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New surveys offer proof of its increasing value to firms

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff’s accountant in the first trial of an auditor over losses tied to the biggest Ponzi scheme in U.S. history.

BDO USA LLP has expanded the firm’s San Diego-area practice by adding CEA LLP in Carlsbad, Calif.

The Internal Revenue Service did not maintain effective internal control over financial reporting as of Sept. 30, 2015, because of a continuing material weakness in internal control over unpaid tax assessments, according to a new report from the Government Accountability Office.

The Internal Revenue Service is making yearly adjustments to W-2 and 1099 forms, while adding brand new 1095 forms related to the Affordable Care Act to the list of required forms for filers this year.

Thomson Reuters has announced the winners of their second annual Taxologist Awards - a program that recognizes exceptional tax departments and professionals who impact their firms through tax technology.

Highlights of some of our favorite tax-related blogs from the past week.

Cloud ERP provider Intacct announced new features, partnerships and resources during its annual Intacct Advantage conference Nov. 9-13.

The Financial Accounting Standards Board has issued a proposed accounting standards update to increase transparency about government assistance to businesses.

Regional accounting firm Rogoff & Company has merged in the CPA practice of Ira Rubin in New York City, effective Nov. 1, 2015.

With Paul Ryan newly instated as House Speaker, many are saying 2016 will be the year for major tax reform, according to Matt Becker, BDO USA regional managing partner for tax services.

An advocacy group for U.S. expatriates, American Citizens Abroad, is sounding the alarm about a provision in Congress’s highway funding bill that would revoke the passports of people who owe more than $50,000 in taxes.

Southern California accounting and consulting Squar Milner LLP is expanding its presence in the Encino neighborhood of Los Angeles by merging in Solomon, Winnett and Rosenfield, effective Jan. 1, 2016.

Don’t expect to find these rarely seen accounting movies on Netflix or TCM. They never won more than a cult following, much less an Academy Award, perhaps because of an unfortunate resemblance to previous Oscar winners.

The accounting profession is strongly linked to national economic growth and improved living standards and is estimated to contribute $575 billion annually to the global economy, according to a new report.

Thomson Reuters has released PPC’s Practice Aids for Audits Performed under International Standards, providing audit programs, checklists, confirmations, and auditor’s reports for performing complex audits in accordance with International Standards on Auditing.

The partners of regional CPA firm Eide Bailly LLP have unanimously re-elected Dave Stende as managing partner/CEO and elected Laura Srisch and Brian Callahan as the newest members of the Eide Bailly board of directors.

Employees and firms can’t improve without guidance and feedback – and the best firms are making sure it flows both ways as often as possible.

The Financial Accounting Standards Board voted Wednesday to proceed to issuing a final standard on its long-delayed project for overhauling the accounting for leases and set the dates for when the new standard will take effect.