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3 Ways to Take Action against Cyber Threats – for Your Firm and Clients

October 19, 2017 When news broke that roughly 143 million people could have been affected by a hack at credit monitoring agency Equifax, it was just the latest report of a significant data breach. As concerns about cybersecurity mount, CPAs are in an excellent position to help strengthen the cybersecurity risk management programs for all organizations, whether they are doing it within their own firms or organizations or for a client. Specifically, there are three ways that CPAs can use their skills and resources to guard against cyberattacks.

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Elizabeth Watkins Selected to Attend AICPA's Leadership Academy

October 19, 2017 Elizabeth Watkins, CPA, was one of only 38 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s ninth graduating class. Watkins was selected based on her exceptional leadership skills and professional experience for the rigorous four-day Leadership Academy program, which was held October 1-5 in Durham, N.C.

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IRS Warns of e-Services Phishing Scam

October 17, 2017 The IRS is warning all e-Services users to beware a new phishing scam that tries to trick tax professionals into “signing” a new e-Services user agreement. The phishing scam seeks to steal passwords and data. All tax professionals should be aware that as e-Services begins its move later this month to Secure Access authentication and its two-factor protections (more on this below under upcoming events), cybercriminals likely will make last-ditch efforts to steal passwords and data prior to the transition. Don’t take the bait!

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Preliminary Thoughts on the Tax Implications of Hurricane Irma

September 21, 2017 Hurricane Irma has brought about unique circumstances never seen before. We are accustomed to hurricanes as recently experienced with Allison, Katrina, Rita, Wilma, Gustav, Ike and Isaac. The catastrophic damage and flooding from Hurricane Irma is an event no one anticipated would happen.

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AICPA issues new attestation guide amid growing investor interest in sustainability reporting

August 31, 2017 Most large companies are reporting on their corporate, social and environmental performance, along with their financial measures, in response to growing stakeholder interest. With companies seeking to add credibility to their sustainability reports, the Sustainability Task Force of the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board issued a new guide to assist accountants in providing attestation services on sustainability information

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IRS ISSUES ITIN EXPIRATION NOTICES TO TAXPAYERS

August 29, 2017 The Internal Revenue Service recently began mailing letters to more than 1 million taxpayers with expiring Individual Taxpayer ‎Identification Numbers and urges recipients to renew them as quickly as possible to avoid tax refund and processing delays.

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SEC CONFORMS GUIDANCE TO NEW FASB REVENUE RECOGNITION RULES

August 28, 2017 On August 18, 2017, the SEC released Staff Accounting Bulletin (SAB) 1161 that conforms existing SEC staff guidance with the guidance in ASC 606.2 SAB 116 modifies (1) SAB Topic 13, “Revenue Recognition;” (2) SAB Topic 8, “Retail Companies;” and (3) SAB Topic 11.A, “Miscellaneous Disclosure: Operating-Differential Subsidies.” The SEC also updated its interpretive guidance related to bill-and-hold arrangements and vaccine stockpiles.

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FASB Proposes Changes to Not-for-profit Grant and Contribution Accounting

August 16, 2017 The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. Stakeholders are asked to review and provide comment on the proposed ASU by November 1, 2017.

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