November 24, 2020

Friday Footnotes: KPMG Commits; PCAOB Plans; WFH Tax? | 11.13.20

Things to consider for companies preparing for 2020 year-end audits [Compliance Week] The end of 2020 is on the horizon, and auditors at calendar-year companies are already planning and beginning their audits. The usual annual challenges of implementation of new accounting standards and related internal controls persist, but this year-end is unlike any other, as firms are dealing with changes to their businesses and the economy overall as a result of the COVID-19 pandemic.

IRS will mask business tax transcript identifying information [Journal of Accountancy] The IRS announced on Friday that it is taking a step to fight identity theft for business taxpayers by masking sensitive identifying data on business tax transcripts (IR-2020-254). The rules will apply beginning Dec. 13, and the IRS is asking for suggestions on changes to the rules before that date.

KPMG becomes final Big Four member to commit to net zero [Consulting.uk] KPMG has become the final member of the Big Four to announce its intentions to become net-zero by the end of the decade. The firm’s targets include a 50% reduction of KPMG’s direct and indirect greenhouse gas emissions.

PwC Quits as Carlsberg India Auditor, Won’t Approve Accounts [Bloomberg Tax] PricewaterhouseCoopers LLP has quit as auditor of Carlsberg India after a boardroom dispute at the brewery spilled into its bookkeeping.

At November 19 Open Meeting, PCAOB to Consider Adoption of Budget, Strategic Plan, and Amendments to PCAOB Independence Standards and Rules [PCAOB] The Public Company Accounting Oversight Board (PCAOB) will hold an open meeting on Thursday, November 19, at 10:00 a.m. ET.

No, We Don’t Need a Federal Work-From-Home Tax [Tax Foundation] Multinational banks do clickbait too. That’s my analysis of one of the proposals from a recent Deutsche Bank publication titled What Must We Do to Rebuild?—a proposal sure to work up those who work from home. Because, among other short pieces with titles like “The delivery dilemma” and “The case for post-COVID rural investment,” there’s something way more eye-catching: “A work-from-home tax.”

Grant Thornton names Hope in a Box as next Purple Paladin [Business Wire] Grant Thornton LLP has named Hope in a Box as the sixth nonprofit in its Purple Paladins initiative — a program that helps emerging nonprofit organizations move from start-up to sustainable by providing funding, business advice and volunteer support, while also helping them share their stories more broadly.

Should CFOs stay in touch with recruiters after getting the job? [CFO Dive] While CFO tenure at a company varies widely, even the CFOs most satisfied with their jobs would do well to keep their ears open for new opportunities.

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