Wed.Aug 23, 2023

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Three Ways Outsourced Accounting Can Streamline Nonprofits

CPA Practice

By Jennifer Arbore. From perfecting the art of virtual fundraising and volunteering to implementing fresh social media strategies, creating innovative donor retention programs and driving their missions forward despite a myriad of ongoing global challenges, today’s nonprofits are dealing with a complicated and quickly evolving landscape. That’s why operations need to be as simple as possible.

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Work Is Destroying Tax and Accounting Professionals’ Mental Health Much Less Than You’d Think

Going Concern

Thomson Reuters recently spit out its Future of Professionals special report , a survey of more than 1,200 professionals working in the legal, tax & accounting, global trade, risk, and compliance fields who are employed at firms, corporate in-house departments, and government agencies based in North America, South America, and the United Kingdom.

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The Technology Lab Podcast – Accounting Automation with Guest Jason Richelson of Bookkeep – August 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss accounting automation tech with the co-founder of Bookkeep , Jason Richelson. Use the podcast player below to listen.

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SEC Announces New Anti-Money Laundering Requirements for Broker-Dealers in Risk Alert

Withum

On July 31, 2023, the U.S. Securities and Exchange Commission published a Risk Alert to their broker-dealer members regarding Anti-Money Laundering (AML) compliance examinations and related issues. The Division of Examinations’ Risk Alert reiterated the need for registered broker-dealers to establish and maintain sound AML programs for each firm designed to mitigate risks in the financial system.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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PwC UK Partners Will Not Be Celebrating Record-Breaking Million Dollar Payouts This Year

Going Concern

Last year, 950 PwC UK equity partners were treated to record-breaking £1 million pound ($1.2 million) payouts, effortlessly beating the 2020 high of £868,000 and quite a leap from £765,000 in 2019. Sadly for them they won’t be cruising right past a million this year. Reports The Guardian : More than 1,000 partners at the UK division of the “big four” accounting firm PwC will be paid £906,000 this year, a slight fall on last year’s record payout as profits fell despite rising revenues.

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Tax Partner Matters More Than Firm on Business Taxes

CPA Practice

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. The study found that the partner has twice as great an impact on the firm’s cash effective tax rate than did their firm.

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5 Ways to Optimize Your Resume for AI Tools Recruiters Use

CPA Practice

By Jeremy Schiff. New to the job market? Looking for your next gig after years at your most recent role? Or maybe you’re happy in your current position, yet you’re still open to other interesting opportunities and wouldn’t mind if a recruiter got in touch. Here’s something you need to know: These days, there’s almost always a robotic gatekeeper standing between your resume and an actual human’s eyeballs.

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SBA 8(a) Business Development Program Application Suspension: Updates & Changes

Cherry Bekaert

For decades the Federal Government has provided a nine-year Small Business Administration (SBA) 8(a) Business Development Program to assist socially and economically disadvantaged entrepreneurs access to the Federal marketplace. The 8(a) program allowed for disadvantaged businesses that qualify a specific set-aside to seek out government sole source contracts under $7 million for manufacturing requirements and $4.5 million for goods and services.

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FASB releases standard on joint ventures

Accounting Today

The board finalized a new standard aimed at providing more useful information on a venture's financial statements and curbing differences in reporting practice.

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INSIDE Public Accounting Ranks KROST Among Top 100 Firms in the US in 2023

KROST

PASADENA, CA– INSIDE Public Accounting (IPA) has named KROST CPAs & Consultants Top 100 Firm in 2023. The firm ranked 73rd on the prestigious Top 100 list. KROST along with other recipients of these distinguished awards are highlighted in IPA’s monthly newsletter. KROST has been named Top 100 firm for the third year in a Read the full article. The post INSIDE Public Accounting Ranks KROST Among Top 100 Firms in the US in 2023 appeared first on KROST.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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What will it take for AI to transform accounting? Human intelligence

Accounting Today

There are several compelling reasons why the future of finance requires organizations to strike a balance between both human and machine-driven intelligence.

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That’s a wrap! Xerocon Sydney highlights from day two

Xero

It was great to see so many new and familiar faces from Xero’s accounting and bookkeeping community at Xerocon Sydney 2023. As always, day one featured a packed agenda – and you better believe the pace didn’t let up on day two. Sharing insights and inspiration We had another busy morning on the main stage. The day kicked off with a moving welcome from Te Raranga Whanui Kapahaka group, followed by an insightful conversation between Xerocon host Julia Zimero and Xero CEO, Sukhinder Si

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AI risk concerns don't stop people from trusting AI

Accounting Today

While people seem to have concerns about the rise of generative AI and the risks it presents, people are still using it and trusting its answers.

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Unlock Growth Potential: Virtual CFO Services for Scaling Businesses

IgniteSpot

Discover how virtual CFO services improve your business’s finances and deploy tactics to help you scale.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Vanguard's tax-busting fund design getting a revamp

Accounting Today

Distinct tax treatments have historically separated the ETF and mutual fund categories, with the former able to avoid capital-gains levies.

Tax 98
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Is AI Development and Adoption Outpacing Regulation?

Insightful Accountant

According to a new Xero survey, there are calls among small business owners for greater data protection and education, with 77% believing AI will have an impact on their business in the next five years.

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New rules require audits for private equity and hedge funds

Accounting Today

The Securities and Exchange Commission adopted new rules and amendments aimed at tightening the regulation of private fund advisors.

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Compensation Is Just the Start, Skagit County Business Owners

SkagitCountyTaxServices

We’re just over a month away from the MLB playoffs, and this year (like every year) has had its share of sketchy calls that fans and players have been unhappy about. While not everyone’s favorite summer pastime (the sports season that never ends still has more than two months of games to go), this summer there are seemingly more strike calls than ever happening beyond the diamond.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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State CPA Societies in Action: Tennessee Society of CPAs

CPA Practice

State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S. The mission of the Tennessee Society of CPAs is to drive the success of its members and the communities they serve through connections, professional development, and advocacy.

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Productivity in accounting: Is technology the problem?

Accounting Today

Technology saves us a lot of time and effort — but it also requires a lot of time and effort. Are we really coming out ahead?

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Accounting Seed Announces Strategic Partnership with Cloudteam Company

Accounting Seed

Columbia, Md. [August 24, 2023] – Accounting Seed, the #1 accounting solution built natively on the Salesforce Platform, announces a new partnership with Cloudteam Company. Cloudteam Company aims to drive change by providing customers with an entire end-to-end CRM and ERP landscape that helps customers work better, faster and smarter. As a Value-Added Reseller of Accounting Seed, Cloudteam Company brings Salesforce implementation expertise and years of accounting experience to Accounting S

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Understanding the Inflation Reduction Act and Other Energy Incentives

Cherry Bekaert

The Inflation Reduction Act (IRA) of 2022 introduced monumental updates and additions to energy tax credits and incentives available to qualifying businesses. Deciphering how these incentives work and can benefit you can be complicated. Learning how to use and apply for these credits and how it can result in significant tax savings. Learning Objectives: Gain an understanding of the IRA’s purpose and impact Explore available energy credits and incentives Discover how to take advantage of availabl

Tax 52
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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Crowe Strengthens Private Equity, Venture Capital and Hedge Funds Services

CPA Practice

Crowe LLP , a public accounting, consulting and technology firm in the U.S. with offices around the world, has expanded its tax service capabilities serving clients in the private equity, venture capital (VC) and hedge fund space with the recent addition of two new partners to the firm, Gev Khan , CPA, MBA, and Eric Evans , CPA. These new hires build on the firm’s recently announced expansion of private equity service offerings in Los Angeles and Boston.

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Maximize Tax Savings Through Cost Segregation, Section 179D, and Section 45L Approach and Client Success Stories

Cherry Bekaert

Watch our video to learn more about the cost segregation study and how to take advantage of Section 179D and Section 45L energy tax credits. Commercial and domestic property owners and developers have a multitude of tax-saving opportunities available to your business to help your business reach its financial goals and increase cash flow. Determining which opportunities you can take advantage of can be challenging.

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Forbes Recognizes Six Top Accounting Firms That Also Have Management Consulting Chops

CPA Practice

Six of the top seven public accounting firms in the U.S. by revenue were lauded by Forbes for having excellent management consulting practices. Forbes unveiled its eighth annual list of America’s best management consulting firms , which is accumulated through a survey of industry insiders and clients. Companies were evaluated within different consulting sectors (such as automotive, insurance, and health care) and the expertise in which they offer services (including leadership, sustainability, a

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Recent Legislation and Section 174 Updates

Cherry Bekaert

Discover the latest developments in tax legislation and explore the updates to Section 174 in this video. Our team examines varying industries insights and strategies when dealing with the ever-evolving tax landscape. Learning Objectives: Gain an understanding of the latest tax legislative updates that have the biggest impact on your business Learn more about the revised Section 174 updates Discuss strategies for tax planning and compliance Learn more about our R&D Tax Credit Services.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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FASB Approves New Accounting Rules for Joint Ventures

CPA Practice

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. “The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and (2) reduce diversity in practice,” the FASB said in the Accounting Standards U

Account 52
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Navigating the Maze of State Credits and Incentives

Cherry Bekaert

Understanding and keeping track of various state credits and incentives can be overwhelming and challenging without proper guidance. Cherry Bekaert’s State Credits and Incentives team will share the knowledge and strategies when tackling this topic and how to gain the most benefits. Learning Objectives: Review various types of available state credits and incentives Determine the role of site selection to optimize incentives benefits Identify ideal targets for a statutory credit review Learn more

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Five Key Principles for Increasing Your ROI with an Intentional Company Culture

CPA Practice

As many of us in the accounting profession have learned over the years, and especially in the current environment of talent scarcity, structuring a high-performing team in your firm is no easy feat. Whether you have worked to build an engaging and effective culture or not, your practice has a culture. I know from my experience in building companies over the years, each part of the culture-building process needs to be intentional if you want your culture to positively contribute to ROI and the he

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Avoiding California Tax on Retirement Distributions When Retiring Outside of California

LSLCPAs

It’s commonly known that Federal and California tax law prohibits California from taxing a nonresident’s income from retirement plan distributions, even though contributions to these plans were made while living in California. What many aren’t aware of is that this rule can also apply to certain payments from nonqualified deferred compensation plans or, for retiring.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.