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☆ Analysis: Fed report on SVB collapse could buoy shareholder lawsuits
▼ + stars: | 2023-04-29 | by ( Jack Queen | ) www.reuters.com time to read: +4 min

FILE PHOTO: The Silicon Valley Bank headquarters seen from the street in Santa Clara, California, U.S. March 13, 2023. The bank’s parent company, SVB Financial Group, entered bankruptcy on March 17. The Fed’s report concluded that SVB did not adequately hedge against risk, failed its own liquidity stress tests, and chased short-term profits at the expense of long-term stability. Rather than address these risks, the bank changed how it measured them, the report found. “I see this (Fed) report as being extraordinarily useful evidence to dangle in front of a judge or jury on class action lawsuits against accounting firms,” Cox said.

☆ I'm an influencer who made $500,000 in brand deals, and invested all of it into a startup I launched to help other creators file their taxes
▼ + stars: | 2023-04-26 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

He's also a licensed tax expert who founded a startup helping creators organize and file taxes. In 2021, he invested $500,000 he earned from brand deals into the company and has said it paid off. This as-told-to essay is based on a conversation with Duke Alexander Moore, founder and CEO of creator startup Duke Tax. In December 2018, when I was still in college, I founded a tax-service startup, now known as Duke Tax, which helps influencers organize and file their taxes. As freelancers, their taxes are a bit complicated, so Duke Tax fills that gap.

☆ I'm a TikToker who founded a startup to help influencers file their taxes. I invested $500,000 I earned from brand deals into my business and it paid off.
▼ + stars: | 2023-04-21 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

☆ Is it smarter to get a tax refund in 2023 or more money throughout the year? Tax experts weigh in
▼ + stars: | 2023-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Namely, you'd be wise to assess your withholding, tax experts say. To adjust your withholding, you'll have to file a new W-4 form with your company. If you instructed your employer to withhold too much throughout 2022, you got a tax refund; too little and you owed a bill. You can use the IRS's withholding estimator tool to give yourself a good idea of your breakeven number. But depending on your financial habits, you may want to adjust to receive a refund or owe a bill, tax experts say.

☆ UK inflation rate surprises again with March figure holding above 10%
▼ + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023. Bloomberg | Bloomberg | Getty ImagesU.K. inflation unexpectedly remained in double-digits in March as households continued to grapple with soaring food and energy bills. The consumer price index rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists. On a monthly basis, CPI inflation was 0.8%, above a Reuters consensus of 0.5% and down from the 1.1% of February. U.K. Finance Minister Jeremy Hunt said the Wednesday figures reaffirm why the government must continue efforts to drive down inflation.

☆ AI Is Heading to the Finance Function. Here’s How Risk-Averse CFOs Can Adapt.
▼ + stars: | 2023-04-18 | by ( Anna Mutoh | ) www.wsj.com time to read: 1 min

Bank of America’s CashPro app uses machine-learning technology for financial-scenario forecasting. For risk-averse accountants and chief financial officers, change can be hard. But artificial intelligence and other advanced technologies are coming, and financial officers who don’t adapt may find themselves left behind. This is especially true when the technology is moving faster than regulation. “There will need to be guardrails and CFOs would like to see where information is being shared,” Mr. Corson said.

☆ Muse Tax, Built on OpenAI’s GPT, Targets Tax Codes
▼ + stars: | 2023-04-18 | by ( Steven Rosenbush | ) www.wsj.com time to read: 1 min

Muse Tax co-founders Colin Horsford, left, and Busayo Ogunsanya, say they believe generative AI can track and analyze constantly evolving tax codes faster than human advisers. Muse Tax Inc., an early-stage startup based in New York, has found another task for artificial intelligence: navigating the complex and quickly changing tax codes that can trip up even experienced accountants. The company is one of many across a range of industries that are starting to figure out how to make use of fast-breaking developments in AI—by connecting to underlying AI platforms through software bridges known as application programming interfaces, or APIs, and building on top of the underlying technology.

☆ Sundar Pichai said AI will impact 'everything' including 'every product across every company'
▼ + stars: | 2023-04-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Google CEO Sundar Pichai said AI will impact products at "every company" in a CBS interview. Pichai discussed Google's own AI chatbot Bard and the wide-ranging effects of AI. "This is going to impact every product across every company," he said, later describing generative AI as a "super-powered assistant." Google previously found that AI chatbot ChatGPT could hypothetically pass interviews to be hired as an entry-level software engineer at the firm. The tech giant rolled out its chatbot Bard to the public in March.

☆ Google CEO Sundar Pichai warns society to brace for impact of A.I. acceleration, says ‘it’s not for a company to decide'
▼ + stars: | 2023-04-17 | by ( Jennifer Elias | ) www.cnbc.com time to read: +1 min

Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California. Google and Alphabet CEO Sundar Pichai said "every product of every company" will be impacted by the quick development of AI, warning that society needs to prepare for technologies like the ones it's already launched. "This is going to impact every product across every company," Pichai said. Pelley viewed other areas with advanced AI products within Google, including DeepMind, where robots were playing soccer, which they learned themselves, as opposed to from humans. Another unit showed robots that recognized items on a countertop and fetched Pelley an apple he asked for.

☆ 5 in-demand skills for freelancers that companies are looking for now—one pays up to $250 an hour
▼ + stars: | 2023-04-16 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

Work marketplace Upwork recently predicted the most in-demand skills for freelancers for 2023, looking at previous freelancer earnings, number of projects worked and other metrics. Here are five of the most in-demand skills for 2023 according to Upwork, including what freelancers on the platform are charging for them. Full stack developers on Upwork charge as much as $160 per hour. SEO experts on Upwork charge as much as $250 per hour. Accountants on Upwork charge as much as $150 per hour.

☆ Did you buy alternative investments and big-yielding assets last year? Your tax return could get a little messy
▼ + stars: | 2023-04-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Tax Day is upon us – but investors who have complicated tax returns may find themselves asking for an extension. April 18 is the filing deadline for your 2022 return, and on that day, you must pay any federal income taxes you owe. Last year, an estimated 19 million taxpayers asked for an extension to turn in their 2021 tax return, according to the IRS. That's because while the MLPs themselves aren't subject to federal income taxes, the limited partners who receive income distributions are responsible for taxes. You need this form in order to file your income tax return, but partnerships may not send these details until mid-March, which could lead to investors going on extension.

☆ A Last-Minute Tax Guide for Procrastinators
▼ + stars: | 2023-04-14 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

It is probably time to stop kidding yourself and ask for a tax-filing extension. While tax preparation giants like H&R Block and TurboTax still offer appointments to meet with a tax professional or the use of their do-it-yourself software through April 18, many accountants are telling procrastinators to request an extension.

☆ Startup aims to help climate companies unlock billions in Inflation Reduction Act tax credits
▼ + stars: | 2023-04-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

There's a problem with tax credits, though. A September report from Credit Suisse estimates approximately $500 billion of tax credits will be monetized over the next decade. "There are a few institutional players in the market that purchase tax credits at discount to market value in exchange for buying at volume. Sellers can list their tax credits on option, get bids on those credits, and compare offers. Tax credits have a wide base of support politically because a lot of very diverse stakeholders benefit from them.

☆ Failed crypto exchange FTX's spectacular collapse was due to 'hubris, incompetence, and greed,' says first debtors' report
▼ + stars: | 2023-04-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

On Sunday, its debtors released their first report on the collapse of the crypto exchange. The report alleged a lack of controls including in management, governance, and accounting. Read further for the three key allegations from the debtors' report. The report alleged the management and governance of FTX were largely limited to Bankman-Fried, Singh, and Wang. The report also alleged FTX failed to put in place "basic, widely accepted" security controls to safeguard its crypto assets.

Now I actually prefer to file later for several reasons. There may be some downsides to filing taxes later or close to the deadline. My tax situation has gotten more complexMy tax situation has gotten way more complex over the years. I appreciate having the time to shift our focus to taxes later on. This option is readily available should I ever need it, and there's nothing to feel bad about if I fall behind when preparing to file taxes.

☆ U.S. IRS to hire nearly 20,000 staff over two years with $80 bln in new funds
▼ + stars: | 2023-04-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] Signage is seen at the headquarters of the Internal Revenue Service (IRS) in Washington, D.C., U.S., May 10, 2021. But a significant portion of these new hires will replace the nearly 12,000 IRS employees expected to retire over the next two years -- including more than 4,700 enforcement staff, a U.S. Treasury official said. Those audit targets include wealthy individuals, corporations and complex partnerships, which have grown in number while IRS audit staff has shrunk by nearly half over the past decade, new IRS Commissioner Danny Werfel told reporters. REPUBLICAN BACKLASHThe plan drew fresh complaints from Republicans who want to repeal the IRS funding as part of their demands for raising the $31.4 trillion federal debt ceiling. He said that the percentage of Criminal Investigation staff would not change from its current proportion of about 3% of the IRS workforce.

☆ Where jobs were gained and lost in March
▼ + stars: | 2023-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Government employers and the professional and business services industry also hired at a solid clip last month. Strongest gainsLeisure and hospitality employers added 72,000 jobs last month, the most of any industry. Health care businesses added 34,000 jobs and employment in the business services sector — which includes many white-collar jobs such as accountants, engineers, and consultants — grew by 39,000. The construction industry lost 9,000 jobs in March, the first decline in construction employment in more than a year and the largest job loss in the sector since May 2021 -— though still a drop of just under 1.1%. But while new residential construction has slowed over the past year, construction jobs have held up, mostly because of a backlog in construction projects, Swonk said.

☆ The IRS is planning to hire as many accountants and attorneys as it takes to crack down on rich people 'that are not paying the taxes they owe'
▼ + stars: | 2023-04-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The IRS released its strategic plan for using Biden's $80 billion investment in the agency. Her latter point on cracking down on high earners is key in the IRS' plan. That's why $41.7 billion of the $80 billion investment is dedicated to stricter enforcement actions for high earners and large corporations. Werfel noted that since 2010, the IRS workforce has shrunk 20% to about 80,000 employees, leaving it significantly understaffed as the US population grew. Still, Republican lawmakers have blasted the investment, with some claiming that it would target small businesses.

☆ Trump Indictment Keeps New York Safe for Accountants
▼ + stars: | 2023-04-04 | by ( Gerard Baker | ) www.wsj.com time to read: +1 min

Gerry Baker is Editor at Large of The Wall Street Journal. His weekly column for the editorial page, “Free Expression,” appears in The Wall Street Journal each Tuesday. Mr. Baker previously served as Editor in Chief of The Wall Street Journal and Dow Jones from 2013-2018. Prior to that, Mr. Baker was Deputy Editor in Chief of The Wall Street Journal from 2009-2013. He was educated at Corpus Christi College, Oxford University, where he graduated in 1983 with a 1st Class Honors Degree in Philosophy, Politics and Economics.

When it comes to filing taxes, people "can get caught in a thought loop and often overthink in these situations," Dr. Moss says. Others are stressed about the strict deadline for filing taxes. Tax stress can spill out into the rest of your lifeKol explains that this stress often makes late filers "want to stay far away from taxes." The stress of filing late can spill over into other parts of life. "At the end of the day, filing taxes is emotional for some people, and that's something that I have an understanding of from working with my clients," she says.

☆ Accountants’ Salaries Are Rising, but It May Not Add Up to More Accountants
▼ + stars: | 2023-03-29 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

In addition to boosting salaries and offering signing bonuses, companies are turning to a number of other avenues to address the widening shortage of accountants. The salaries offered to U.S. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. Fewer people are pursuing degrees in accounting and starting new jobs in this area, resulting in more open positions for related roles and searches that take longer to complete. Accounting and auditing jobs have been long viewed by people in the profession as underpaid, undervalued and less dynamic than positions in tech, investment banking and private equity.

☆ U.S. Audit Watchdog Proposes Move to Get Inspections Started Faster
▼ + stars: | 2023-03-28 | by ( Mark Maurer | ) www.wsj.com time to read: +1 min

Erica Williams has been chair of the Public Company Accounting Oversight Board for just over a year, and has increased its enforcement efforts. The Public Company Accounting Oversight Board proposed cutting by more than half the amount of time auditors have to assemble final audit documentation, which might allow the audit watchdog to start its inspection process up to a month earlier and provide key information to investors sooner. The U.S. audit regulator has been working to update more than 30 standards that have gone largely unchanged since they were adopted on an interim basis roughly 20 years ago from the American Institute of Certified Public Accountants. With the proposal released Tuesday, the PCAOB suggested consolidating and modernizing four interim standards into one standard on auditors’ core responsibilities, including areas such as professional skepticism, independence, competence and professional judgment.

☆ The Jobs Most Exposed to ChatGPT
▼ + stars: | 2023-03-28 | by ( Lauren Weber | Lindsay Ellis | ) www.wsj.com time to read: 1 min

Accountants are among the professionals whose careers are most exposed to the capabilities of generative artificial intelligence, according to a new study. The researchers found that at least half of accounting tasks could be completed much faster with the technology. The same was true for mathematicians, interpreters, writers and nearly 20% of the U.S. workforce, according to the study by researchers at the University of Pennsylvania and OpenAI , the company that makes the popular AI tool ChatGPT.

☆ ChatGPT will most likely impact your job if you work in tech, went to college, and make up to $80,000 a year, research says
▼ + stars: | 2023-03-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Most American jobs are at risk of being impacted by AI like ChatGPT, researchers found. Educated, white-collar workers making up to $80,000 a year will be most affected by AI, per the study. Some jobs likely to be impacted include financial analysts, accountants, and writers. More specifically, the researchers wanted to find out which jobs are most likely to be "exposed" to the model's capabilities. The impact of AI on jobs increases as salaries gets closer to $80,000.

☆ U.S. auto dealer profits ease from 2022 peak, M&A drive stays high - report
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

In 2022, profits reached an estimated $6.5 million per location for dealerships owned by public auto retailers, more than triple of pre-pandemic levels, according to the report from Haig Partners, a buy-sell advisory firm to auto dealers. But dealers still expect profits to remain over twice as high as 2019, powering demand for acquisitions in the drive to expand, the report said. "The result of high profits and strong demand is that we have seen record-high prices being paid for dealerships in the last six months," Haig said. To hit those targets, the three auto dealers would together need $48.7 billion in revenue and purchases of nearly 500 dealerships, the report said. The Haig Report tracks trends in auto retail.

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