outlook & analysis

fraud: it’s where the money is

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cpa firms have opportunities here. bonus: infographics.

by 卡塔尔世界杯常规比赛时间

covid-19 isn’t the only pandemic ravaging the world. there’s a financial virus going around, too.

more in risk management: in these turbulent times, leaders must lead!  |  indemnification helps partners sleep well  |  tax season is hacker season  |  2020 outlook: top 5 emerging risks for cpas  |

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it’s called fraud – maybe not contagious, but it pops up everywhere. on average, an estimated 5 percent of the world’s revenue is lost to fraud each year, a median loss of $125,000, an average loss of $1,509,000.

the prevalence and seriousness of fraud is both opportunity and obligation for cpa practices, not to mention internal audit departments.

according to the 2020 global study on occupational fraud and abuse, just issued by the association of certified fraud examiners, external audits were the source of detection in only 4 percent of 2,504 organizations analyzed in 125 countries. internal audits accounted for 15 percent of detection, and internal controls seem almost not worthwhile, finding only 2 percent of cases of known fraud.

despite increasingly sophisticated fraud detection techniques, tips are still by far the most common way fraud is discovered, responsible for 43 percent of detected cases. read more →

covid slams u.k. accountants, too

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you can already start to see which firms will survive, those that won’t, and why, says martin bissett in a video call with 卡塔尔世界杯常规比赛时间.

covid drowns irs in new filings

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data chart
data for the week ending april 17, 2020.
* total includes returns filed to obtain economic impact payments by those who would not usually file income tax returns.

why not? submissions are way down.

busy season barometer
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by beth bellor

coronavirus hit irs data in a couple of ways this week.

people who don’t ordinarily file income tax returns, but did so to obtain economic impact payments, boosted filings higher than they might have been for the week ending april 17, the latest data. in addition, visits to irs.gov shot up 77 percent over 2019 – the get my payment link surely was part of that picture.

more: 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed | tax pros trail by 908,000 returns | tax pro irs filings lag by 532,000 | tax pro e-filings lag by 512,000 returns | tax pros kick into high gear | slow start for tax pro e-filing | data points down as tax season opens | the fight for new tax clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the internal revenue service reported receiving 116 million individual income tax returns, down 15.5 percent. it had processed 106.6 million returns, up 18.5 percent.
read more →

covid crisis separates the winners from losers

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bill reeb, 2019-20 aicpa chairman, explains how today’s coronavirus crisis is transforming the profession – and the world – forever.


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by 卡塔尔世界杯常规比赛时间

today’s coronavirus cataclysm is changing the ways cpas in both the public and the private sectors do business, revamping in a few traumatic days what would have taken five years, says bill reeb, the 2019-20 aicpa chair, in a video interview with 卡塔尔世界杯常规比赛时间.

卡塔尔世界杯常规比赛时间 is providing free access to our latest coronavirus crisis updates: start here for a guide to all our free coverage.

“it has already had an amazing effect,” reeb says. “we have fast-forwarded the technology by at least five years. the use of technology has skyrocketed. and people are starting to say, okay, we got to get people working at home, and we’ve found ways to communicate with each other during the day.” read more →