing and e-commerce platforms. "This launch marks an important next step in our journey to serve the accounting community," said Bradd Wildstein, vice president of partner sales at Vertex, in a statement. "Through our partnership with CPA.com and Kintsugi's advanced AI capabilities, we're helping CPA firms unlock…...

7+ hour, 15+ min ago (470+ words) The Financial Accounting Standards Board published an accounting standards update with the goal of improving the navigability of the required interim reporting disclosures while clarifying when that guidance should be applicable." The standards update also includes extra guidance on what disclosures should be provided in interim reporting periods. "The ASU clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with generally accepted accounting principles," said FASB chair Richard Jones in a statement Monday. "We expect that these clarifications will enhance consistency in interim reporting for all entities." The update doesn't actually change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, which were determined by previous FASB boards when the disclosure requirements were originally issued. The goal instead is to…...

7+ hour, 57+ min ago (846+ words) 1. Customer acquisition cost:Quite simply, CAC measures how much a business spends on sales and marketing to acquire each new customer. Calculation: CAC = Total Sales and Marketing Costs / Number of New Customers Acquired If your clients' CAC is high, they are losing money on every new customer they bring in. CAC helps you and your client determine how efficient their channels and content are, and the ways they target customers. A CAC under six months is ideal. This means your client is recouping its customer acquisition investment within six months of acquiring the customer. A payback period of six to 12 months is acceptable but requires careful cash flow management. A CAC over 12 months is difficult to sustain and indicates inefficient acquisition strategies that need immediate attention. Streamline the sales process to close deals faster. Every extra week in the sales…...

8+ hour, 14+ min ago (529+ words) FASB and the IASB had long worked together on converging accounting standards such as revenue recognition in 2014, but ultimately went separate ways about 13 years ago on separate versions of their leases, credit losses, hedging and insurance standards. The announcement by the SEC officials could mark a return to convergence efforts. SEC chair Atkins said he wants accountants and auditors to "get back to basics" of focusing on integrity, objectivity and professional skepticism. He criticized the growing focus on issues and services that promote the "financial self-interest of the firms and accountants." He criticized some of the stances he has seen from accounting firms in their comment letters to the SEC. Atkins was asked by Bell Lindsay about the Public Company Accounting Oversight Board after a provision to merge it with the SEC was stripped out of the One Big Beautiful…...

9+ hour, 20+ min ago (200+ words) The American Institute of CPAs advised the Treasury Department and the Internal Revenue Service to simplify the tax reporting requirements for partnerships and S corporations " or passthrough entities." In a letter, the AICPA recommended ways to help alleviate time constraints that affect tax practitioners to prepare returns for PTEs. It suggested the Treasury and IRS implement a vetting approach to developing, revising and evaluating PTE reporting requirements. Specifically, the AICPA recommends the Treasury and the IRS: Audit teams with a greater number of women provide higher-quality audits at a lower cost, according to new research. CEO Jeff Call is ramping up the use of artificial intelligence at the Top 100 Firm, and helping clients adjust to changes from the One Big Beautiful Bill Act. Connecticut Society of CPAs to bestow annual Women's Awards; Forvis Mazars appoints leader of the energy and…...

10+ hour, 21+ min ago (381+ words) Very few 529 plans earned Morningstar's top rating for investment quality, management, oversight and fees " but the tax savings are the X factor in educational investment accounts. The plans themselves are "not that differentiated" from one another, beyond variation in tax-break structure by state and whether a wealth management firm has a selling agreement with certain providers that may limit a client's options, Hughes noted. "It's worked for many plans for decades and decades and decades," he said. "At their essence, all of them really offer the same things." And that has proved appealing to many savers, to the tune of nearly 17 million 529 plan accounts with $525 billion in assets at the end of last year " an average of $30,961 per saver, according to the National Association of State Treasurers' College Savings Plans Network, an advocacy group for state plan administrators." Despite the…...

11+ hour, 39+ min ago (387+ words) PKF O'Connor Davies, a Top 25 Firm based in New York, has added Wolf Maryles & Associates, also headquartered in Manhattan,effective Jan. 1, 2026. Financial terms of the deal were not disclosed. PKFOD ranked No. 25 on Accounting Today's 2025 list of the Top 100 Firms, with $410 million in annual revenue, over 200 partners, more than 1,700 employees and 19 offices. The acquisition of Maryles & Associates adds 11 new team members to PKFOD, all in its New York City office. "We're excited to welcome Shimon Wolf and the accomplished team at Wolf Maryles & Associates to the PKF O'Connor Davies family," said PKFOD CEO Kevin Keane in a statement Monday. "Their knowledge and approach complement our strengths and ability to deliver the highest level of insight, service and value to our clients." Wolf Maryles & Associates has been in business for over 25 years, and its team includes CPAs and professionals with advanced…...

12+ hour, 20+ min ago (872+ words) The big red billboard planted by a solar company alongside a Southern California freeway warns passersby that the "Solar Tax Credit Is Expiring," beckoning homeowners to install solar panels and batteries before the Trump administration eliminates the generous incentive on Jan. 1." The deadline has helped drive a big spike in business for solar installers as buyers rush to qualify for the 30% tax credit before it disappears. But California installers said lengthy utility permitting times could imperil customers' tax credits if their systems aren't in place by Dec. 31." "Clients are concerned about potentially missing the tax credit deadline," Anthony Del Bene, a manager at Berkeley solar installer A1 Sun, said in an email. "We explained that we would do everything possible to meet this timeframe [but] given the delays we're seeing, I can't say I feel completely at ease." U.S. homeowners already pay…...

12+ hour, 56+ min ago (484+ words) Anthony Pugliese of the Institute of Internal Auditors discusses the new and perennial risks and challenges facing his members, and the new standards and resources the IIA is rolling out to help. I want to jump right in. You are at the beginning of 2025, the I a, these new set of global internal audit standards became effective. And I want to talk a little bit for those who weren't familiar with it, maybe you can tell us what was the goal of those? What was the reason behind the new set of standards? I mean the evolution, you're talking Dan, the evolution of how the standards gave weight to the topical requirements or why we thought we needed to do them. Absolutely. I think it just gives people a little bit more of a clue. I do want to, like…...

14+ hour, 6+ min ago (1021+ words) David Wood, an accounting professor at Brigham Young University who helped author an AI governance framework for organizations, said he himself has not seen many instances of significant AI errors, but one thing he does see a lot are people who simply forget to double-check model outputs and miss where the AI inserted a mistake." "I think the number one error in terms of frequency is some type of small hallucination, and the user copies and pastes and doesn't review. They don't review the output. That is the biggest one. They go too fast without considering what it actually says. That's, oof, 95 percent of errors I've seen," he said." Jeff Seibert, founder and CEO of accounting solutions provider Digits, made a similar point. He noted that Digits' goal as a company is to automate the preparation of the books. Not…...