News

Suffice to say, it’s not been a good week for the 5th largest U.S. credit card issuer. This week, Capital One was hacked in what’s being called one of the largest data breaches in history. A lone hacker gained access to more than 100 million American and Canadian customer accounts and credit card applications. The data theft exposed 140,000 social security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, among customers’ other personal data. Capital One estimates the breach will cost them between $100M and $150M in 2019 on customer notifications, credit monitoring, technology costs and legal support. And this does not include potential reputational damage or political and regulatory actions, including possible penalties. Capital One’s stock also plummeted 6% overnight.

Over the past several years, the emergence of new technologies has provided new ways for CPAs to provide services to clients through cloud-based and virtual platforms. These new services required careful consideration to maintain the high ethical principles that always have been a source of pride for CPAs, who are determined to maintain their independence so they can perform attest services without even a hint of possible impropriety.

2019 is in full swing and it’s safe to say what the buzzwords of the year will be: innovation, disruption, AI and blockchain. Newsfeeds are abounding about how these technologies will automate the accountant’s role and their potential impact on the profession as a whole.

Companies that don't transform digitally can see an annual operating performance drop of up to 8%. Read three key ways they can catch up.

Yesterday, several members of the ASCPA State Tax Committee had the privilege to meet with members of the Alabama Department of Revenue Forms and IT sections to discuss a couple of common issues that have been shared with us over the past two weeks.

Alabama taxpayers enrolled in the IDEMIA eID app (formerly Alabama eID) can securely approve the legitimacy of their state tax returns and receive refunds up to 60 percent faster.

Finance professionals aren't adapting quickly enough to new technologies such as artificial intelligence and automation and must do so over the next three years, according to a new report from the Chartered Institute of Management Accountants.

Technology is driving the need for accounting and finance professionals to shift their focus from cost compliance to value creation. A new CGMA report reveals practitioners aren’t evolving their digital skills fast enough and provides them a roadmap to navigate this new terrain.

To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation’s tax industry urged people to review new, stronger standards to protect the passwords of their online accounts.

Summit Partners urge taxpayers: 'Don't Take the Bait'