Perhaps no one should be surprised that the first week of President Donald Trump's second term in the White House brought with it a bunch of breaking business news. The pace of change remains fast and furious, with a hiring freeze halting at least a portion of the nearly 90,000 IRS agents President Joe Biden wanted to hire.
As for the rest of the news, there's an eye-opener about a $1.8 billion accounting error in South Carolina and an update on the beneficial ownership information (BOI) battle with the Corporate Transparency Act (CTA).
We'll see you again when the calendar turns over to February! In the meantime, look for exciting news this week from Woody, the groundhog, regarding our annual Scaling New Heights Groundhog Day sale—your last chance to save on your registration for this year's event.
The IRS has rescinded all job offers with a start date after Feb. 8 or with an unconfirmed start date because of a hiring freeze ordered by President Donald Trump, the agency said on its website.
All offers with a start date on or before Feb. 8 will continue or proceed with the hiring or onboarding process, according to a post on the IRS jobs website. Meanwhile, the IRS said it will remove all jobs posted to external websites, including USAJOBS.gov. Read more...
Embedded payments solutions provider NMI has rolled out Bill Connect, a new extension for use with the NMI Payment Gateway, powered by Biller Genie, a company that helps small and midsized businesses automate their accounts receivable process.
Designed to integrate smoothly with popular accounting software such as QuickBooks Online, QuickBooks Desktop, and Xero, Bill Connect simplifies billing and payment acceptance, offering SMBs an easier way to manage their accounts receivable while accelerating payments. Read more...
State Auditor George Kennedy III, who has been caught in the middle of the state’s accounting issues, including over whether a mysterious $1.8 billion existed, resigned from his job Thursday.
Kennedy has been auditor since October 2015. In a recent report by AlixPartners, the outside forensic auditors said his office was aware of the $1.8 billion listing in the state’s books even though most of it did not exist. Read more...
Cryptocurrency investors welcomed a regulatory shift this week from the U.S. Securities and Exchange Commission (SEC), but the innovation this new policy fosters prompts warnings that supporters should be careful what they wish for.
No longer will companies holding cryptocurrency assets on behalf of clients have to record these holdings as liabilities on their balance sheets thanks to the withdrawal of Staff Accounting Bulletin No. 121 (SAB 121). It also enhances the risk-reward aspect of crypto by making it more akin to everyday commodities, opening the door for both bigger payouts and greater market volatility. Read more...
The U.S. Supreme Court this week lifted a nationwide injunction on the Corporate Transparency Act (CTA), allowing the federal government to enforce the law's provisions at the behest of small businesses across the country.
The CTA mandates that corporate entities disclose their beneficial ownership information (BOI) to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) to combat financial crimes such as money laundering, tax fraud, and terrorism financing. Read more...
Big Four firm Deloitte announced that it has acquired substantially all the assets from cloud ERP/HCM automation platform SimplrOps. Read more...
In a significant policy shift, the U.S. Securities and Exchange Commission (SEC) has announced the formation of a dedicated task force to develop a comprehensive regulatory framework for crypto assets.
This initiative, unveiled on January 21, 2025, marks a departure from the previous administration's approach and underscores the evolving landscape of cryptocurrency regulation in the United States. And it comes just days after President Donald Trump and First Lady Melania Trump unveiled their own crypto coins. Read more...
CAS is not a sales pitch to your existing clients. It is a value pitch, an upgrade pitch.
You need to show them, measurably, what they are currently spending to get the end-to-end accounting done, including overhead, review and management cost, the opportunity cost of losing core business focus while attending to the accounting processes, etc. Then compare that with the total cost of your CAS offering. Ensure to explain the distinct CAS advantages that you will deliver when you do their work with professional accounting processes and experience. Read more...