Accounting Insight

SEPTEMBER 26, 2023

ACCA’s Digital Horizons report reflects on how accountants see the role technology will play in their future Financial professionals share a sense of optimism about digital transformation including AI (artificial intelligence). A survey among members of ACCA (the Association of Chartered Certified Accountants) sees a range of key organisational benefits in adopting digital technologies including flexibility/adaptability, quality of products and services, sustainability performance, transparency

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TaxConnex

SEPTEMBER 26, 2023

The short answer: Maybe not. Let’s look at a few factors that could make relying solely on an eCommerce platform for your compliance risky for your company. A complex environment Economic nexus. The 2018 Supreme Court decision in South Dakota vs. Wayfair opened the floodgates for economic nexus throughout the U.S. In almost all states now, any derived revenue for your company will create nexus for the company making that revenue ($100,000 revenue or 200 transactions in a year, for instance).

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Accounting Today

SEPTEMBER 26, 2023

In the context of accounts payable, generative AI can create text-based documents, such as invoices or purchase orders, by analyzing patterns and information from historical data.

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CPA Practice

SEPTEMBER 26, 2023

By Dave Charest. Small businesses (SMBs) are a busy bunch. On any given day, they might be fulfilling orders, engaging with customers in-person, managing staff, doing their books — plus dozens of other tasks. Most would relish an opportunity to gain back an extra hour, or save some extra money. Luckily, those goals (and others) are attainable thanks to artificial intelligence (AI) and marketing automation.

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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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Accounting Today

SEPTEMBER 26, 2023

The board levied a $2 million penalty against the Chicago-based Top 10 Firm for violating its auditing rules and standards, and sanctioned two of its audit partners.

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audit 115

CPA Practice

SEPTEMBER 26, 2023

The IRS has released the special per diem rates for 2023-24 that take effect on Oct. 1, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2023-68 , which the IRS published on Monday, provides the special transportation industry rate, the rate for the incidental expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method for the period of Oc

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Transportation Tax 116

Accounting Today

SEPTEMBER 26, 2023

As inflation continues to rise, the service is increasing some, but not all, of the special per diem rates for expenses while traveling.

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Expense Management Tax 124

Cherry Bekaert

SEPTEMBER 26, 2023

The Federal Acquisition Regulation (FAR) doesn’t provide many details on the specifics related to an adequate timekeeping system. However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks. In this episode of Cherry Bekaert’s GovCon Podcast, Eric Poppe , a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa , a Senior Manager in the F

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Accounting Today

SEPTEMBER 26, 2023

The first half of 2023 saw a flurry of state and local changes, with governments relying more on indirect taxes as borrowing becomes more expensive and the cost of providing programs increases.

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Government Tax Sales 101

Cherry Bekaert

SEPTEMBER 26, 2023

On September 8, the Internal Revenue Service (IRS) released Notice 2023-63, providing much anticipated guidance on the application of Section 174. The Notice addresses key issues for handling specified research or experimental (SRE) expenditures that are capitalized and amortized in accordance with the Tax Cuts and Jobs Act (TCJA) changes to Section 174.

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Advertiser: Paycor

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CPA Practice

SEPTEMBER 26, 2023

By Alex Tanzi, Bloomberg News (TNS) Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances. For the bottom 80% of households by income, bank deposits and other liquid assets were lower in June this year than they were in March 2020, after adjustment for inflation.

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Cherry Bekaert

SEPTEMBER 26, 2023

On September 14, 2023, California’s Legislature has recently approved a landmark climate disclosure bill, Senate Bill 253, which is expected to have global impacts on corporate climate accountability. The bill, also known as the Climate Corporate Data Accountability Act (CCDAA), will require more than 5,000 U.S. corporations earning over $1 billion and doing business in California to annually report their global emissions of carbon dioxide and other planet-warming gases.

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CPA Practice

SEPTEMBER 26, 2023

A new chatbot feature is now available to help answer basic taxpayer questions about three notices in the CP series, the IRS said on Tuesday. Danny Werfel “Through our transformation efforts, we are working to expand technologies to help taxpayers and tax professionals interact with us in the ways they prefer, including expanded digital, phone and in-person assistance options,” IRS Commissioner Danny Werfel said in a press release.

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Accounting Today

SEPTEMBER 26, 2023

From more agents to the deployment of AI, the service is directing resources where the money is.

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audit Tax 132

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.

AccountingDepartment

SEPTEMBER 26, 2023

Budget season is right around the corner and it is time for financial teams to come together and start planning for 2024, but are you ready?

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business accounting Account accountant accounted 84

Accounting Today

SEPTEMBER 26, 2023

Other Big Four firms are also introducing cuts in the U.K. after a period of over-hiring during the pandemic.

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Going Concern

SEPTEMBER 26, 2023

The listmasters at INSIDE Public Accounting have released their mildly anticipated 2023 IPA Practice Management Report and should you want specifics on how the 600 firms that participated are doing, you can purchase the full report from IPA at the link above. We’re cheap and lazy so here are the key highlights from this year’s report as generously shared by IPA: More than 50% of firms reported double-digit organic growth rates.

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cpa firm CPA public accounting accounting firms 67

Accounting Today

SEPTEMBER 26, 2023

Taxpayers who receive CP2000 notices can now get help from bots for basic questions, rather than having to wait for a rep.

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Tax 115

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

Technology

Anders CPA

SEPTEMBER 26, 2023

FedNow, the Federal Reserve Board’s new payment system that enables individuals and businesses to send instant payments, is live as of July 20, 2023. The growing consumer demand for convenient, speedy payment services means it’s only a matter of time before enrollment in FedNow becomes a staple of financial institutions. These organizations should take the time now to familiarize themselves with the service in order to maintain compliance and ensure a seamless transition to the new payment syste

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Accounting Today

SEPTEMBER 26, 2023

The Top 20 Firm is expanding its presence in New York by adding a Regional Leader.

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CPA Practice

SEPTEMBER 26, 2023

The New Jersey Society of Certified Public Accountants (NJCPA) has launched its fourteenth annual food drive to benefit the Community FoodBank of New Jersey. Both physical and online donations will be accepted at various locations throughout the state now through Nov. 16. The Community FoodBank serves 15 counties in the state, distributing food to charities, soup kitchens, emergency shelters, food pantries and other places of need.

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Accounting Today

SEPTEMBER 26, 2023

Less than a month is a small window for an auditor to complete their work.

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audit auditor 117

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.

CPA Practice

SEPTEMBER 26, 2023

Top 20 accounting firm Armanino, based in San Ramon, CA, said on Tuesday it is merging with Garden City, NY-based CPA and advisory firm Janover. Financial terms of the deal were not disclosed. The transaction is expected to close on Nov. 1. Once completed, Janover’s 20-plus partners and more than 200 team members will join Armanino. Garden City will be Armanino’s second location in New York; the firm has had an office in New York City since 2021.

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Accounting Today

SEPTEMBER 26, 2023

More than 10% of candidates for the CPA exam live outside the U.S.

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CPA cpas Account accountant 117

Nancy McClelland, LLC

SEPTEMBER 26, 2023

We received a few frantic calls and emails in the past month from clients who opened their mail to find a penalty notice from the IRS for their 2022 Form 8955-SSA — some for tens of thousands of dollars. As background, Form 8955-SSA , also known as the “Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits,” is an report that retirement plan sponsors (the entity that established the plan for a company and its employees — usually th

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Accounting Today

SEPTEMBER 26, 2023

A successful merger with Top 100 Firm Carr, Riggs & Ingram has spurred Level Four Group's rapid expansion and continues to provide new growth opportunities

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Finance

Nancy McClelland, LLC

SEPTEMBER 26, 2023

We received a few frantic calls and emails in the past month from clients who opened their mail to find a penalty notice from the IRS for their 2022 Form 8955-SSA — some for tens of thousands of dollars. As background, Form 8955-SSA , also known as the “Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits,” is an report that retirement plan sponsors (the entity that established the plan for a company and its employees — usually th

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Legal CPA Account accountant 52

Accounting Today

SEPTEMBER 26, 2023

A recent report said the service needs to improve its reviews of suspicious cyber activity and strengthen separation of duties.

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Technology Tax 75

CPA Practice

SEPTEMBER 26, 2023

IRIS Software Group (IRIS), a provider of accountancy and payroll solutions, has added expanded human resource offerings to its system for North American users. The new capabilities include Global HR consultancy (HRC) and enhanced HR software enabling organizations headquartered in the Americas to seamlessly scale HR operations with confidence in global compliance.

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payroll Tax Account accountant 52

Withum

SEPTEMBER 26, 2023

Running a business can be rewarding, but it can also be challenging and time-consuming. As you pursue your passion and get your product or service out there, you will realize there is still so much to do. There are vendors to be paid, receivables to be followed up on, employees to be hired and payroll taxes to be remitted timely. It can be tempting to take on all these tasks yourself; however, it would be more productive to get help.

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Account accountant accounted payroll 52

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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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