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Another Crack in Bankruptcy Protection for Clients

Retirement assets received in a divorce settlement may be available to creditors, a federal court has ruled. The decision may have far-reaching consequences for clients. To read the full article in Financial Planning, click: Another Crack in Bankruptcy Protection for Clients. ...

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Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China

Apple is rushing to release an iOS update in China to resolve potential infringement of Qualcomm patents. The news follows a report stating that a Chinese sales ban of certain iPhone models would cost Apple millions of dollars a day. To read the full article in Cult of Mac, click: Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China. ...

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Trim Tax Tabs with These Year-End Moves: Tax Strategy Scan

With the year coming to a close, Kiplinger offers last-minute tips for retirees to enhance their tax savings this year. Clients nearing retirement will need to revise their tax-saving strategies, as some tax breaks are no longer available and replaced by new ones, thanks to the new tax law, according to Kiplinger. For example, these clients should consider running the numbers based on standard deduction and ...

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Advisor Shortage? What Advisor Shortage?

Excuse me, did Todd Thomson just say there too many financial advisors, not too few? Puncturing one of the RIA industry’s most widely-accepted axioms, the Dynasty Financial Partners chairman did indeed make that assertion at the recent MarketCounsel Summit in Las Vegas. Contrary to ominous reports of a talent shortage, Thomson said, too many advisors are serving too few clients. To read the full article in ...

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Google is Spending $1 Billion to Build a Massive New Campus in New York

Days after Apple announced a major expansion to its operations in the U.S.—including a new $1 billion campus in Austin—fellow tech giant Google has announced that it too will invest $1 billion as it sets up a new campus at Hudson Square in New York. To read the full article in Tech Crunch, click: Google is Spending $1 Billion to Build a Massive New Campus in New York. ...

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Brexit Bulletin: A Deal, and Then the Drama

The EU is making increasingly positive noises that a Brexit deal is within reach. But don’t breathe easy just yet—there are still battles to come when Prime Minister Theresa May brings her deal back to Parliament. To read the full article in Bloomberg, click: Brexit Bulletin: A Deal, and Then the Drama. ...

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Regulatory Fatigue? FATCA Inaction May Risk Noncompliance

Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA, which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to address the potential for tax evasion, lack of planning in response to evolving FATCA guidance may be putting some financial institutions at risk of noncompliance and potentially steep penalties. To read the full article in The Tax Ad ...

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How to Interview for Soft Skills

It is increasingly important for accountants to have soft skills such as problem-solving acumen, flexibility, and the ability to communicate well. Rian Powell, senior director of recruiting at Chicago-area staffing and recruiting firm LaSalle Network, explains the right questions to ask during job interviews to assess candidates’ soft skills. To read the full article in the Journal of Accountancy, click: Ho ...

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Not Desk Jockeys: These Accountants are Athletes

They say pursuing fitness goals contributes to work performance. Accountants are better known for their skill with numbers than their physical abilities, but many make exercise part of their routines. And some have achieved remarkable feats of athleticism. These five accountants have competed in extreme sports events, become professional athletes, or simply challenged themselves physically. They share their ...

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How to Coach a Problem Employee: The Know-it-All

Help arrogant employees learn to listen. Self-confidence is a valuable trait in the workplace, but, in some employees, self-confidence manifests itself as arrogance. If employees act as if they know better than anyone else, shooting down others' ideas, or stealing the spotlight at meetings, morale can suffer. To read the full article in the Journal of Accountancy, click: How to Coach a Problem Employee: The ...

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Researchers and Scholars Claim Tax Treaty Benefits

Many nonresidents who come to the United States as scholars, appeal to the Tax Court claiming benefits under a tax treaty. Three recent cases provide tips to decide if it is worth the time and effort to appeal to the Tax Court. Three different U.S. tax treaties are covered: those with Russia, Poland, and China. To read the full article in The Tax Adviser, click: Researchers and Scholars Claim Tax Treaty Ben ...

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States’ Deregulatory Push Threatens CPA Licensure

CPAs around the United States are raising alarms about a recent wave of deregulatory legislative proposals that are endangering the profession. While these proposals have not affected the profession yet, CPA profession leaders warn that the danger is far from over. To read the full article in the Journal of Accountancy, click: States’ Deregulatory Push Threatens CPA Licensure. ...

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How TIGTA Stymied and IRS Impersonation Scam

On Nov. 24, 2014, a woman named Diana received a menacing phone call in Hernando, Miss., a small city nestled in the northwest corner of the state. A caller purporting to be an IRS agent claimed she owed back taxes and told her that agents were waiting to arrest her unless she paid up immediately. The caller was insistent, threatening, and urging her to act quickly. To read the full article in the Journal o ...

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Third-Party Verification Requests

As a trusted adviser, a CPA is often the first resource clients turn to for many financial issues. While often these questions are in the context of a service the CPA may already be engaged to provide (tax compliance, estate planning, etc.), it is not uncommon to receive other requests that seem simple but can carry unique challenges. To read the full article in The Tax Adviser, click: Third-Party Verificat ...

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What’s the Difference Between a Private and Public Blockchain?

Blockchain is forecast to transform many industries by providing fast, verifiable transfer and tracking. At its core, blockchain is a distributed ledger that records transactions between every user in the chain. Although it’s commonly regarded as a single technology, there are different types of blockchain: public and private. To read the full article in In The Black, click: What’s the Difference Between a ...

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International Audit Standard Addresses Estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts. To read the full article in the Journal of Accountancy, click: International Audit Standard Addresses Estimates. ...

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Critical Audit Matters Coming into Focus

As public company auditors prepare to deliver new information in auditors’ reports, firms need to develop consistent processes for determining what should be disclosed. As auditors prepare for a new auditing standard requiring the disclosure of critical audit matters (CAMs) in their reports, they are traveling in uncharted territory and contemplating new information that they will be providing to investors. ...

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Using Drones to Enhance Audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories. The goal of the project is for drones to autonomously scan bar codes, QR codes, and other labels and transmit that data to EY’s online auditing platform. It has the potential to make audits faster and more seamless for both auditors and c ...

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