Mon.Jun 05, 2023

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What Do Taxes Have to Do with the NBA Finals?

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.

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PwC Chair Basically Threatens AI Will Replace You If You Don’t Come Into the Office

Going Concern

For two years now, PwC UK chairman Kevin Ellis has been trying to get people back into the office. In 2021, he said he wanted to “ create a buzz around returning to the office ,” luring his people back with the promise of human contact we were all starved for in 2020. Launched a year after the pandemic began, the firm also came up with “The Deal,” an ominously-named framework built on ‘Empowered Flexibility’ that trades leaving early on Fridays in the summer i

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AICPA Engage Conference Draws 3,500 Accounting Pros for Education, Networking

CPA Practice

More than 3,500 accounting, tax and financial professionals convened in Las Vegas this week for the 2023 AICPA/CIMA Engage Conference, the largest annual educational and network event hosted by the American Institute of CPAs and the Chartered Institute of Management Accountants. Following a welcome by AICPA CEO Barry Melancon in advance of the first keynote speaker, the conference chairman Martin Flynn announced the attendance figures, and added that an additional 750 professionals were joining

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Contractor Business Systems Series: Part 7 – Material Management and Accounting System

Cherry Bekaert

A government contractor Material Management and Accounting System (MMAS), as outlined in Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7004 , is a system for planning, controlling and accounting for the acquisition, use, issuance and disposition of material. It is under the cognizance of the Defense Contract Audit Agency (DCAA) and geared towards a contractors’ manufacturing planning and production.

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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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State CPA Society News & Updates – June 2023

CPA Practice

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The Massachusetts Society of CPAs ( MassCPAs ) recently launched a scholarship to honor the legacy of current Society President and CEO Amy A. Pitter. The Amy A. Pitter Presidential Scholarship will to honor the legacy of Pitter, who is set to retire on December 31, 2023.

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Meet Our Top 100 ProAdvisors and Top 25 Up-n-Coming ProAdvisors for 2023

Insightful Accountant

Insightful Accountant is proud to announce the Top 100 ProAdvisor and Top 25 Up-n-Coming ProAdvisor Award Recipients for 2023.

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Monday Morning Accounting News Brief: PwC Names Names in Tax Scandal; ‘Your Own Everest’ | 6.5.23

Going Concern

Hello and welcome back to another fabulous week. Here’s what’s going on. PwC Australia has named all 67 people involved in the confidential tax leak in an unpublished letter to lawmakers ahead of parliamentary hearings later this week. Jan Bouwens, Professor of Accounting, Amsterdam Business School, Amsterdam, Netherlands writes a letter to Financial Times suggesting the troubled tax division could learn a thing or two from audit: It is clear that the internal controls of PwC tax Aus

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Professionals on the Move – June 2023

CPA Practice

Professionals on the Move is a round-up of promotions and hiring announcements in and around the accounting profession. FORVIS adds Michael Shekel to forensics and valuation team in Washington, D.C. marke t FORVIS recently welcomed Michael Shekel as a managing director with the firm’s forensics and valuation team. Shekel joins the firm with more than 20 years of experience, focused primarily on valuation services.

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KROST is Attending AICPA ENGAGE23

KROST

Our CEO, Jason C. Melillo, Assurance & Advisory Principal, Keith Hamasaki, Assurance & Advisory Director, Steve Chhuor, Assurance & Advisory Manager, Rebecca Hickle, and Assurance & Advisory Senior, Jing Yin, is representing KROST at the AICPA ENGAGE23 Conference. The four-day event is taking place at the ARIA in Las Vegas from June 5th-8th.

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All about GST ASMT-10| How to Handle GST ASMT-10

VJM Global

With the closure of Assessment proceedings of Service Tax and VAT and 5 years have elapsed since the implementation of GST , now the department has initiated scrutiny of GST returns and most of the taxpayers are in receipt of various notices and orders from GST authorities in form GST ASMT-10 , GST DRC-01, Notice from Anti-evasion etc. We understand that receiving any notice from GST Authorities creates a situation of panic for the taxpayer even though he is legally complied.

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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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Make better business decisions with Reckon Insights

Reckon

How well is your small business actually faring? How deep and intricate is your knowledge of your own business? What information do you have available to make better decisions and grow your business with confidence? It’s all too easy to coast along making knee jerk decisions or wild assumptions about your own business. Sure, you might have a pretty decent idea of what’s going on under the surface, but do you really know?

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Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards

VJM Global

CBIC issued Standard Operating procedure ( SOP ) for scrutiny of returns u/s 61 of CGST Act read with Rule 99 of CGST Rules , 2017 for FY 2017-18 and FY 2018-19 through Instruction No. 02/2022- GST dated March 22, 2022. However, It was mentioned in the instructions that the SOP was a temporary solution until an online Scrutiny Module for scrutinizing returns is made available on the ACES-GST application.

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CPA Firms’ Consulting Arms Get Some Love in New Ranking

CPA Practice

The consulting practices at seven of the biggest accounting firms in the U.S. are among the 50 best in the world, according to a new ranking. Business news and analysis website The Consulting Report last month released its ranking of the top 50 consulting firms of 2023 , which it said “highlights the world’s most trusted and influential professional services firms.

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GASB 96, Subscription-Based IT Arrangements Part Two

Cherry Bekaert

GASB 96, Subscription-Based Information Technology Arrangements (SBITA) is effective for years beginning after June 15, 2022, just one year after GASB 87, Leases. This course focuses specifically on the implementation challenges we’re seeing in our advisory implementation work and questions received from our audit teams. Cherry Bekaert has reviewed over a thousand SBITAs and we will use this knowledge to show how the language in these SBITA contracts impacts GASB 96 determinations.

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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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Marcum Merges in Pennsylvania CPA Firm McCarthy & Co.

CPA Practice

Top 20 accounting firm Marcum said on Monday that it has combined with Blue Bell, PA-based CPA firm McCarthy & Company, in a deal that closed on June 1. Terms of the deal were not disclosed. Marcum gained approximately 70 partners and associates from McCarthy, whose existing offices in Blue Bell and Tinton Falls, NJ, have become Marcum’s newest regional locations.

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Financial Statement Fraud Clues

FraudFiles

If you were searching for financial statement fraud, what would you look for? Tracy talks about some of the basic/common signs you might see if Tracy Coenen teaches about some basic signs of financial statement fraud.

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Forensic Accounting Experts Legier & Co. Acquired by Cherry Bekaert

CPA Practice

Top 25 accounting firm Cherry Bekaert has acquired New Orleans-based Legier & Company, a boutique forensic and litigation consulting firm that specializes in forensic accounting, business interruption services, expert witness testimony, and dispute advisory services. Terms of the deal were not disclosed. “Legier, one of the most experienced firms in Louisiana, will help solidify our forensic accounting and dispute resolution practice area,” Michelle Thompson, CEO of Cherry Bekaert Advisory,

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Intuit CEO tells Business Insider How Intuit Has Avoided Mass Tech Layoffs

Insightful Accountant

In a feature with Business Insider, Intuit CEO Sasan Goodarzi discusses how tech layoffs since 2022 resulted from companies misunderstanding the pandemic.

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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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5 Signs of a Boring Résumé

CPA Practice

By Stephanie Vozza, Fast Company (TNS) Résumés are fairly cut-and-dry documents. Following the traditional “template” helps you convey your background and essential skills in a way that’s easily grasped by a hiring manager. But coloring inside the lines too closely could result in a résumé that’s a yawner. “I read résumés and cover letters daily and there are usually a couple handfuls of those that are unique and different and pull me in, making me want to interview this person,” says Cheryl Hya

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6 Reasons to Increase Your Fees

Insightful Accountant

Roz Strategies CEO Michael Rozbruch steps into the tax preparation space with some timely tips on why it might be time to get paid more for what you do.