October 28, 2021

Friday Footnotes: Robots When?; KPMG Digs Dads; Deloitte Still Cashing In on Corona | 7.2.21

Business implications of AI within tax & accounting [Reuters] According to the 2020 World Economic Forum Outlook Report, the time spent on current work tasks by humans and machines will be roughly equal by 2025. Given that, what will workflow, operations, and our tax teams look like in four years?

KPMG takes bold step towards inclusivity with 26 weeks equal paid parental leave [HRD] …in Australia.

High Court denies PwC petition to reverse cash balance plan ruling [Pensions & Investments] The U.S. Supreme Court on Monday denied a petition for a writ of certiorati filed by PricewaterhouseCoopers LLP to reverse a Second Circuit Court’s 2019 decision, regarding a lawsuit alleging PwC violated ERISA law in the design of its cash balance plan.

EY financial services unit to add 3,000 jobs in Europe, Middle East, India and Africa [Financial News] Big Four audit firm EY’s financial services business expects to grow by an additional 3,000 new jobs over the next three years in its Europe, Middle East, India and Africa region, the department’s new head said.

Test and Trace spends £1 million per day on Deloitte consultants [Consultancy.uk] UK Parliament’s spending watchdog has found that the Government’s dependence on consultants to improve its Test and Trace app is yet to diminish. In particular, consultants from Deloitte have brought in a combined £1 million in daily fees, with some senior advisors billing more than £6,000 for a single day.

Proposed bill to regulate tax preparers has AICPA support [Journal of Accountancy] The AICPA signaled strong support for a bill introduced in Congress last week that would authorize Treasury to regulate paid tax return preparers and mandate minimum competency standards. The proposed legislation has bipartisan backing and is sponsored by Reps. Jimmy Panetta, D-Calif., and Tom Rice, R-S.C.

New Head of Global Accounting Rule-Maker Expected to Zero In on Technical Details [WSJ] Andreas Barckow, an accountant who had served as president of the Accounting Standards Committee of Germany until February and who formally took over the role of chairman of the IASB this month, is expected to dive deep into the weeds on international accounting rules. That marks a contrast from former chair Hans Hoogervorst, who isn’t a qualified accountant and took more of a big-picture approach to promoting the standards around the world.

Huge backlogs and broken printers plague IRS, taxpayer advocate reports [CNN] The challenges of working during the pandemic, combined with last-minute tax changes made by Congress aimed at providing relief for struggling Americans, created a difficult tax filing season for the IRS, which has seen its budget shrink over the past decade.

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