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Whining Auditors, Buy and Sell, Competition Law and More: Sunday News Roundup

This is brief roundup of several news articles were published regarding the accounting industry.

Here is a roundup of some of the top stories:

1. A new survey by EY suggests that executives from Canadian companies are more optimistic about the country's economic recovery compared to a year ago. The survey revealed that 63% of the executives are optimistic about the country's economic growth, compared to 30% in 2021. Additionally, 54% of the executives expect to increase hiring in 2022.

2. The Canadian Securities Administrators (CSA) have proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. The proposed amendments would require firms to provide clients with an annual investment performance report, disclose referral arrangements and provide a new client statement within 10 days of account opening.

3. The Bank of Canada has increased its key interest rate to 0.5%, up from 0.25%, citing strong economic growth, low unemployment rates and inflationary pressures. The move is expected to lead to an increase in borrowing costs for consumers and businesses.

4. A new report from Deloitte suggests that cyber threats are the top concern for Canadian financial institutions in 2022. The report indicates that 75% of the financial institutions surveyed ranked cyber threats as their top concern, up from 60% in 2021.

5. A new survey by KPMG suggests that more than half of Canadian businesses plan to increase their investments in technology in 2022. The survey revealed that 56% of businesses plan to increase their investments in technology, compared to 35% in 2021.

6. A new report by CPA Canada indicates that Canadian businesses are expected to increase their hiring in 2022. The report suggests that 75% of businesses plan to hire in 2022, up from 64% in 2021.

7. The Canada Revenue Agency (CRA) has issued a warning to Canadians about a new phishing scam that targets taxpayers. The scam involves fraudulent emails that appear to be from the CRA, asking taxpayers to provide personal information in order to receive a refund.

In conclusion, the accounting industry in Canada is experiencing some positive developments, such as an increase in economic optimism and hiring, as well as increased investment in technology. However, there are also challenges such as cyber threats and phishing scams that need to be addressed. It will be important for businesses and individuals to stay informed and take necessary precautions to protect themselves.

The IRS has already announced that it will begin accepting tax returns on January 24th, two weeks later than usual, to allow more time for the agency to prepare. Despite the challenges, tax professionals remain committed to helping their clients navigate the tax system. As one respondent said, "It's frustrating, but we're here to help. We'll do whatever it takes to make sure our clients are taken care of."

In conclusion, tax professionals are growing increasingly frustrated with the IRS's poor customer service, which has only worsened over the past year. While the agency faces numerous challenges, tax professionals are calling on the IRS to take action to improve its customer service, and are doing what they can to help their clients navigate the system in the meantime.