Monthly News and Updates – AUGUST 2024

1.?PwC and Withum Share Lead For Most IPO Audit Clients in Q2:

Of the 54 companies that went public in the second quarter of 2024, PwC and Withum audited 16 of them—eight each—more than any other audit firm, according to a?new analysis?from Ideagen Audit Analytics. Read More

2.?UBS questioned by senator over $350M tax evasion case:

UBS Group AG was asked by a powerful U.S. lawmaker about whether the bank it acquired, Credit Suisse Group AG, failed to report an American accused of evading taxes on $350 million in income. Read More

3. Supreme Court Rules Against Popular Tax Exempt Business Transfers:

The decision in Connelly v. United States last month impacts certain types of smaller businesses, in particular closely held companies. Read More

4. FASB Aims to Improve Derivative Accounting:

Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments to the FASB on the proposed ASU. Read More

5. Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card:

Jennifer Vandever was sentenced to more than three years in prison after pleading guilty to wire fraud and tax evasion. Read More

6. Joe Biden Withdraws from Presidential Race: Harris Campaign Expected to Keep Tax Proposals:

President Joe Biden announced Sunday that he will step aside as the Democratic presidential nominee and endorsed Vice President Kamala Harris to lead the ticket and face former President Donald Trump in November. Read More

7. RSM strengthens European presence with five acquisitions:

RSM, the leading global assurance, tax and consulting services provider to middle market businesses, has announced five acquisitions taking place across Europe.?Read More

9. IRS updates RMD guidance:

The Treasury Department and the Internal Revenue Service issued?final regulations?Thursday to update the rules for required minimum distributions.?Read More

10. Intelligize Adds AI Solution for SEC Filing Analysis:

Intelligize+ AI adds generative AI-driven capabilities and new search technologies to its SEC compliance analytics and research platform.?Read More

11. RubinBrown Joins Forces With The Rybar Group:

The move expands the top 40 accounting firm's healthcare services offerings, including reimbursement.?Read More

12. Grant Thornton UK weighs selling stake to private equity:

Grant Thornton's UK arm is considering a potential stake sale, people with knowledge of the matter said, at a time when an influx of investors is accelerating growth in the professional services sector.?Read More

13. US names Dan Priest as Chief AI Officer and Ellen Walsh as Sustainability Executive Sponsor:

As PwC enters FY25 and explores opportunities to create new value for clients, the firm is increasing its investments in the fast-growing areas of AI and sustainability.?Read More

14. Long Island-Based S&P Financial Services Joins Avantax:

S&P Financial’s mission is to build strong, multi-generational relationships with clients by offering them clarity, education, confidence, and complete disclosure when approaching their financial strategies.?Read More

15. How the Accountant Shortage Is Rippling Through the Startup World:

The are fewer CPAs, which is a problem for entrepreneurs, but while some lament the loss, others are looking to fill it.?Read More

16. IRS collects $1B from millionaires:

An initiative to collect tax debts from millionaires has brought in over $1 billion in less than a year, the Internal Revenue Service and the Treasury Department announced Thursday.?Read More

17. Aprio receives PE investment:

Aprio, a Top 50 Firm based in Atlanta, has completed an investment round from Charlesbank Capital Partners, a private investment firm based in Boston, the latest accounting firm to get a private equity infusion.?Read More

18. Campari owner rejects claims after reports of €1B unpaid taxes:

The parent of Italian beverages group Davide Campari-Milano NV said it isn't aware of any investigation following reports over alleged tax avoidance.?Read More

19. SVB bonds rise after $600M cut to tax bill:

SVB Financial Group secured a more than $600 million cut to its potential tax bill, boosting some bonds tied to the bankrupt former parent of Silicon Valley Bank and removing an obstacle in its path to repaying creditors in Chapter 11.?Read More

20. Supreme Court overturns Chevron rule:

A divided U.S. Supreme Court threw out a decades-old legal doctrine that empowered federal regulators to interpret unclear laws, issuing a blockbuster ruling that will constrain environmental, consumer and financial-watchdog agencies.?Read More

21. IRS Finalizes Rules on Crypto Tax Reporting for Brokers:

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance.?Read More

22. Withum Admits 20 New Partners:

There's a new crop of partners at top 25 accounting firm Withum, as the class of 2024 was announced on July 1.?Read More

23. Hong Kong's audit regulator says allegations against PwC in letter not supported:

Hong Kong's audit regulator said it found no supporting evidence for some of the allegations made against PricewaterhouseCoopers LLP in an anonymous whistleblower letter that circulated on social media in April.?Read More