Fri.Aug 25, 2023

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Exploring AI and machine learning in modern bookkeeping

Accounting Today

In an era where technological advancements redefine our day-to-day activities, artificial intelligence and machine learning have emerged as transformative forces in various sectors.

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IRS Issues Table for Calculating Premium Tax Credit for 2024

CPA Practice

The IRS on Wednesday released an updated applicable percentage table used to determine a person’s premium tax credit for 2024. The Affordable Care Act’s premium tax credit was created to help lower- and middle-income Americans pay for health insurance purchased through the healthcare marketplace ( HealthCare.gov ). Health insurance can also be purchased through some state exchanges.

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John Sheehy to Lead Investigative and Corporate Intelligence Services Group

Withum

Withum is excited to share that John Sheehy, JD, and Principal within the Forensics and Valuation Services Team, will lead the Firm’s Investigative and Corporate Intelligence Services Group. Formerly a Special Agent, Crisis Negotiator and Supervisor at the Federal Bureau of Investigation, John has a complex and comprehensive understanding of white-collar crime and fraud.

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Business Travel Rebounds, Sees 46% Jump Even Over Pre-Pandemic Times

CPA Practice

Despite rocky economic conditions and pressures within organizations to cut down on travel costs, business travel is making an unexpected and robust comeback. According to Capterra’s 2023 Travel Survey, 46% of business travelers report going on more trips than before the pandemic—on average, they travel six times a year, with trips lasting about three days.

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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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Rejoice, IPA Has Dropped Its List of ‘Best of the Best’ Public Accounting Firms

Going Concern

The ranking enthusiasts at INSIDE Public Accounting have dropped their much-anticipated 2023 Best of the Best list and because there’s nothing we at Going Concern love more than a dick revenue-measuring contest, we are thrilled to share the results with you. First, let’s get the “what even is this list” explanation out of the way.

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IRS Hiking Interest Rates on Oct. 1

CPA Practice

The IRS said Friday that interest rates will go up for the fourth quarter of 2023 , which begins on Oct. 1. The last time the agency increased interest rates was for the first quarter of this year when the rate for tax overpayments and underpayments was 7% per year, compounded daily, up from 6% for Q4 2022. Interest rates had stayed the same in Q2 and Q3 of this year.

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More Trending

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Accounting Marketer Release Book: “The B2B Marketer’s Guide to AI: Strategies, Tactics & Tools for Success”

CPA Practice

Becky Livingston has unveiled her latest book, “The B2B Marketer’s Guide to AI: Strategies, Tactics & Tools for Success.” This insightful and timely work marks the author’s fourth published title and aims to bridge the knowledge gap in the intersection of B2B marketing and the ever-evolving world of artificial intelligence. With AI transforming industries at an unprecedented pace, business-to-business marketers can no longer afford to stay on the sidelines.

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Software depreciation: Exploring tax implications and deductions

ThomsonReuters

Jump to: What is software depreciation? How is software depreciated for tax purposes? Can software be amortized? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

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ERC Success Story: Auto Dealerships Save Millions

Cherry Bekaert

Challenge Auto dealerships faced substantial challenges during the COVID-19 pandemic. With state government mandates and other countries closing manufacturing sites, international trade, production, and sales slowly came to a halt. As a result, many dealerships were faced with a tough decision: keep their employees on the payroll despite lower revenues, or risk permanently losing their investment in their staff with temporary layoffs.

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COVID is Here to Stay—as a Risk Factor in SEC Filings

CPA Practice

By Nate DiCamillo, Quartz (TNS) Although the World Health Organization has ended the COVID-19 public health emergency , people around the world still die from covid and lose hours at work because of the disease. On Wall Street too, covid remains an issue that companies going public want to warn investors about as a potential drag on earnings. For those businesses, it’s now typical to make at least one reference to covid in the regulatory filing they must give to the Securities and Exchange Co

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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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Tech news: Xero opens submissions for inaugural Beautiful Business Fund

Accounting Today

Xero opens submissions for inaugural Beautiful Business Fund; OnBoard launches AI assistant feature; and other news from the accounting technology arena.

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The Number One KPI Needed by AEC Firms

GrowthForceBlog

7 min read The 43rd Annual Deltek Clarity Architecture and Engineering Study examines industry trends and found that increased employee attrition rates (up 2% year over year) along with elevated labor costs (due to competitive balance) have eaten away at profits, especially in small and medium-sized AEC firms [1].

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IRS offers extra time for Roth catch-up contributions

Accounting Today

The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions.

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Pros And Cons Of Working With Family And Friends In Construction

Randal DeHart

Ever dreamed of starting a family business? Investing in a franchise opportunity with friends? Businesses owned and operated by families can have incredible staying power. All family-owned companies, Volkswagen, Samsung, and Nike, are among the world's most successful, leading brands. Working with family and friends can be fun and rewarding, especially in the construction industry.

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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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Treasury proposes crypto exchanges report customer data

Accounting Today

The proposed regulations offer clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion.

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Anders Names Missy Kelley as Chief Growth Officer

Anders CPA

Anders, a Top 100 accounting firm, is excited to announce Missy Kelley has been named the firm’s first Chief Growth Officer (CGO). Anders has seen tremendous growth in recent years and was named a Fastest-Growing Firm in the country by Accounting Today and INSIDE Public Accounting. The CGO will be instrumental in driving strategic growth initiatives, overseeing expansion efforts and pursuing new opportunities for community leadership.

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IRS interest rates jumping in Q4

Accounting Today

For overpayments and underpayments, the rate will be 8% per year.

Tax 98
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Anders Names Missy Kelley as Chief Growth Officer

Anders CPA

Anders, a Top 100 accounting firm, is excited to announce Missy Kelley has been named the firm’s first Chief Growth Officer (CGO). Anders has seen tremendous growth in recent years and was named a Fastest-Growing Firm in the country by Accounting Today and INSIDE Public Accounting. The CGO will be instrumental in driving strategic growth initiatives, overseeing expansion efforts and pursuing new opportunities for community leadership.

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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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On the move: Baker Tilly unveils Innovation Lab

Accounting Today

IMA and EFWA award annual scholarships; Dean Dorton appoints pair of Kentucky market leaders; and more news from across the profession.

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What is the difference between book and tax depreciation?

ThomsonReuters

Jump to: What is book depreciation? What is tax depreciation? What are the differences between book and tax depreciation? What is accelerated depreciation? What is book-to-tax reconciliation? Managing book and tax depreciation with software Depreciation. Unlike how other expenses are recorded, this method deducts a portion of the cost of a fixed asset over a number of years due to declines in the fair value of that asset.

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Preventing burnout during the accountant shortage

Accounting Today

Keeping the staff you have is just as important as finding new employees, but firms aren't focusing on it enough.

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What accountants need to know about rental property tax depreciation

ThomsonReuters

Jump to: What is tax depreciation on rental property? What are the depreciation systems? How is depreciation taxed on the sale of rental property? How do you avoid depreciation recapture tax on rental property? Managing rental property depreciation with software Owning rental property can be an attractive real estate investment for many given the ability to collect rent and profit from the future, long-term sale of the property.

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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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Junk offsets are feeding wave of greenwashing, study shows

Accounting Today

Corporations relying on carbon credits to support their green claims now face "robust and credible" proof that the vast majority of such securities aren't fit for purpose.

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Calculating vehicle depreciation

ThomsonReuters

Jump to: Can you deduct vehicle depreciation on taxes? Are vehicles a five year depreciation? How do you calculate vehicle depreciation for taxes? What is the standard mileage rate? How does Section 179 deduction work for vehicles? Managing vehicle tax depreciation with software Running a successful small business is hard work and expensive.

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Stop Resisting Change & Start Controlling It

Canopy Accounting

Learn solid strategies and principles on how to manage change from big, firm-impacting decisions to smaller changes that may only impact you.

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Xerocon Returns to the US

Insightful Accountant

The flagship partner event returns to the US next year in Nashville at the Music City Center, Aug. 14-15. Details inside—with more to come.

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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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Boost your tax practice's bottom line with a wealth manager

Accounting Today

Tax professionals may be unaware of the potential benefits that can be gained by partnering with a wealth manager.

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A blessing of unicorns: A roundup of resources for companies with a growth mindset.

Airbase

Not long ago, the entrepreneurial landscape was filled with the sparkling allure of unicorn companies — those who reached an impressive $1B valuation. But in 2023, the unicorn narrative feels a bit more like a fairy tale, and the once-vibrant “unicorn economy” has shifted its focus on to emphasizing resilience and runway preservation. As conditions for funding grow stricter, the old adage of “hold on to what you’ve got” has never felt more relevant.

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Treasury, IRS Unveil Long-Delayed Crypto Tax Reporting Rules

CPA Practice

By CQ-Roll Call staff, CQ-Roll Call (TNS) The Biden administration on Friday issued proposed regulations to implement a key revenue-raiser from the 2021 infrastructure law that would require additional reporting of cryptocurrency transactions to the IRS. The infrastructure package initially required the Treasury Department and IRS to finalize the rules by the end of this year, in time to start collecting more revenue as soon as 2024.

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Lawmakers push IRS to account for lost taxpayer records

Accounting Today

Two Republican lawmakers are asking the Internal Revenue Service to explain what happened to microfilm cartridges filled with years' worth of taxpayer data that appear to have vanished.

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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.