Tue.May 30, 2023

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Number of CPA Exam Takers Continues to Dwindle

CPA Practice

The number of CPA candidates who took the Uniform CPA Examination in 2022 was about 7% lower than the previous year, the Financial Times reported on May 28. Citing the newly released AICPA and CIMA 2022 Integrated Report , the number of people who took the CPA exam in 2022 was about 67,000, down from 72,000 in 2021 and short of the AICPA’s 2022 forecast of 74,000.

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What’s trailing nexus? And why should you cancel your sales tax registration?

TaxConnex

You know all about reaching sales tax nexus: selling enough or having a physical presence in a tax jurisdiction sufficient to create a connection with that jurisdiction and create an obligation for you to collect and remit sales tax. But business and sales patterns change over time. Your sales into a state where you once registered may drop off. Remote sales reps or techs could leave a state or leave your company.

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How to Market Advisory Services in 2023

CPA Practice

By Joseph Graziano, CFP®. Clients want more from your firm than basic accounting and compliance work. In fact, a recent report from Thomson Reuters found that 95% of surveyed accounting firms said their clients want more advisory services. While the demand may be there, many firms are hesitant to add these offerings simply because they don’t know how to market them.

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Tuesday Morning Accounting News Brief: CPA Numbers Are Abysmal; PwC Blocked Government Inquiry | 5.30.23

Going Concern

This would have been your Monday news brief but we’re assuming at least a couple people got the day off yesterday. Welcome back to the grind. FT dropped this over the weekend : Candidate numbers for US accountancy exams drop to lowest in 17 years New figures from the American Institute of Certified Public Accountants showed the shortage of CPA candidates that has plagued the profession in recent years worsened in 2022, dashing hopes for a quick rebound from the pandemic.

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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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CPAs from Several States Visited Washington D.C. to Promote Accounting and Tax Issues

CPA Practice

Certified Public Accountants from across the nation made their way to Capitol Hill last week to meet with lawmakers on issues important to the accounting profession during the American Institute of CPAs (AICPA) Spring Meeting of Council and Annual Members Meeting from May 23-25. Among the top issues on the agenda for CPAs were a Congressional resolution on the fiscal state of the nation and support for three key issues: establishing the accounting profession as a STEM career pathway, simplifying

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It's Summertime at AccountingDepartment.com!

AccountingDepartment

It's summertime at AccountingDepartment.com and we have all sorts of fun things happening! To kick off the summer season this past Memorial Day weekend, we launched our 12th annual ADC Summer Challenge.

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Self Made: Another inspiring Xero Roadshow spent with our growing community

Xero

This year was nothing short of phenomenal, as our Roadshows once again united our accounting, bookkeeping and app partners during our live Johannesburg and Cape Town events. This year we welcomed a record 2,300+ attendees across the two sold-out locations. It’s always amazing to see the passion and support within our growing community, and the innovation driving the accounting industry forward.

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Tracking Contractor Retention the QuickBooks Way

Insightful Accountant

Murph takes you step by step through tracking construction or contractor retention the QuickBooks way.

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Beautiful game, beautiful business: Why this, why us, and why now?

Xero

We are always looking for ways to help inspire our small business community, motivate the next generation of small business owners and build our brand relevance globally. Football is the most popular and watched sport on the planet and women’s football is ascending at a rapid rate in popularity. The opportunity to help fuel and contribute to this growth is massive.

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My 2022 Tax Return Has Been Filed, What Can I Toss?

Dent Moses

How Long Does the IRS Have to Assess Additional Tax? In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. For example, assume your 2022 individual tax return was filed on April 11, 2023, a week before the due date of April 18, 2023.

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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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Maximizing Business Profitability: The Benefits of Outsourced Accounting Services

Basis 365

In today's fast-paced business world, companies always look for ways to improve their bottom line. One way to do this is by outsourcing accounting functions. Outsourced accounting services have become increasingly popular in recent years, but how do they impact a company's profitability? In this blog post, we will explore the benefits of outsourced accounting and how it can increase profitability.

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Rising Interest Rates and Inflation May be Lowering Your Company’s Value – Here’s How to Take Action

Anders CPA

Everyone is feeling the effects of rising interest rates and inflation , whether it’s visiting the grocery store, eating at a restaurant or planning a home improvement project. High interest rates can have an impact on a company’s value, and also affect its operations, financial health and overall success. Knowing how inflation affects businesses and how to prepare and adapt your business to inflationary trends can be a major benefit.

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Alternative Information Sources in Divorce

FraudFiles

Everyone knows about the typical sources of financial information in divorces. Income tax returns, bank statements and related documents, brokerage statements, credit card statements, and business financial statements are some of the most common. There are alternative sources of financial information that can be incredibly helpful in divorce cases, however.

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The Technology Lab Podcast – The Truthiness of AI – June 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the content quality in various AI generative content systems. Use the player below to listen to the podcast.

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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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Your Guide to Adding Value-Added Services to Your Firm

Insightful Accountant

FFP Wealth Management's Joseph Graziano explains why transforming your firm into a one-stop shop helps fulfill more of your clients’ needs—and strengthen yours.

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Can accountants really use social media to win more business?

Mark Lee

Seven years is a long time, isn’t it? Back in March 2016, a research student was asking accountants how much of their business comes from social media. She asked me too as I was already known for being more active than most, I was already highly ranked online for accountants but also cynical about the hype (even back then) surrounding the use of social media by accountants.

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Meeting on the Hill

Insightful Accountant

CPAs from across the country visit Capitol Hill to discuss the accounting profession with lawmakers.

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Illinois CPA Society Announces 2023 Young Professionals Leadership Award Recipient

CPA Practice

The Illinois CPA Society (ICPAS) has selected Kiara R. Schuh, CPA, as the recipient of its 2023 Young Professionals Leadership Award. This award recognizes a certified public accountant (CPA), under age 35, who has demonstrated outstanding leadership skills in their career, in public or community service, and through involvement in professional organizations.

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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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House Speaker Kevin McCarthy Celebrates Defunding the Agents the IRS Wasn’t Gonna Be Able to Hire Anyway

Going Concern

Last year’s Inflation Reduction Act allotted a whole bucket of cash to the IRS ($80 billion) to modernize its ancient systems and bring on new employees, a lot of employees. At the time, we wondered where the IRS was going to find tens of thousands of people with a bachelor’s degree and 30 units of accounting willing to work for $32,357 a year (Entry Level IRS Agents start at GS-5 ).