Thu.Nov 16, 2023

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Elevating Your Accounting Practice: The Critical Role of a Value Committee

CPA Practice

Today, ensuring your firm delivers exceptional value and effectively captures that value through appropriate pricing is crucial. Traditional approaches to scoping and pricing jobs have often been fragmented and inconsistent. Partners and managers handle their own pricing on a client-by-client basis and often end up undercharging. The same client might get a quote from two offices for the same service priced drastically differently depending on who they call.

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How To Qualify For Telecommunications Tax Exemptions

TaxConnex

At TaxConnex, we work with telecommunications service providers  of all sizes.  Many are existing MSPs (Managed Service Providers) or IT management companies that would like to expand their service offering and become “stickier” with their clients. They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues.

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IRS Raises Estate Tax Exemption Amount for 2024

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. The amount is inflation-adjusted by the IRS each year. So, while the increase probably isn’t a surprise, it’s still a big deal for many wealthy taxpayers.

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The best small-biz acct'g software, and other tech stories you may have missed

Accounting Today

Plus, Google wants you to ditch passwords, and eight other things that happened in technology this past month and how they'll impact your clients and your firm.

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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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Survey Says: Audit Fees Were Up Almost Five Percent in 2022, In-Person Audit Work Is Back

Going Concern

The Financial Education & Research Foundation (FERF) has released the findings of its 14th Annual Public Company Audit Fee Study , sponsored by Center for Audit Quality. The FERF 2022 Public Company Audit Fee Study Report examines audit fees companies paid to external auditors for auditing and related services for the period between June 2022 and May 2023.

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IRS will receive 30M more 1099-Ks

Accounting Today

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

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More Trending

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EY names Janet Truncale as first female global CEO of Big Four firm

Accounting Today

Truncale most recently was the regional managing partner for EY's financial services organization in the Americas, which includes 14,000 professionals.

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Trevor Shaw Recognized by AICPA as Outstanding Contributor to Forensic and Valuation Fields

Withum

Withum is proud to announce that the AICPA has named Trevor Shaw , CPA, ABV, CFF, as a 2023 FVS Standing Ovation Award recipient. The Standing Ovation Program honors successful young professionals with FVS-specified credentials, including Financial Forensics (CFF) and Accredited in Business Valuation (ABV®) and their unique contributions to the field.

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New Sage Intacct Features Give Deeper Insights and Automation to Help Drive Better Business Decisions

Insightful Accountant

New Sage Intacct release extends capabilities to consolidate financials for complex ownership structures, improve project management, integrate ministry financials, improve 1099 e-filing and respond to governance expectations

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AICTP’s Roadmap to Tax Planning: 10 Keys to Growing Your Accounting Advisory Services

CTP

The accounting landscape is changing rapidly. CPAs and EAs are rethinking their strategies for practice management while moving from compliance to advisory services. As firms look to provide more value to clients, many have introduced Client Advisory Services (CAS). It is one of the fastest growing segments in the profession. The American Institute of Certified Tax Planners (AICTP) offers a full-service solution to developing CAS in your firm focusing on the specialization of tax planning.

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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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New Features Give Sage Intacct Features Deeper Insights and Automation

CPA Practice

Sage, a maker of accounting, financial, HR and payroll technology for small and mid-sized businesses, has added new product updates in Sage Intacct for increased automation, deeper insights, and even stronger compliance. These significant advancements will provide increased productivity, insightful data and streamlined business processes for customers.

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Charitable donations by billionaires go to their own DAFs and private foundations

Accounting Today

The ultra-wealthy are using charitable giving vehicles to avoid taxes and exert influence, at the expense of ordinary taxpayers.

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Debunking Common Myths about DCAA Compliant Timekeeping

Insightful Accountant

Navigating DCAA compliance can be daunting for contractors. Misinformation and myths add to the confusion. In this article, we debunk common myths about DCAA compliant timekeeping.

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PCAOB fines doubled in recent years

Accounting Today

The board voted to approve a new budget for fiscal 2024 and revealed it surpassed last year's record amount of fines.

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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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How to Conduct a Cash Flow Analysis

MineralTree

Conducting a cash flow analysis is an integral part of running a business — dedicating time to this process can mean the difference between barely surviving and thriving. However a cash flow analysis is only as valuable as your ability to understand and interpret the results. By assessing your cash inflows and outflows, you can gain valuable insights into your organization’s financial health, helping you make informed decisions to sustain and scale your operations.

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State Pass-Through Entity Tax Updates: November 2023

Cherry Bekaert

Contributor: Tony Konkol, Manager | State & Local Tax Hawaii On October 31, 2023, the Hawaii Department of Taxation issued Tax Information Release (TIR) No. 2023-03 , which provides revised guidance and notice of proposed temporary administrative rules for the state’s Pass-Through Entity (PTE) Tax, replacing and superseding Tax Information Release No. 2023-01 , which was published on July 21, 2023.

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Transforming GovCon Accounting with Technology

AccountingDepartment

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors.

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Tax Fraud Blotter: Two-timers

Accounting Today

Shell of a way to work; RICO rip-off; fun with refunds; and other highlights of recent tax cases.

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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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New ProAdvisor Training and Exams Available

Insightful Accountant

Intuit is "All In With ProAdvisors", so 'New' ProAdvisor training and certifications have just been released. Intuit will offer a QuickBooks Training and Certification Bootcamp in early December.

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The Importance of CFO Services for Scaling Your SMB

GrowthForceBlog

7 min read Most often, a business’s financial strategies consists of covering costs, staying open, and sustainably turning a profit.

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Plante Moran's new MP looks ahead to $2B

Accounting Today

Jason Drake will be taking the helm next July and hopes to grow it into a $2 billion firm.

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The IRS Takes Aim at High-Income Non-Compliance With New Pass-Through Unit

Withum

After a decade of budget cuts and watching audit rates of wealthy taxpayers decline due to fiscal constraints, the IRS announced earlier this year its plans to establish a special unit to focus on large or complex pass-through entities. IRS Commissioner Daniel Werfel says the goal is to “disrupt efforts by certain large partnerships to use pass-throughs to intentionally shield income to avoid paying the taxes they owe,” and to “end the era of historically low error rates for we

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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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How certain small business stock could supercharge tax savings

Accounting Today

Financial advisors and tax professionals working with entrepreneurs and potential startup investors should consider an often-overlooked exemption, experts say.

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The Technology Lab Podcast – Review of Clockwork – Nov. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss Clockwork , an intelligent financial advisory tool that allows firms to connect clients to their AI-powered account in literal minutes and enjoy CFO-level insights with unlimited world-class support. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors.

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Internal auditors optimistic on economy, talent, but risks remain

Accounting Today

A recent survey has found internal auditors are optimistic about the economy and about the availability of talent going into 2024 despite ongoing risks in both areas.

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Top Remote Accounting Freelancers of the Week: November 16, 2023

Going Concern

Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled and experienced remote freelance accountants ready to join your team with with no up-front cost. We are sharing a sneak peek of a few top freelance accounting candidates available this week with Accountingfly.

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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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Nepsis acquires SBGB

Accounting Today

Nepsis, a Minneapolis-based financial advisory and investment management firm, has acquired Sevenich, Butler, Gerlach, & Brazil, a tax, accounting and consulting firm in Saint Paul, Minnesota.

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Marcum Offers 2023 Year-End Tax Guide

CPA Practice

With the tax landscape continually evolving, Marcum LLP has released its 2023 Year-End Tax Guide. The guide features a detailed analysis of the current tax environment and spans more than 135 pages. Marcum’s tax team constructs its annual guides to help businesses and individuals navigate the latest changes to tax rules and regulations and support strategic financial planning through the year-end and beyond.

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Go back to basics before busy season to drive resilience

Accounting Today

By focusing on areas where they can drive efficiency, firms can reduce stress in the years ahead.

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iplicit offers benefits of accounts payable automation to all its customers

Accounting Insight

The finance platform iplicit is offering the time-saving advantages of accounts payable (AP) automation to its full range of customers in the latest update to its product. iplicit’s own AP automation features will sit alongside the system’s ability to integrate with third-party applications such as Lightyear, offering a choice of ways to increase accuracy and digitise previously manual processes.

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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.