The FASB has introduced a proposed Accounting Standards Update (ASU) aimed at enhancing the financial accounting and disclosure of environmental credits and obligations. This initiative stems from stakeholder feedback indicating that GAAP lacks clear guidance on recognizing and measuring the growing volume of environmental credits driven by government regulations. The proposal outlines requirements for recognition,…

U.S. new-home construction unexpectedly fell in November to a four-month low, the Commerce Department reported on Wednesday, with a rebound in starts of single-family dwellings offset by a drop in multifamily projects. Housing starts decreased 1.8% to an annualized rate of 1.289m, the lowest since July. Economists polled by Reuters had forecast that they would…

A Bronx-based tax preparer known to clients as “The Magician” spent decades filing returns for clients, as part of what federal prosecutors say was a “sweeping fraudulent scheme” that robbed $145m from the IRS. It was one of the largest frauds committed by a tax preparer that the Department of Justice had encountered in its…

KPMG has developed a platform that aims to connect its 36,000 US employees to company culture efforts. The Culture Champions Network (CCN) “brings together people that raise their hand . . . and [are] really committed to leading the way as it relates to culture, and being an ambassador, and a role model for culture,”…

The accounting profession is evolving, with accountants taking on roles as strategic advisors and problem-solvers beyond traditional tasks. As one professional noted, “The skills that we take from these experiences, however, are invaluable.” Accountants are now essential in navigating business changes and driving innovation across various sectors. Their analytical skills and attention to detail enable…

The American workforce has seen a significant rise in freelance labor, with over half of those born after 1996 opting for self-employment. This shift is driven by the desire for flexibility and autonomy, despite the complexities of tax requirements. However, new regulations from the Department of Labor (DOL) threaten this gig economy by reclassifying many…