Financial Reporting
Economic Outlook Uncertain, Companies Reassess Compensation Strategies: Korn Ferry
Korn Ferry's latest survey shows that 46% of companies have initiated internal discussions to adjust annual incentive compensation, and 55% are taking a wait-and-see stance on tariff impacts. CFOs play a key role in compensation strategy, and companies need to re-examine the link between executive pay and performance.
UHY's New CFO Talks About Being the 'CPA's CPA': They 'Need the Numbers'
Laura LaPeer, a CPA with a bachelor's degree in accounting from the University of Michigan-Flint, joined UHY as CFO after a month as Plante Moran's treasurer. She previously worked at PricewaterhouseCoopers and spent nearly 13 years at ProQuest, specializing in simplifying financial information for non-accountants. At UHY, she will drive growth through mergers and acquisitions, aiming to exceed $1 billion in revenue within five years while optimizing operational centralization.
CPA License Reform May Cover Half of U.S. States by Year-End
State legislatures across the U.S. are accelerating legislation for alternative pathways to Certified Public Accountant (CPA) licensure to address the accounting talent shortage. By the end of 2025, the number of states implementing the new law is expected to increase from the current 21 to 25, approaching half of the 50 states nationwide. The new law primarily eliminates or replaces the 150-semester-hour college credit requirement, offering two alternative pathways. Experts predict that by the end of 2027, nearly all states will complete legislation, but the transition period faces challenges such as rule-making, university curriculum adjustments, and employer adaptation.
Appeals court rules: former Trump Organization CFO Weisselberg can keep severance
A five-judge panel of the First Judicial Department of the New York State Appellate Division ruled on Thursday (August 21, 2025), overturning the requirement that Allen Weisselberg, the former chief financial officer of the Trump Organization, repay $1 million in severance, and vacating the over $500 million fine against defendants including Donald Trump and his businesses. The court found the fine constituted an "excessive penalty" in violation of the Eighth Amendment to the U.S. Constitution, but upheld the non-monetary penalties and sanctions set by Judge Arthur Engoron in his February 2024 ruling, including lifetime bans on Weisselberg and former comptroller Jeffrey McConney. The New York State Attorney General's Office said it would seek an appeal.
Accordion Survey: PE Investors and CFOs Diverge Significantly on AI Adoption Paths
A survey released by Accordion on August 11 shows that 98% of PE investors require CFOs to prioritize AI adoption, but 68% of CFOs indicate hesitation mainly due to a lack of direction. The two sides also diverge on value creation and investment timing, while macroeconomic uncertainty intensifies cautious sentiment.
Dollar General former executive Donny Lau returns as Chief Financial Officer
Dollar General announced on Wednesday that it has appointed Donny Lau, a financial executive who previously served at the company for many years, as Chief Financial Officer, effective October 20. Lau, who previously served as CFO at restaurant chain Zaxby's, returns nearly three years after leaving Dollar General. Current CEO Todd Vasos will serve as principal financial officer during the transition period.
TIGTA: IRS Phone Help Wait Times Understated, Actually Much Higher Than Official Data
The Treasury Inspector General for Tax Administration (TIGTA) released a report stating that the IRS concealed phone help wait times, with official claims of an average 3-minute wait, while failing to account for an average 17-minute wait for about one-third of callers. The IRS rejected TIGTA's comprehensive reporting recommendations and faces service pressure after layoffs.
Home Depot Warns of Tariff Impact, Some Categories May See 'Moderate' Price Increases
Home Depot executives said during the Q2 2025 earnings call that despite tariffs raising costs on some imported goods, the company remains confident in the current macroeconomic environment and expects customer demand to stay healthy. Meanwhile, the U.S. housing market remains weak, and economic uncertainty is curbing large renovation projects.
Upwork CFO: AI deals enhance company strategic 'flexibility'
Upwork CFO Erica Gessert said in an interview that the company is building 'macro-insensitive business levers' through AI-related acquisitions and internal integration. Second-quarter net profit rose 47% year-over-year to $32.7 million, with AI-related services gross transaction volume up 30%. Gessert emphasized that profitability provides capital flexibility for M&A, but integration requires attention to cultural alignment and system unification.
IRS Review Gaps Open Door to Form 941 Business Fraud: Inspector General Report
The Treasury Inspector General for Tax Administration (TIGTA) released a report stating that the IRS's review of Form 941 has gaps, enabling fraudsters to submit false filings and claim fraudulent refund checks, even though management had been informed of such business fraud risks. The report notes that IRS staff failed to properly verify caller identities, providing scammers with account, deposit, and other tax information. TIGTA stated that IRS management was aware of the erroneous refund risks but took no action to stop the scheme.