Going Concern
AUGUST 18, 2023
According to a tip we received yesterday from a very frustrated auditor at RSM, the firm’s recent switch to Workday isn’t working. The tip: Effective 8/1/23, RSM’s scheduling, time management, billing and CRM system all merged to one system called Workday. Before the implementation all those modules were handled by a different software.
CPA Practice
AUGUST 18, 2023
By Jay Weaver – Miami Herald (via TNS). Daniela Rendon, a real estate broker, was convicted of swindling COVID-19 loan programs — to lease a Bentley SUV, among other things. On Thursday, she said during her sentencing hearing in Miami federal court that it seemed like “everybody was doing it” as the pandemic battered the nation’s economy. But after she got caught pocketing hundreds of thousands of dollars, Rendon said she realized the victims of her crime were not the “faceless entities of the U
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Going Concern
AUGUST 18, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Law & Order ‘Avatar: The Way of Water’ financier accuses Disney of self-dealing in new lawsuit [ Los Angeles Times ] Walt Disney Co. is facing labor agitation on two fronts.
Accounting Today
AUGUST 18, 2023
OpenEnvoy guarantees 100% accuracy in data extraction; Boast AI unveils universal data ingestion feature; and other news and updates from the accounting technology arena.
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.
Withum
AUGUST 18, 2023
Stay Ahead of the Cybercriminals We are amid a national crisis as cyberattacks continue to target all sectors, including organizations in the financial services sector. At Withum, we believe that together we can level the playing field with cybercriminals – and one way to ensure that your defenses are one step ahead of your attacker is to utilize threat intelligence to build your defenses.
Cherry Bekaert
AUGUST 18, 2023
The Internal Revenue Service (IRS) released Notice 2023-38 , which provides more details around domestic content requirements for taxpayers who qualify for bonus energy credit incentives. The additional tax credits are associated with investments in and the production of clean energy under Sections 45, 45Y, 48 and 48E. Dependent on the facilities and equipment used to make clean energy, the domestic content rules are fulfilled when a taxpayer verifies that a qualified facility meets two specifi
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Patriot Software
AUGUST 18, 2023
On February 21, 2023, the IRS made significant changes to the electronic filing requirements that will take effect in 2024. The IRS electronic filing changes may impact you if you have employees, work with independent contractors, or meet other requirements.
Accounting Today
AUGUST 18, 2023
It also imposed $150,000 in fines, for failures of independence and professional skepticism, and for not cooperating with a board investigation.
Randal DeHart
AUGUST 18, 2023
As a small business owner, you always look to keep your company running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your construction company's reputation. Here we discuss employee expense fraud, the reasons behind it, and, most importantly, how to prevent it from happening to your construction business.
Accounting Today
AUGUST 18, 2023
Billionaire Steve Cohen is fighting the Internal Revenue Service's goal of having hundreds of money managers pay self-employment taxes.
Advertiser: Paycor
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.
CPA Practice
AUGUST 18, 2023
Chicago-based top 20 accounting firm Crowe recently admitted 44 new partners and principals. “This group of exceptional leaders lives our purpose and values every day, and delivers on our promises to our clients, our people, and our communities,” Crowe CEO Mark Baer said in a press release. “We look forward to the many ways they will help bring our strategy to life to drive and shape our future, and continue to be stewards of our strong, inclusive culture.
Accounting Today
AUGUST 18, 2023
A recent survey found workpapers are vital in supporting the overall tax cycle, but professionals struggle with lack of modern solutions.
CPA Practice
AUGUST 18, 2023
Top 20 accounting firm Plante Moran unveiled its class of 35 new partners and three affiliated entity members earlier this month. Those promoted include (* indicates affiliated entity member): Chris Abi-Raji , tax, Southfield, MI Mark Barrott , strategy and operations, Southfield, MI William Bean , Plante Moran Financial Advisors, Auburn Hills, MI Andy Brahm , tax, Denver Tech Center Amy Ciminello , tax, Columbus, OH Phil Clark , Plante Moran Financial Advisors, Southfield, MI Jason Collier , as
Accounting Today
AUGUST 18, 2023
MSP staff and managing partner Kyle Bryant will join the Regional Leader, which received private equity funding last November.
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.
CPA Practice
AUGUST 18, 2023
Date: Thursday, September 28, 2023 Time: 2 PM EDT / 1 PM CDT / 11 AM PDT / 6 PM GMT Sponsor: SafeSend Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. Join SafeSend’s Andrew Hatfield, co-founder and Chief Growth Officer, as he shares the journey of solving pain points experienced on the front-end and back-end of the tax process.
Accounting Today
AUGUST 18, 2023
Heavy Highway Vehicle Use Tax Returns are due Aug. 31, the IRS warns.
Withum
AUGUST 18, 2023
Brad Caruso, Withum’s Not-for-Profit and Education Services Practice Leader, raises second most donations during LLS New Jersey’s 2023 Visionaries of the Year Campaign. Withum Partner Brad Caruso was named Leukemia and Lymphoma Society (LLS) of NJ Visionary of the Year Runner Up for his tireless fundraising and patient advocacy efforts over 10 weeks to support the fight against blood cancers.
Cherry Bekaert
AUGUST 18, 2023
This session provides an update related to the APA’s oversight of Virginia local governments, including: Important reminders on annual audit and reporting requirements, the APA’s Audit Specifications, the APA comparative report transmittal process, and any other key, topical issues affecting local governments; Recent and upcoming changes from Virginia’s legislative sessions that impact local governments; Overview and recent results of the APA’s annual quality control review process over CPA firm
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
Menzies
AUGUST 18, 2023
Menzies LLP - A leading chartered accountancy firm. As of 1 August 2023, the government has implemented a new, ‘simpler system’ which is expected to have a significant impact on producers, consumers and the hospitality industry. These changes include a freeze on duty rates for beer, spirits, and most ciders, while wine duty rates will increase in line with inflation.
CPA Practice
AUGUST 18, 2023
Businesses are failing to act on the increasing enterprise risks brought about by ESG and climate risk, revealed in its new global study of 200 senior leaders working across financial and industrial sectors. That’s according to research by Verdantix. The research reveals that 64% of firms say climate related threats such as climate risks to physical assets or energy transition risks represented very material risks to their firm over the last 12 months, while 37% say their physical operations wil
ThomsonReuters
AUGUST 18, 2023
A legal expert in multiple practice areas that includes wage and hour litigation recently talked with Checkpoint Payroll Update regarding the legal battles and pending federal legislation surrounding student-athletes and whether they may be classified as employees under the Fair Labor Standards Act (FLSA) in the future. Economic reality test The U.S.
CPA Practice
AUGUST 18, 2023
By David Matthews, New York Daily News (TNS) An IRS agent was accidentally shot and killed by a colleague Thursday while training at a gun range in Phoenix. The shooting occurred Thursday morning at a federal prison’s gun range during routine interagency exercises, a Federal Bureau of Prisons spokesperson told a local CBS affiliate , adding that the site was open to several agencies.
Advertiser: Paycor
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.
Cherry Bekaert
AUGUST 18, 2023
As your Software as a Service (SaaS) startup grows, it can be tempting to handle increasingly complex finances by creating more spreadsheets and employing more people. This only leads to your SaaS business being overwhelmed and struggling to catch up, especially during economic storms. Proactive measures can help recession-proof your business. Building a strong financial technology stack allows you to move beyond basic accounting and outdated systems to a cloud-based platform that provides robus
CPA Practice
AUGUST 18, 2023
By Grace Toohey – Los Angeles Times (via TNS). LOS ANGELES — Hurricane Hilary is rapidly intensifying off Mexico’s west coast, with forecasters warning that the storm will likely hit Southern California by late Sunday, bringing with it a deluge of rain, whipping winds and dangerous surf. By the time the system makes it to the southwestern U.S., officials believe its hurricane-strength winds will have weakened considerably — lessened by landfall or cooler waters, depending on its path.
Accounting Insight
AUGUST 18, 2023
There has long been a social taboo around talking about money. Its origins are obscure. Perhaps some strange sentiment carried over from Victorian times that business and polite conversation shouldn’t mix. Or maybe a sense that money conversations can easily tip over into bragging and judgement. Wherever it came from, this self-censoring when it comes to personal finances lingers to this day.
CPA Practice
AUGUST 18, 2023
The U.K. arm of accounting firm Crowe LLP, its CEO, and a senior auditor settled charges with the Securities and Exchange Commission on Aug. 14 over various mistakes the firm made during its 2018 audit of music streaming company Akazoo. Nigel Bostock Without admitting or denying the SEC’s findings, Crowe U.K. agreed to be censured and will pay a $750,000 fine, CEO Nigel Bostock, who was the engagement partner on the Akazoo audit, will pay a $25,000 penalty, and Matthew Stallabrass, who was the A
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Accounting Today
AUGUST 18, 2023
Five observations on critical factors in the future of accounting (and every other profession, too).
CPA Practice
AUGUST 18, 2023
The Public Company Accounting Oversight Board (PCAOB) permanently revoked the registration of Denver-based accounting firm AJ Robbins CPA on Aug. 17 and jointly fined the firm and its owner Allan Jeffrie Robbins $150,000 for independence and professional skepticism failures, as well as for the improper alteration of documents. Robbins, the managing partner of the firm and its sole owner, also was permanently barred from associating with any registered public accounting firm, the PCAOB said on Th
Accounting Today
AUGUST 18, 2023
Your efforts in this area are the essential driver for sustained success in your practice.
FraudFiles
AUGUST 18, 2023
Tracy Coenen recently appeared LIVE on NBC News Daily, talking about prenups, red flags of fraud, and protecting yourself financially if you divorce.
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"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.
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