Accounting Today

Accounting Today is a specialized magazine catering to the public accounting industry in the U.S. Launched in 1987, it rapidly expanded its readership to over 30,000. The magazine is published by SourceMedia, a company that employs more than 400 people and manages over 30 different magazine titles, including several prominent financial publications. Some of the well-known magazines under SourceMedia include American Banker, The Bond Buyer, Employee Benefit News, and Financial Planning.

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#225430

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Finance/Accounting and Auditing

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Republicans push Musk aside as Trump tax bill barrels forward

1 day ago | accountingtoday.com | Erik Wasson

Congressional Republicans are siding with Donald Trump in the messy divorce between the president and Elon Musk, an optimistic sign for eventual passage of a tax cut bill at the root of the two billionaires' public feud. Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House's economic agenda.
Trump said to be open to lowering SALT cap in GOP tax bill

1 day ago | accountingtoday.com | Erik Wasson

President Donald Trump told Senate Republicans he is open to a state and local tax deduction cap lower than the $40,000 in the House-passed version of his giant tax bill, a person familiar with the matter said. Trump signaled his position in a meeting with Senate Finance Committee Republicans on Wednesday, and the comments added momentum to Senate GOP efforts to enact a lower SALT cap.
What the House gave the Senate: Inside the Big Beautiful tax bill

4 days ago | accountingtoday.com | Roger Russell

The reconciliation bill passed by the House on May 22 is currently being considered by the Senate, and will likely undergo changes before approval by the upper chamber. To what extent the changes will create stumbling blocks before a final bill is produced and voted on is uncertain, with the increased SALT deduction, Medicaid reforms, and repeal of certain Inflation Reduction Act credits on the line.
Intuit reports rapid growth attributed to AI

5 days ago | accountingtoday.com | Chris Gaetano

Intuit has reported strong third quarter growth, with the company reporting total revenue of $7.8 billion, an increase of 15 percent. Within this revenue growth, Intuit's Credit Karma grew the most, raking in $579 million during the third quarter, a 31 percent increase, driven by credit cards, personal loans and car insurance. With this growth in mind, Intuit is optimistic about its future prospects and has raised its full year guidance for FY2025 as a result.
Thomson Reuters launches AI agent platform with tax and accounting solutions

5 days ago | accountingtoday.com | Chris Gaetano

Thomson Reuters announced its entry into the agentic AI arena with CoCounsel for tax, audit, and accounting professionals, touted as but the first step in a wider rework of its product line centered around the integrating of semi-autonomous agents. CoCounsel for tax, audit and accounting professionals is described as a vertical-specific AI agent designed for modern tax and accounting professionals.
Steinhoff fraud trial moved to South Africa's high court

1 week ago | accountingtoday.com | Janice Kew

South Africa's case against executives in the biggest corporate fraud in the country's history will be moved to a higher court for complex criminal trials, with their next hearing also pushed back to September.
AI forgeries launch new phase in anti-fraud arms race

1 week ago | accountingtoday.com | Chris Gaetano

Generative AI is now capable of producing fake documents realistic enough to fool automated systems, creating new opportunities for fraud and new challenges for those trying to prevent it. This new capacity came as part of OpenAI's image generation update a few months ago, which dramatically increased the quality of AI-generated images, including financial documents.
Tech news: BDO announces $1B AI strategy

1 week ago | accountingtoday.com | Chris Gaetano

BDO announces $1B AI strategy; Plaid announces Transactions for Business solution; Xero and Tallyfor announce partnership; and other accounting technology news and updates. BDO announces $1B AI strategy Top 10 firm BDO launched the next phase of its artificial intelligence (AI) strategy, backed by a global investment in AI of more than one billion dollars over a period of five years.
Tax Fraud Blotter: Side hustles

1 week ago | accountingtoday.com | Jeff Stimpson

Pardon us; no relief in sight; down on the farm;and other highlights of recent tax cases. San Francisco: Winery co-owner Brian Fleury, 64, of Napa County, California, has pleaded guilty to aiding and assisting the preparation of a false return. Fleury and his spouse owned the winery Metropolitan Wines and several vineyards in Napa Valley. For tax years 2014 through 2018, Fleury underreported Metropolitan's income to his tax preparer.
Acumatica acquired by Vista

1 week ago | accountingtoday.com | Chris Gaetano

Cloud ERP provider Acumatica has been acquired by private equity firm Vista Equity Partners, which specializes in enterprise software, data and technology-enabled businesses. "Our partnership with Vista not only marks a significant milestone in Acumatica's history but also is a strong endorsement of the real-world value we deliver to the market and our customers," said John Case, CEO of Acumatica.