CPA Practice

SEPTEMBER 12, 2023

You are in the home stretch of the year, and it’s time to think about how this quarter could impact Q1 of next year—the busiest time for some CPAs. I then looked at the 2023 article “ Top 8 challenges keeping small business owners up at night ,” by Becker’s ASC Review and found these topics. Or, ask a search engine.

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Accounting Insight

FEBRUARY 20, 2023

Several factors contribute to the shortage, like mid-career CPAs changing professions, or early retirements spurred by the pandemic. We’ve gathered three reasons for the shortage of accountants, as well as solutions for CPA firms to consider. But why has the accounting profession become so unattractive?

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CPA Practice

FEBRUARY 5, 2024

David Wurtzbacher – 2023 “20 Under 40” Influencer Founder & CEO Ascend LLC www.ascendtogether.com Recent Career Highlights Having raised private equity capital from Alpine Investors, I formally began building a management team in January 2023, and striking our first partnerships with exceptional firms.

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KROST

NOVEMBER 10, 2023

PASADENA, CA – The Los Angeles Business Journal (LABJ) recognizes KROST CPAs & Consultants as one of the Top Fastest Growing Private Companies in 2023. The post Los Angeles Business Journal Names KROST Top 100 Fastest Growing Private Companies 2023 appeared first on KROST.

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

AUGUST 3, 2023

For the last two years, the American Institute of CPAs (AICPA) has diligently and consistently advocated on behalf of taxpayers and CPAs to the Internal Revenue Service (IRS) and the Department of the Treasury regarding unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims.

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Going Concern

JANUARY 6, 2023

Wooooo it’s the first Footnotes of 2023! Challenges And Opportunities For Accounting Departments In 2023 [ Forbes ]. CPAs rev up for a new tax season [ Journal of Accountancy ]. As part of the transaction, all Arnold Group team members joined KPMG when the acquisition closed on January 1, 2023.

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CPA Practice

APRIL 26, 2023

The Pennsylvania Institute of Certified Public Accountants , the largest CPA association in Pennsylvania with over 20,000 members, has issued its latest Insights report.

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CPA Practice

FEBRUARY 28, 2023

The American Institute of CPAs (AICPA) and CPA.com announced its 2023 Startup Accelerator cohort at a kick-off meeting held at AICPA headquarters in New York. This year’s participants include five early-stage companies pursuing a variety of solutions in audit, accounting, tax and e-commerce.

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CPA Practice

NOVEMBER 13, 2023

The Texas State Board of Public Accountancy approved an Agreed Consent Order assessing a reprimand and a $3,000,000 administrative penalty against Ernst & Young LLP (EY) on November 9, 2023. The penalty was the largest administrative penalty that the Texas Board has ever assessed against a CPA firm.

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CPA Practice

SEPTEMBER 27, 2023

The American Institute of CPAs (AICPA) is supporting new bipartisan, bicameral legislation establishing the accounting profession as a STEM career pathway and supporting long-standing efforts to diversify the future accounting workforce. In the House of Representatives, H.R. 1705, the STEM Education in Accounting Act.

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CPA Practice

MAY 6, 2024

Established in 2023 to provide an alternative to the traditional exit options for accounting and professional services firm owners, Crete PA partners with firms across the country, keeping their leadership, brand, and culture independent while providing access to its national back-office resources and financial backing.

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KROST

JANUARY 30, 2023

LOS ANGELES, CA [January 30, 2023] — Los Angeles-based CPA firm, KROST CPAs & Consultants, welcomes Grant K. Miller, CPA, EA, as Principal of Tax. The post Press Release: KROST Welcomes Grant Miller as Principal of Tax appeared first on KROST.

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CPA Practice

JANUARY 10, 2024

LeaseCrunch optimizes lease accounting processes for CPA firms by automating calculations and the required deliverables. The solution allows firms to streamline operations, save time, reduce errors, lower costs and simplify compliance with the new lease accounting standards. The transaction closed in the fourth quarter of 2023.

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Going Concern

FEBRUARY 16, 2024

The author’s research found that conflict surrounding work-life balance practices, and perceptions of unfair treatment with regard to their application within a CPA firm, were directly correlated to employee turnover intentions. Vacancies fell across all accounting firms in the UK in 2023, but the decrease was less dramatic, at 23%.

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Going Concern

SEPTEMBER 21, 2023

Immediate Actions: If you have any ongoing financial transactions or impending deadlines, consider consulting with another CPA or CPA firm to ensure matters are handled as timely as possible. CPAs and CPA firms have an obligation to provide certain records. [Ed.

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RogerRossmeisl

OCTOBER 30, 2023

And due to high inflation, the adjustments for 2023 were big. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 However, the amounts change every year due to inflation adjustments. Here are the numbers that small business owners need to know.

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Going Concern

JANUARY 3, 2024

Here’s a better source on generative AI and risks to CPA firms from the esteemed Journal of Accountancy. From the above JofA article: Unlike you, ChatGPT and other generative AI tools have not been formally educated and trained in the practice of public accountancy and are not licensed CPAs. You know what, never mind.

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CPA Practice

JUNE 15, 2023

Weirich, PhD, CPA, as the recipient of the 2023 Distinguished Achievement in Accounting Award for his outstanding teaching, research and service throughout his 50-year career. This text has been adopted by numerous universities, CPA firms, and corporations for staff training purposes.

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CPA Practice

FEBRUARY 27, 2023

Daniel Garigen, who holds a 40% stake in Dansa D’Arata & Soucia CPAs LLP, has accused managing partner Eric Soucia of financial and workplace misconduct in a lawsuit filed this month in New York Supreme Court that seeks to force Soucia to give up control of the company. Visit www.buffalonews.com.

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Going Concern

JANUARY 8, 2024

Tax professionals charged an average of $218 for new clients in 2023, a 25% jump from $174 in 2021, the National Association of Tax Professionals found in its 2023 Tax Fee report. Here’s some news from the AICPA via CPA Journal : Firms had a strong fiscal 2022, but number of accounting majors drops sharply.

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CPA Practice

FEBRUARY 2, 2023

Top 10 accounting firm CBIZ, which provides financial, insurance and advisory services, has acquired the non-attest assets of Indianapolis-based Somerset CPAs and Advisors, effective February 1, 2023. Concurrent with this transaction, Mayer Hoffman McCann P.C.,

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Dent Moses

FEBRUARY 7, 2024

Specifically, there is a real need for more incoming CPA candidates to replace those retiring and to handle increased demand. Let’s look at some statistics: There were 672,587 actively licensed CPAs as of September 1, 2023. 75% of current CPAs will retire in the next 15 years. from the previous year.

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CPA Practice

MARCH 21, 2023

AuditClub, a collaborative “Audit Service Center” for CPA firms and companies, has introduced AuditClub One, a in order to address the talent exodus and pipeline problems prevailing throughout the profession. Accountants are leaving corporations and audit firms in record numbers, as they reevaluate what they want from their careers.

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Going Concern

JANUARY 29, 2024

In the column he referenced this ancient document (August 1993) entitled “The case for non-CPA owners in CPA firms.” Do firms want non-CPAs to be part of the ownership ranks, or is this strictly a rhetorical question? ” You know how much I love my ancient documents! Let’s read a little bit.

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Going Concern

MARCH 22, 2024

” Complying with the Corporate Transparency Act [ CPA Journal ] By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. But until a deferral is confirmed, CPAs must consider which role they will serve for clients required to file when the CTA becomes effective.

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Going Concern

JANUARY 5, 2024

Big 4 Big Four Reshape Consulting Workforce, Strategy With Rare Layoffs [ Bloomberg Tax ] The Big Four accounting firms have leaned into their tech advisory work and data analytics services—areas ripe for revenue growth—as interest rates and the artificial intelligence boom reshaped demand for consulting services. Happy trails, Tom!

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CPA Practice

AUGUST 9, 2023

AuditClub, the Audit Service Center for CPA firms and companies, has launched a new alliance model designed to connect tax and non-attest accountants with AuditClub One assurance professionals to improve service delivery options to clients. “In

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CPA Practice

FEBRUARY 6, 2024

AICPA Shares Plan to Strengthen Accounting Pipeline According to the American Institute of CPAs ‘ 2023 Trends Report, bachelor’s degree completions in accounting dropped 7.8% Meanwhile, 60% of firms surveyed reported that they expected to have the same or higher number of CPAs on staff in 2023 compared to 2022.

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Going Concern

FEBRUARY 3, 2023

Louis accounting firms say demand drives surge in hiring for non-CPA professionals [ St. Louis Business Journal ] At Anders CPAs + Advisors, the number of non-CPA professionals at the firm increased 57% from 2022-2023. The number of non-CPA professionals employed by the St.

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Going Concern

MARCH 1, 2024

On June 6, 2023, the PCAOB issued for public comment a proposal ( PDF ) that would amend PCAOB auditing standards related to the auditor’s responsibility for considering a company’s NOCLAR, including fraud. The previous public comment period closed August 7, 2023, and all comments are available on the PCAOB website.

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CPA Practice

DECEMBER 1, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss TeamMate Document Linker for External Audit, a solution from Wolters Kluwer designed for CPAs, saving junior auditors time, strengthening audit quality, and improving auditor satisfaction. But this product very specifically, was disclosed in August of 2023.

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Nancy McClelland, LLC

DECEMBER 1, 2023

I recently attended QuickBooks Connect , and it got me all riled up (again) about the confluence we’re seeing between CPA firms moving into Client Accounting & Advisory Services (CAAS) and bookkeeping firms moving into advisory services… two previously distinct worlds starting to converge.

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Nancy McClelland, LLC

DECEMBER 1, 2023

I recently attended QuickBooks Connect , and it got me all riled up (again) about the confluence we’re seeing between CPA firms moving into Client Accounting & Advisory Services (CAAS) and bookkeeping firms moving into advisory services… two previously distinct worlds starting to converge.

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Going Concern

MARCH 15, 2024

Bill to let state agencies bypass State Auditor and hire private CPAs tabled [ RadioIowa ] A bill that would have let state agency budgets be audited by private CPA firms rather than the State Auditor’s Office has stalled in the Iowa House. in that time.

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CPA Practice

JUNE 19, 2023

Clearly the career track for CPAs in the corporate world offers more glamorous and lucrative opportunities, and the sophistication and competitive nature of business finance often presents more challenges to maximize profitability that in turn yield performance opportunities for ambitious youngsters. Or is something else going on?

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