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The New Jersey Society of CPAs is proposing an additional pathway to obtain CPA licensure in the Garden State, backing a bill that would modify New Jersey’s Accountancy Act to allow CPA candidates to qualify for licensure by earning a bachelor’s degree, completing two years of experience and passing the CPA exam. The bill (A5598), sponsored by Assemblyman Sterley S. Stanley, D-East Brunswick, passed the Assembly Regulated Professions Committee on Thursday. Earlier this week, the American Institute of CPAs and the National Association of State Boards of Accountancy approved changes in the Uniform Accountancy Act model legislation used in various states…

The International Auditing and Assurance Standards Board released additional information Thursday on its new going concern standard.The new Frequently Asked Questions document aims to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern.The FAQ document discusses the main questions on the enhanced auditor reporting model for going concern that’s included in the revised standard. It focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides…

The far-reaching tax reconciliation bill advanced this week by the House Ways and Means Committee is full of provisions that would not only extend the expiring provisions of the Tax Cuts and Jobs Act of 2017, but add significant new provisions to the Tax Code.The “One Big, Beautiful Bill” includes some of the campaign promises made last year by President Trump, such as exempting tip income and overtime pay from taxes, as well as providing tax breaks for seniors and tax incentives for domestic manufacturing. At the same time, it would phase out many of the tax breaks for renewable…

Playing defense; shocking stuff; to the cleaners; and other highlights of recent tax cases.Washington, D.C.: Thomas G. Ehr, a longtime associate of a former defense contractor, has pleaded guilty to conspiring to defraud the United States.From 2009 until about 2022, Ehr worked for or on behalf of a co-conspirator who was a defense contractor who owned 50% of a business that supplied jet fuel to U.S. troops in Afghanistan and the Middle East. Ehr, of the United Kingdom, was hired to manage music television and entertainment projects funded with proceeds from this business. Over time, Ehr played a role in…

Republican-backed legislation now winding its way through the House includes a number of tax breaks promised by President Trump during the campaign, such as eliminating taxes on worker tips and overtime pay, as well as sharply lowering lowering rates on corporations. One tax break that isn’t in the bill: Mr. Trump’s suggestion last year that seniors shouldn’t have to pay income taxes on Social Security benefits. “Seniors should not pay taxes on Social Security and they won’t,” Mr. Trump said while during an August campaign rally in Harrisburg, Pennsylvania.A provision to eliminate taxes on Social Security isn’t included in the bill approved by the House…

A customer exits a Cava restaurant in New York City on June 22, 2023.Brendan McDermid | ReutersCava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining.The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%.”When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips…

Speaker Johnson says House on track to pass Trump budget next week – CBS News Watch CBS News The House of Representatives is moving forward with President Trump’s budget bill, but a sticking point among lawmakers over state and local tax deductions could cause issues. CBS News congressional correspondent Caitlin Huey-Burns has more on where negotiations stand. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Price increases are coming soon to a Walmart near you.On Thursday, Walmart CFO John David Rainey warned investors that even the retail giant known for its discounts will have to raise the prices of many items because of tariffs — despite a 90-day reprieve that lowered duties on Chinese imports to 30%. Goods from dozens of other countries face a 10% duty.”We’re trying to navigate this the best that we can,” he said in a CNBC interview. “But this is a little bit unprecedented in terms of the speed and magnitude in which the price increases are coming.”He said the…