Thu.Jul 13, 2023

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How to Forecast Accounts Payable Accurately

MineralTree

Accounts payable forecasting is a lot like gazing into a crystal ball — it enables businesses to predict and plan for upcoming financial obligations. By understanding how to forecast accounts payable accurately, organizations gain valuable insights into their data, which in return helps them make smarter financial decisions and avoid unforecasted expenses.

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Sales tax holidays and taxability of clothing/back to school (part 2)

TaxConnex

As we saw last time, sales tax holidays are continuing to enjoy a heyday this year. Here are the back-to-school and clothing holidays that start in August. Iowa , Aug. 4-5: Any article of wearing apparel and typical footwear intended to be worn on or about the human body. “Clothing” does not include watches, watchbands, jewelry, umbrellas, handkerchiefs, sporting equipment, skis, swim fins, roller blades, skates and any special clothing or footwear designed primarily for athletic activity or pro

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FICPA Names Harrell as Chief External Affairs Officer

CPA Practice

The Florida Institute of Certified Public Accountants (FICPA) has announced that Jason Harrell will join the FICPA as Chief External Affairs Officer, effective July 17, 2023. Harrell will be stationed at the FICPA Governmental Affairs office in Tallahassee and will direct all aspects of the FICPA’s public policy, advocacy, governmental affairs and regulatory efforts.

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Three ways AI can elevate your tax workflow

ThomsonReuters

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. To succeed in an increasingly competitive landscape, forward-thinking accounting firms of all sizes are harnessing the power of AI to automate their tax workflows, thus boosting efficiency, empowering staff, and wowing clients.

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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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Roth IRAs: What They Are and How They Work

CPA Practice

By Kiplinger Consumer News Service , via TNS. A Roth IRA is a type of individual retirement account that allows workers to save money for retirement using after-tax dollars. This means taxes are paid on the contributions before they are placed in the account. As a result, the money is allowed to grow tax-free over time so that it can be withdrawn later on a tax-free basis.

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CohnReznick Gets Fined For Not Reporting an Earlier Fine to the PCAOB in a Timely Fashion

Going Concern

Yo dawg, I heard you like fines. The diligent paper-pushers at the PCAOB (the “P” stands for both paper and pushing) have sanctioned CohnReznick for failing to report key information on PCAOB Form 3 within the required timeframe. PCAOB Rule 2203, Special Reports requires any registered public accounting firm to file a special report on Form 3 to report information to the Board no later than thirty days after the occurrence of the event.

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Client That Fired Marcum Over Audit Quality Compares the Firm to a Doctor Killing 25-50% of His Patients

Going Concern

It may be called The Westerly Sun but this paper is throwing nothing but shade at Marcum. Concerns over the reputation and legal troubles surrounding the audit firm Marcum LLP have led members of the Chariho School Committee to terminate its contract, moving in a different direction for the first time in 18 years. Members of the School Committee voted 11-0 on Tuesday, with Donna Chambers abstaining, to terminate the contract with James Wilkinson of Marcum LLP.

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Maximizing Success: Advice for Marketing Agencies on Developing and Implementing a Budget

Basis 365

As a marketing agency, your success depends on your ability to deliver exceptional client results. But to achieve those results, you need to have a solid understanding of your financials and the resources available. That's where budgeting comes in. In this post, we'll explore some advice for marketing agencies on developing and implementing a budget to help you achieve your goals. 1.

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Leveraging Materiality Assessments to Prioritize ESG Topics

Withum

Environmental, Social, and Governance (ESG) issues have become increasingly important for businesses in recent years. Stakeholders, including investors, regulators, customers, and employees, demand that companies address environmental sustainability and social responsibility concerns in all manner. However, with so many potential ESG topics to consider, it can be challenging for companies to determine which ones to prioritize.

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Boston offers tax breaks to turn empty offices into housing

Accounting Today

Mayor Michelle Wu's proposal is the latest example of a city seeking to address the challenges of remote work hitting downtowns and a lack of affordable residences.

Tax 98
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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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Understanding the Important Roles of Inventory Management in E-Commerce Accounting

AccountingDepartment

This article recaps the important role of inventory management in e-commerce and the vital ways it helps businesses control costs and improve customer relationships.

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Senate report confirms data leakage from tax software

Accounting Today

A Senate investigation has concluded that major tax software providers have been sending sensitive personal information to tech companies like Meta and Google.

Tax 98
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Business as usual for Xero Mid-Size Firm of the Year winners: Sempar Accountancy and Tax

Xero

Sempar Accountancy and Tax have been crowned the Xero Mid-size Firm of the Year at the 2023 Xero Awards for UK and Ireland. This award recognises their innovative practice and unwavering commitment to delivering exceptional client service. We take a look at what sets Sempar apart, and how the firm has helped their clients achieve their business goals.

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Congress proposes tax relief to spur U.S-Taiwan trade

Accounting Today

A draft of legislation aims at reducing double taxation for employees and businesses involved in cross-border investment between the two countries

Tax 98
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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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Bridging the Gap: Between the Generations

Insightful Accountant

'The Unique CPA Conference 2023' unites accounting professionals seeking to enhance their careers and contribute to the advancement of the accounting profession.

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IRS offers tax relief to Vermont flood victims

Accounting Today

Victims will now have until Nov. 15, 2023, to file their individual and business tax returns and make tax payments, pushing back the Oct. 16 deadline.

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Diagnose Your Apps from 'My Apps'

Insightful Accountant

This new app dashboard keeps you better informed regarding app-related connection issues.

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Tax Fraud Blotter: Concrete evidence

Accounting Today

Poor Quality; for king and country and cash; a penny saved; and other highlights of recent tax cases.

Tax 98
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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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Jirav Announces $20M Series B Round Led By Cota Capital

CPA Practice

Jirav , an all-in-one financial planning and analysis (FP&A) solution, and the preferred budgeting and forecasting partner of CPA.com, has announced $20M in Series B funding led by Cota Capital. Jirav will use the funds to further accelerate product development, broaden its customer base across small-medium businesses (SMBs), mid-market companies, and accounting firms while hiring exceptional talent to support its growth.

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Common Misconceptions of the Employee Retention Credit

Canopy Accounting

The Employee Retention Credit (ERC) is a valuable resource that can help businesses navigate the complex world of employee retention, but understanding its complexities and maximizing its benefits can be a daunting task. That's where Tri-Merit comes in. With their expertise in tax incentives and credits, Tri-Merit is well-positioned to guide businesses through the complexities of ERC.

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Eide Bailly Adds Seattle CPA Firm King & Oliason

CPA Practice

Top 20 accounting firm Eide Bailly has acquired Seattle-based CPA firm King & Oliason, the firms announced on June 26. Financial terms of the deal, which goes into effect on July 17, were not disclosed. As part of the acquisition, Eide Bailly picks up its first office in Seattle and adds six partners and 33 staff from King & Oliason. “By joining Eide Bailly, we can provide our clients expanded advisory services and industry-leading thought leadership to help provide the essential tools n

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How to Best Prepare for Your Single Audit in Local Governments

LSLCPAs

INTRODUCTION In this post, we will outline steps that might help you experience a stress-free Single Audit. Even if you did not pass the $750,000 expenditure threshold for all of your federal grants last year, you might pass it this year. And you never know… funding agencies may also perform an audit over activity funded. The post How to Best Prepare for Your Single Audit in Local Governments appeared first on LSL CPAs.

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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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IRS and Security Partners Announce Special Summer Series

CPA Practice

The Internal Revenue Service joins its Security Summit partners today to announce the start of a special summer “ Protect Your Clients; Protect Yourself ” campaign aimed at ensuring tax professionals stay alert against new and ongoing threats of tax-related identity theft. “The Security Summit plays a key role in protecting federal and state tax filings from identity thieves.

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Changes in the S&P 500 and NASDAQ Indexes

Withum

Changes are being made in two of the major stock market indexes– the S&P 500 and NASDAQ indexes. These changes will also affect the portfolio composition of mutual funds that track these indexes. I do not think these changes will substantially affect the portfolios of anyone that owns funds tracking these indexes. The changes will be to realign the weights in the indexes so it would somewhat reduce the significance of a few of the very large market cap companies that seem to drive these inde

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How accountants can prepare for the onslaught of employment legislation

Accounting Insight

We are not in a stable time for employment law. To be fair, Governments at the best of times rarely resist the temptation to tinker with the law that governs how employees are treated and work and get paid. Add Brexit and three separate prime ministers over the last year into the mix and you see even more. Here’s a rundown of how we got here and some ideas of how you can prepare for all the change coming.

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On-Demand Webinar: 2023 Cannabis Economics- Attracting Capital in A Myriad of State Regulatory Frameworks

Withum

“Can I make money investing in cannabis?” The question on many entrepreneurs’ and investors’ minds continues to be prevalent as cannabis legalization continues to move forward in the United States. Although each state has its unique approach to the industry, investors can profit from predicting the outcome of experiences from more mature cannabis-adopted State frameworks of similar characteristics.

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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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Exploring Leadership Styles with Robert Jordan

Summit CPA

The Virtual CPA Success Show: Episode 86 What kind of leader are you? Today’s guest, Robert Jordan, Founder and CEO of Interim Executives , discusses his recent book (co-authored by Olivia Wagner), Right Leader, Right Time, which is based on research of leadership styles of exceptional leaders. Jamie Nau and Joey Kinney take a deep drive into the book with Robert to learn the goal and research behind the book and what Robert identifies as four distinct leadership styles, which he labeled as fixe

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The Technology Lab Podcast – Outsourcing for Tax and Accounting Firms – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the pros and cons, as well as the technologies and liabilities, of outsourcing tax and accounting tasking. Click here to visit the podcast page.

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Preventing Fraud After Finding It

FraudFiles

After a company has experienced internal fraud and has investigated the situation, how do they address the issue of fraud prevention? Moving forward after an internal fraud requires that management actually make good on promises to prevent future frauds.

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There's no excuse for ignorance: Tax tools from the IRS

Accounting Today

The service offers a wealth of resources that can be enormously useful to tax practitioners.

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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.