A few dozen California cities have lucrative deals with retail giants like Apple, Best Buy, and Nike. These deals result in the cities paying millions of dollars back to the companies from their local tax revenue. It’s all thanks to the outdated Bradley-Burns Uniform Local Sales and Use Tax Law, which was designed for 1950s America, well before the internet and e-commerce age as explained by Laura Mahoney, Darien Shanske, and California State Senator Steve Glazer. In this video produced by Andrew Satter, we explore how these deals work and what some city and state lawmakers are hoping to do about it. Watch the full video here: https://lnkd.in/dDpk2rVC
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Barnes & Noble Education, Inc. and The Children's Place are among the audit clients EY has dropped in recent months as the firm looks to trim its portfolio and rebound after regulators found that more than a third of its inspected audits missed the mark. The Big Four firm typically tops its competitors by auditing the most US-listed companies. It had 971 listed clients as of January, according to Ideagen Audit Analytics, and a tech-heavy roster that included Apple, Alphabet Inc., and Meta. But EY lost a net 17 clients during the first quarter of this year in sharp contrast to peers that added accounts or were roughly flat. In comparison, the firm shed a net 19 clients total in 2023—only BDO USA and Marcum LLP dropped more audit clients that year. Read more from Amanda Iacone: https://lnkd.in/eGuTvMcy
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Erica Williams has set a blistering pace to overhaul rules governing audits of public companies that in some cases are decades out of date. Williams, who has been chair of the Public Company Accounting Oversight Board (PCAOB) since 2022, has led the Enron-era regulator as it has finalized five projects and moved six others through various stages of adoption. Last year alone was the board’s most active period to modernize its rule book in a decade. Audit firms, largely unsuccessfully, have demanded more opportunities to shape pending reforms and more time to adopt to changes that guide how they audit corporate accounting for juggernauts like Apple to small R&D firms. Learn more about Williams from Amanda Iacone: https://lnkd.in/ex8qUBAF
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Riveron initially turned to Bloomberg Tax to enhance its provision reporting capabilities for its clients. But after exploring our integrated suite of solutions, they realized the possibilities of using automation to improve multiple areas of their reporting and advisory offerings. Read the full story on Riveron's transition from spreadsheets to our advanced research, provision, and workpapers solutions: https://lnkd.in/eC2EDFtj
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No formula? No problem. The AI Expression Generator within our Workpapers tool enables users to input their requirements in plain language and receive an AI-generated formula output. Learn more about the latest enhancements that further integrate and streamline tax workflows across our suite of solutions: https://lnkd.in/eR7VPJJf
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This year's Bloomberg Tax Leadership Forum brought together some of the industry's most forward-thinking minds to discuss the ongoing global tax reform. In a panel moderated by Claire Tarrant on challenges and opportunities associated with OECD Tax's Pillar Two, we were joined by Anne Gordon of the National Foreign Trade Council. As the Vice President of International Tax Policy, Gordon represents the NFTC at international forums such as the OECD and the UN and is a frequent commenter on international tax issues. In this video, Gordon discusses potential advancements in US tax policy ahead of this year's presidential election. For more insights from Gordon, watch the full replay of the Forum: https://lnkd.in/enNR5UkD
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Accounting regulators and industry leaders are drafting reforms to state CPA licensing rules in an effort to expand the profession’s ranks by providing new pathways that could include skills acquired outside a classroom to earn the credential. Draft changes to model legislation that serves as a template for state accounting regulations could be ready as soon as September for public comment. The goal is to finalize recommended licensing changes before legislative sessions begin next year, said Susan S. Coffey, CPA, CGMA, CEO of public accounting for the Association of International Certified Professional Accountants. Read more from Amanda Iacone: https://lnkd.in/eYj6hFvw
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Automation presents an opportunity to transform the workpapers process. Download our ebook to discover how automation can save time, reduce risks, and increase flexibility in your workpapers: https://lnkd.in/dTcZrh-9
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Have questions about the differences between GILTI and OECD Tax's Pillar Two initiative? Our new report is here to help, download your copy for a comparison of GILTI and Pillar Two, and an outline of options available to help address overlapping taxes: https://lnkd.in/evKHrJHu