Wed.Aug 30, 2023

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IRA fosters small-biz optimism and IRS efficiencies

Accounting Today

A new survey suggests small businesses see the economy — and the tax service — improving.

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The insider’s guide to SuiteWorld.

Airbase

SuiteWorld has massive potential for new connections, growth, and learning. But, it’s also just HUGE. With some research, you don’t have to waste time trying to figure it all out once you arrive. A conference pass isn’t cheap, so you don’t want a lack of planning to keep you from getting the best experience possible. In a digital age, you can’t beat these opportunities to physically connect with relevant vendors and other professionals in your field.

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IRS requires business to start e-filing Form 8300 in 2024

Accounting Today

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.

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Effective September 1, You Can Sit For the CPA Exam in Texas With 120 Units

Going Concern

Another state has pushed to allow prospective CPAs to sit for the exam with just a bachelor’s degree worth of units and that’s good ol’ Texas. Effective September 1, future CPAs can sit for the exam with 120 units of education. Before anyone gets too excited, note candidates still need 150 units for licensure. Rules state the 120 units to sit must consist of no fewer than 24 semester hours of accounting, 21 of which must be upper-level accounting courses including two semester

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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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IRS updates guidance on handling special state tax payments

Accounting Today

The Internal Revenue Service issued guidance Wednesday on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the pandemic.

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CPA Firm Managing Partner Weighs in on How to Rebuild the Talent Pipeline

CPA Practice

How to fix the crumbing talent pipeline in the accounting profession is a topic on the minds of many people these days. And it popped up at a session during the first day of the 2023 Unique CPA Conference, “Bridging the Gap,” in the Chicago suburb of Rosemont, IL, on Tuesday. Jackie Cardello During the panel discussion, “Accounting Across Generations: Assessing the Current State of the Industry,” the question, “What do we have to change to rebuild the talent pipeline in the accounting profession

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More Trending

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Georgia (and Florida) on My Mind

CPA Practice

Hurricane Idalia made landfall in Florida early Wednesday morning as a Category 3 hurricane, and with sustained winds of 125 mph or greater. As of noon Eastern time, the hurricane was still a Category 1, and moving over southern Georgia. As a reminder: Even if you have business activities with people or entities in either state, don’t call them today or likely even this week.

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Whitman invests in Tax Titans

Accounting Today

Whitman Transition Advisors, an advisory organization for accounting firms, made a strategic investment of an undisclosed amount in Tax Titans, a veteran-owned company that operates an online marketplace connecting small businesses and qualified tax professionals.

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U.S. Job Market Hits Milestone

CPA Practice

By Reade Pickert, Bloomberg News (via TNS). U.S. job openings fell in July by more than expected to a more than two-year low, offering fresh evidence that labor demand is cooling. The number of available positions decreased to 8.83 million from 9.17 million in June, the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday.

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FASB approves income tax reporting standard

Accounting Today

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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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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This is More Important Than Your Automation

Ryan Lazanis

Many small accounting firm owners often obsess over automation to operate their business. In this episode, I discussed the key to reducing workload and enhancing firm success. Listen Below. 0:51 – While I was running my own accounting firm, I experienced the allure of technology and automation, and the tempting notion that the right tech solutions could solve all our issues. 1:21 – Numerous firm owners excessively focus on identifying the perfect tech stack, thinking it’s the k

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FASB supplements conceptual framework with recognition and derecognition info

Accounting Today

The Financial Accounting Standards Board released another chapter of its conceptual framework related to the recognition and derecognition of an item in financial statements.

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Xero Beautiful Business Fund: How to apply & application tips

Xero

The Xero Beautiful Business Fund has officially been open for one week and we’ve received an incredible response so far! We have four funding categories that Xero small business customers can apply to. Whether you’re looking to take the next step in your sustainability journey, seeking to innovate with the latest technological advancements, give back to your community or upskill yourself or your employees, there is a funding category for everyone.

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Vendor Spotlight: Gusto

Accounting Today

In this week's Vendor Spotlight we discuss payroll, benefits and HR solutions provider Gusto with Will Lopez, Gusto's chief ambassador.

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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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Murph's Perfect App Partner Program

Insightful Accountant

What makes an outstanding Partner Program besides the specific app or software?We're glad you asked.

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10 tips for designing the firm of your dreams

Accounting Today

Three practitioners share their strategies and insights for building a great accounting practice.

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TIGTA Does Some Digging on the Revolving Door Between the IRS and Large Accounting Firms

Going Concern

The Treasury Inspector General for Tax Administration released a report Tuesday [ PDF ] they initiated in response to a Congressional request from Sen. Elizabeth Warren (D-Mass.) and Rep. Pramila Jayapal (D-Wash.) to evaluate employees moving between large accounting firms and the IRS, a.k.a the “revolving door”. The Congressional request specifically noted interest in large accounting firms.

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Don't confuse firm governance with ESG

Accounting Today

Strongly governed firms outperform their peers on a wide variety of metrics.

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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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KPMG Canada Research: 60 Percent of Students Think AI Is Cheating, 52 Percent Use It For Schoolwork Anyway

Going Concern

KPMG Canada has surveyed a bunch of Canadian students over the age of 18 about generative AI and found that while many of them are using AI to help with schoolwork, still more think that’s cheating. Unsurprisingly, educators don’t seem to be using AI in the classroom to the extent their students are for their own schoolwork. Here are the key findings: 52 percent of Canadian students are using generative AI to assist them in their schoolwork 60 percent of students who use generative A

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Digital collaboration: Building stronger remote accounting teams

Accounting Today

It's not just about "remote" anymore; it's about "international.

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Funding for startups: A guide to getting capital for your business

xendoo

Getting funding for your startup business is one of the most important decisions you’ll make as a business owner. The type of startup funding you choose will have long-lasting impacts including: How you structure your business and file taxes What percentage of ownership or equity you and your investors get How much profit your business generates and how much you keep What type of bookkeeping and accounting services you need Startup funding can cover the initial costs of setting up and running a

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The Basics of Partial Asset Dispositions

Withum

Back in 2013, the IRS released the final tangible property regulations, which provided guidance on the application of 162(a) and 263(a) of the Internal Revenue Code. These regulations apply to any corporation, S corporation, partnership, LLC or individual who files a Schedule C, E or F and acquires, produces or improves tangible real or personal property.

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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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Funding for startups: A guide to getting capital for your business

xendoo

Getting funding for your startup business is one of the most important decisions you’ll make as a business owner. The type of startup funding you choose will have long-lasting impacts including: How you structure your business and file taxes What percentage of ownership or equity you and your investors get How much profit your business generates and how much you keep What type of bookkeeping and accounting services you need Startup funding can cover the initial costs of setting up and running a

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Lightyear targets UK ‘solopreneur’ and freelancer market with business investment account launch

Accounting Insight

Today, investment platform Lightyear announces the launch of small business investment accounts for freelancers and sole directors in the UK. This launch comes alongside a brand new partnership with BlackRock to bring access to Money Market Funds for UK businesses without the high fees or minimum investments. New business accounts mean freelancers can invest and earn interest on company money In 2022, the Federation of Small Businesses estimated that the UK was home to 5.5M private sector busine

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The Power of Productizing Services: Insights from Ernesto Tagwerker

Summit CPA

Agency owners are always looking for innovative strategies to stand out from the competition. One strategy that every agency owner should consider is productizing services: picking a problem you solve really well, creating a category for it, and then marketing it as-is. Ernesto Tagwerker achieved phenomenal growth by embracing this approach with OmbuLabs, a software boutique that specializes in JavaScript and Ruby.

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Private employers added 177K jobs in August

Accounting Today

Annual pay climbed 5.9%, payroll processor ADP reported.

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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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Millions More U.S. Workers Could be Eligible for Overtime Pay

CPA Practice

By Joseph Wilkinson, New York Daily News (via TNS). The Biden administration wants to give 3.6 million workers access to overtime pay. Under proposed changes from the Department of Labor , any salaried employee making less than $55,000 per year, or $1,059 per week, would be eligible for overtime. That would be a significant jump from the current cutoff at $35,568 per year.

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Changing mindsets around generative AI

Accounting Today

Should your firm get on board, or steer clear?

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Ethanol maker says U.S. 'green' jet fuel fate hinges on tax policy

Accounting Today

Corn farmers and biofuel producers are poised to gain from turning ethanol into sustainable jet fuel — depending on how Washington writes the tax policy.

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