Tech

Tech (219)

The Progressive Accountant is the leading online communit of public tax and accounting professionals focused on using technology to better manage and grow their practice.

Accountants in Alleged Embezzlement Cover Up

Salvatore Armao, Armao LLP The managing partner and a principal at the accounting firm Armao LLP have been arrested on allegations of covering up a union officer’s alleged embezzlement of union funds. Managing partner Salvatore Armao, a certified fraud examiner, and principal, Karen Auer, are accused helping to conceal the use of more than $100,000 by the union president from the union and its welfare benefit plan for personal expenses.

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Avalara Strong in IPO

Scott McFarlane, AvalaraSales-and-use tax vendor Avalara had a strong showing in its initial public offering last week.­­­­­ The company went public at $24 per share, stronger than initial estimates, and closed trading Friday, June 15, at $44.94 per share.

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An American Look for Data Privacy?

Ken Stasiak, RSM USThe phrase “General Data Privacy Regulations: and the abbreviation "GDPR" are spreading rapidly on American business websites. And while the major new European Union regulations do not apply to residents of the United States, they may eventually impact much of this country's computers.

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AICPA Issues Final Set of Rev Rec Topics

AICPAThe Financial Reporting Executive Committee of the American Institute of CPAs has issued working drafts of several accounting issues. The drafts are issues related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers.

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Cryptocurrency – What’s the Big Idea?

There’s a lot of cryptocurrency talk these days, but I think this revolution is bigger than most people realize it is. Don’t believe me? Consider these big ideas.

To learn more, register for the upcoming Cryptocurrency webinar: https://www.cpaacademy.org/company/Acuity

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NetSuite Signs BPM as Reseller

BPMNetSuite has signed BPM, an accounting firm centered in the San Francisco Bay area, as a member of its business processing outsourcing and reselling programs. That announcement came on the heels of reports of two CPA firms that are acquiring NetSuite resellers.

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Intuit Launches Lending Unit

IntuitIntuit is launching QuickBooks Capital, which is designed to give small businesses easier access to capital. Small business loans have been an important  topic since the company introduced the $100-million Intuit QuickBooks Fund in June 2015.

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IRS Starts Email Security Campaign

John Koskinen, Internal Revenue ServiceThe Internal Revenue Service has launched an education campaign, which alerts tax professionals to the dangers of email scams. The agency receives three to five data theft reports weekly from tax practitioners and says 177 tax professionals or firms reported client data thefts from January through May.

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Sage Promotes AI Ethics Code

Kriti Sharma, SageSage has developed an ethics code for developing software that utilizes artificial intelligence. At its Summit conference in Canada, Sage outlined "The Ethics of Code: Developing AI for Business with Five Core Principles." The discussion of ethics and the values coded into systems which use artificial intelligence has been growing rapidly.

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Misconceptions about Nonprofits and Technology

A nonprofit has an auditor coming in tomorrow. The staff is nervous and has spent days pulling files, canceled checks and more paper documents for the on-site visit. They have many questions: What will the auditor want? Is this enough documentation? What happens if we can't find what they need? Once the auditor arrives, more time will be spent accommodating him or her and ensuring that all the needed information is in the right hands for review.

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