Mon.Jul 31, 2023

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AICPA Forms Advisory Group to Create Strategy to Address CPA Talent Shortage

CPA Practice

The American Institute of CPAs (AICPA) has formed an advisory group representing a broad spectrum of the accounting profession that will help shape a national strategy to address the profession’s talent shortage, including accounting students who go on to obtain a CPA license. The National Pipeline Advisory Group’s work is part of a multi-pronged approach that includes an intensive effort to use technology, surveys and in-person forums to solicit insights and input from a diverse array of groups

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Withum Interns Create Nationwide Impact on National Intern Day

Withum

As businesses across the United States celebrated National Intern Day, Withum interns took to their communities to engage with local organizations and volunteer at nonprofits nationwide. Over 120 interns from 18 offices volunteered 225 hours over the week of July 24. Four of the offices chose to volunteer with their local Boys and Girls Club chapters, spending time with the children at the club, organizing activities and speaking about the transition from high school to college and starting a ca

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WEBINAR: Keep Your Head Above Water with Updated Flood Insurance Guidance for Financial Institutions 

Anders CPA

Wednesday, August 30 at 10:00am CT Has your financial institution updated its flood insurance procedures to reflect the revised and expanded interagency Q&As?  A year after the updated Q&As were released, we’re taking a deep dive into which revisions clarified gray areas and which have introduced new policy complications that must be properly understood in order to comply with the regulation.

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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

Hello and welcome to the last Monday Morning news brief of July. [Insert generic comment about “wow the year is just flying by” here] Let’s get right to it, shall we? PwC, Deloitte, KPMG and EY headed for a break up, says “one of Australia’s most esteemed public servants” in The West Australian : Allan Fels, who served an eight-year term as the inaugural chair of the Australian Competition and Consumer Commission, told The West Australian the recent PwC tax leak sca

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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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Withum Expands to New Baltimore Location

Withum

BALTIMORE, MD. (August 1, 2023) – WithumSmith+Brown, PC (“Withum”), one of the top 25 public accounting and advisory firms in the country, announced today that the firm is expanding its national footprint through the acquisition of two practices based in Baltimore, MD. The first practice includes the specialized healthcare assurance and risk consulting practice of Baltimore-based TMDG, LLC.

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Nearly Half of Workers Surveyed Say They Are Looking for a New Job, or Will Within a Year

CPA Practice

Research from talent solutions and business consulting firm Robert Half points to more movement in the job market. According to a survey of more than 2,500 workers in the United States, 1 in 4 respondents are currently looking for a new role, and an additional 24% plan to start searching by year-end. The combined percentage (49%) is up three points from December 2022.

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20 Offshoring and Outsourcing Best Practices for Accounting & Tax Firms

CPA Practice

By Shawn Parikh. In today’s globalized world, offshoring and outsourcing have become prevalent strategies adopted by CPAs, accounting, and tax firms to optimize their operations, minimize expenses, and tap into specialized expertise. These practices involve delegating certain tasks or entire processes to external service providers located in different countries.

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Achieving that sale getting harder for small businesses

Xero

Small business owners are well aware how hard it is for their customers right now, who are trying to stretch their budgets to cover the rising cost of household bills, transport, housing and debt repayments. This isn’t leaving a lot of cash to spend in their local small business. This difficult task of making a sale is showing up clearly in the latest Xero Small Business Insights (XSBI) data, with sales growth slowing across all Australia, Canada, New Zealand, the UK and the US.

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Professionals on the Move – August 2023

CPA Practice

Professionals on the Move is a round-up of recent hiring and promotion announcements from across the accounting space. Schneider Downs Announces Seven Additions to Ownership Group Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, recently announced the addition of seven new shareholders to its ownership group.

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How to Ensure Long-term Lease Accounting Success

Insightful Accountant

A new webinar by LeaseCrunch will help guide attendees through preparing for the next chapter of ASC 842 lease accounting implementation. See how to sign up today.

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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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What CAS looks like

Accounting Today

New research from Accounting Today offers a clear picture the evolution of client accounting/advisory services practices.

Account 98
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Top 100 2024 Certification Clues: QuickBooks Online

Insightful Accountant

In Part 6 of Murph’s Clues for Top 100 2024, he examines the current QuickBooks certifications and their training opportunities.

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EU companies get ESG rules aimed at addressing climate risks

Accounting Today

Tens of thousands of companies operating in Europe face new requirements to report their operations' climate impact.

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Enhanced FDIC Insurance Coverage up to $175 Million: Safeguarding Your Deposits with IntraFi Network Deposits

KROST

Protecting your financial assets and ensuring the safety of your deposits are crucial considerations for individuals and businesses alike. In this article, we will dive into the benefits of IntraFi Network Deposits, a service designed to enhance the security of your deposits. Whether you’re looking to protect your personal savings, business funds, or any other Read the full article.

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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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EU climate rules align with ISSB and GRI standards

Accounting Today

The European Commission adopted the European Sustainability Reporting Standards on Monday; they will take effect in 2024.

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Kathy Grosskurth on the Power of Taking Action

Insightful Accountant

Bookkeeping Clean and Simple's Kathy Grosskurth and Insightful Accountant's Gary DeHart discuss the importance of taking action to grow your business, and more. The latest edition of Accounting Insiders is here.

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Crypto staking rewards go in gross income: IRS

Accounting Today

Revenue Ruling 2023-14 clarifies the rules around what exactly counts as income for certain crypto-activities.

Tax 98
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AICPA News – July 2023

CPA Practice

AICPA News is a round-up of recent announcements from the association. AICPA & CIMA update Global Management Accounting Principles to reflect new era of digital acceleration and ESG The Association of International Certified Professional Accountants, representing AICPA & CIMA, recently released a new edition of their Global Management Accounting Principles (GMAP).

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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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FASB proposes income statement disclosure changes

Accounting Today

The board proposed an ASU Monday to give investors more information about a company's expenses.

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Harnessing the Power of KPIs: A Guide for CPA Firm Owners

CPA Practice

By Julie Smith and Glenn Dunlap. As a CPA firm owner, you understand the importance of delivering high-value insights to your clients. One of the most effective ways to do this is by discussing Key Performance Indicators (KPIs) and industry benchmarks. This not only provides your clients with a clearer understanding of their business performance but also strengthens your advisory relationship with them.

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Ascend acquires offshore accounting services provider

Accounting Today

The PE-backed platform for CPA firms has acquired India-based Sentient Solutions for Accounting.

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Unlocking Value Through Earn-Outs: A Guide to Contingent Consideration in M&A Transactions

Withum

In today’s competitive business landscape, mergers and acquisitions (M&A) have become a crucial growth and value-creation strategy. As buyers navigate the complexities of deal-making, contingent consideration (AKA earn-outs) can provide a powerful tool to bridge valuation gaps and align interests between buyers and sellers. With the support of experienced valuation specialists, such as those at Withum, you can optimize your acquisition strategy and unlock the full potential of continge

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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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A steep rise in changes to sales tax rates

Accounting Today

But the majority of those changes are actually decreases, according to a new report from Vertex.

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The AI Revolution: Business Applications Over the Years and Into the Future

Cherry Bekaert

AI has been around for years in back-office functions like IT and finance, but with the boom created by ChatGPT and generative AI, it is everywhere now. Increasingly, front-office teams, particularly innovation and R&D groups looking to understand more about their customers, are using AI tools to dive deeper in their work. Hans Mueller-Schrader , Engagement Leader at Cherry Bekaert, sat down with Hisham Nabi , Managing Director, and Rashaad Balbale , Senior Strategy Engagement Leader, in the

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The ERC maze: A guide to avoiding common errors

Accounting Today

With the IRS cracking down, knowing when and how clients can claim the credit — and when they can't — is critical.

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LeaseCrunch Announces Upcoming Webinar “Preparing for the Next Phase: Ensuring Long-Term Lease Accounting Success”

CPA Practice

LeaseCrunch LLC , an accounting software company, has announced its upcoming webinar “Preparing for the Next Phase: Ensuring Long-Term Lease Accounting Success.” This webinar, taking place on August 23 at 1:00 p.m. CDT, will explore the crucial steps to prepare for the next chapter of ASC 842 lease accounting implementation. Led by Jess Vento, senior director of accounting at LeaseCrunch, participants will gain valuable insights and strategies to ensure extended success in lease accounting.

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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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Banks to limit carbon accounting in stock, bond sales

Accounting Today

A majority of an industry working group voted to exclude two-thirds of the emissions linked to their capital markets businesses. The accounting standard won't be mandatory.

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Dave's Tax Takeaways: Understanding 401K Catch-up Contributions

Summit CPA

Dave Danic, Director of Tax at Summit Virtual CFO by Anders, has an update on 401K Catch-up Contributions.

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Asia's richest fuel race for lucrative finance jobs

Accounting Today

With residency, luxe living and low taxes mere table-stakes, the availability of trained staff to help the ultra-rich run their lives and their money has become a key battleground.

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Art of Accounting: Notable leaders beyond accounting

Accounting Today

Get involved in your clients' industries, professional societies and charitable organizations, and write and make presentations to become recognized as a mover, doer and expert.

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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.