Accounting Insight
AUGUST 11, 2023
When the advanced chatbot ‘Chat GPT’ went viral in late 2022, the pace of AI development rapidly increased. Since then, the internet has been filled with predictions about how AI will change the workforce for good. Opinions are divided about whether this is positive, necessary progress or whether it marks the beginning of the end for roles in certain industries.
Airbase
AUGUST 11, 2023
The COVID-19 pandemic, an economic slowdown, more restricted access to capital — for many organizations, the last few years have been marked by quick pivots and continual re-forecasting. This uncertainty and fast pace of change have laid bare the limitations of the traditional monthly close. Fast responses demand accurate and up-to-date data. As a result, more and more finance teams now realize the advantages of a continuous close, sometimes called a “rolling close.
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CPA Practice
AUGUST 11, 2023
From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC.
Accounting Today
AUGUST 11, 2023
Taxpayers who aren't under examination have a new option that promises to make it easier to request relief when they need to file international tax forms and documents past a deadline.
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.
CPA Practice
AUGUST 11, 2023
A South Carolina woman was sentenced today to 37 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, Georgina Gonzalez, formerly of Miami, worked as a tax return preparer since at least 2013. For the 2016 and 2017 tax filing seasons, Gonzalez temporarily relocated to South Carolina to prepare returns and manage multiple locations of a tax preparation business located in Columbia.
Going Concern
AUGUST 11, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Talent After a pandemic-era hiring binge, consulting firms are cutting back [ Crain’s Chicago Business ] There’s a paywall but you kids are internet savvy.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
AUGUST 11, 2023
Major accounting software companies view AI as a way to step up the timetable on their long-term ambitions as they work the new technology into their products.
CPA Practice
AUGUST 11, 2023
The IRS alerted business owners and tax professionals this week about a variety of compliance issues, including abusive tax schemes, that can be associated with employee stock ownership plans (ESOPs). “The IRS is focusing on this transaction as part of the effort to ensure our tax laws are applied fairly and high-income filers pay the taxes they owe,” IRS Commissioner Danny Werfel said in an Aug. 9 press release.
Accounting Today
AUGUST 11, 2023
The U.S. Attorney General has appointed a special counsel to oversee the ongoing criminal investigation into President Joe Biden's son over his taxes.
CPA Practice
AUGUST 11, 2023
The Green Thumb Approach in accounting allows your firm to grow and thrive. The approach is similar to gardening. If you’re a gardener, you have a “green thumb” that allows you to plant seeds, water your plants, care for them, and watch them thrive. Accountants can take this same approach to grow their firm through careful and strategic planning. If you follow the right approach with your firm’s clients, you can nurture your relationships with them and watch them grow over time.
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Accounting Today
AUGUST 11, 2023
A pair of recently launched products use generative AI to actively train people on cybersecurity through the use of live simulations of real attacks.
Randal DeHart
AUGUST 11, 2023
If your customers owe you money, the faster you can obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your construction company's cash flow. It can be easy to neglect to manage your debtors when you're busy growing your business, but intelligent credit control is important. So it's crucial to have the skills to handle the people who owe you money well, especially if you want to avoid taking them to court.
GrowthForceBlog
AUGUST 11, 2023
8 min read In any business, owners must manage both the business's core function, such as engineering in an engineering firm, in addition to the business's management function, such as the bookkeeping and accounting, which is necessary for the business to operate properly, compliantly, and successfully. Of course, not many bookkeeping experts decide to start engineering firms.
CPA Practice
AUGUST 11, 2023
As of July 26, 2023, the average rate on a 30-year fixed-rate mortgage had risen to 7,33%, while the rate for a 15-year fixed rate mortgage bumped up to 6.56%. These rates are significantly higher than they have been in recent years. If you’re in the market for a mortgage for a new home purchase or hope to refinance an existing mortgage, you may now decide to pay one or more “points” to obtain a more favorable rate.
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.
Going Concern
AUGUST 11, 2023
Plante Moran announced their latest partner class this week and beat last year’s partner class by a whole six people. If only they’d added two extra partners in 2021 they’d be on a six-year streak of adding more with each passing year. That’s 35 in 2023, 29 in 2022 , 24 in 2021 , 25 in 2020 , 16 in 2019 , and 15 in 2018. The lucky winners are (folks with asterisks are affiliated entity members not included in the partner number): Chris Abi-Raji , tax, Southfield Mark Barr
CPA Practice
AUGUST 11, 2023
By Caroline Peterson. As consumers are bombarded with a multitude of choices, the art of capturing their attention and fostering genuine engagement has become paramount for businesses seeking to thrive in this competitive era. High-quality product images and engaging videos have emerged as powerful tools, offering not only a glimpse into the features and quality of products but also the ability to spark imagination and visualize desired outcomes.
Going Concern
AUGUST 11, 2023
First, our apologies to Brian Becker for any rumor-denouncing emails he may have been compelled to send this week. Let’s ignore that and focus on something good for RSM: fiscal 2023 revenue. The firm ended the year at $3.7 billion according to its recently released impact report , a whole 400 million dollar — or a numerically satisfying 12.1212% — increase from RSM’s 2022 revenue of $3.3 billion.
CPA Practice
AUGUST 11, 2023
By Sarah Lynch, Inc. (TNS) The outlook of small business owners is slowly improving, which isn’t necessarily good news. The latest reading from the National Federation of Independent Business’s Small Business Optimism Index, which was published Aug. 9, ticked up from 91.0 in June to 91.9 in July—the highest level of 2023 so far. Still, that remains historically low, with July marking the 19th consecutive month below the 49-year average of 98.
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
Canopy Accounting
AUGUST 11, 2023
In the ever-evolving landscape of financial services, staying ahead requires expertise and the right tools to streamline operations and elevate client experiences. James Merante, President of BookSmarts Tax & Accounting Services , has increased his commitment to efficiency and quality by integrating Canopy's innovative platform.
CPA Practice
AUGUST 11, 2023
By Dan Wywrot. Most small businesses lack the capacity for a financial planning and analysis (FP&A) function, but that doesn’t mean they can’t build analytical and strategic value from their accounting resources. Restricted by low bandwidth and cost limitations, small businesses rarely have the luxury of dedicated FP&A personnel to drive forecasting and in-depth business analysis.
FraudFiles
AUGUST 11, 2023
The notes to financial statements are often lengthy and boring. But they can provide very important information about a company. On the most basic level, they provide details behind the company’s numbers. But they can also provide clues to fraud or other irregularities that may be occurring.
CPA Practice
AUGUST 11, 2023
By Associated Press, Fast Company (TNS) NEW YORK (AP) — FTX founder Sam Bankman-Fried was sent to jail Friday to await trial after a bail hearing for the fallen cryptocurrency wiz left a judge convinced that he had repeatedly tried to influence witnesses against him. U.S. District Judge Lewis A. Kaplan ordered Bankman-Fried’s bail revoked after prosecutors said he’d tried to harass a key witness in his fraud case last month when he showed a journalist her private writings, and in January when he
Advertiser: Paycor
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Accounting Today
AUGUST 11, 2023
The head of the board views the recently proposed standard for sustainability reporting assurance as a way to make those reports more verifiable.
CPA Practice
AUGUST 11, 2023
Los Angeles-based SingerLewak, a top 100 accounting firm in the U.S. based on revenue, is combining with Bremerton, WA-based firm Hearthstone CPA Group, the firms said on Aug. 1. Hearthstone CPA Group will keep its name but operate as Hearthstone CPA Group, a division of SingerLewak. Financial terms of the deal were not disclosed. “SingerLewak has built a reputation for excellence by providing expertise in accounting, tax, and advisory services in key business sectors and industry specialization
Accounting Today
AUGUST 11, 2023
The move may heighten concerns about accounting quality at the Indian conglomerate targeted by short seller Hindenburg Research.
Wendy Tietz
AUGUST 11, 2023
Join us Tuesday, August 15th, 1 – 4 pm Eastern, for Getting Ready for Fall Classes offered by the AAA’s Management Accounting Section as part of the CGMA Teaching and Practice Symposium sponsored by AICPA & CIMA.
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Accounting Today
AUGUST 11, 2023
Plus, Forvis launches NetSuite tech consulting practice; and other accounting technology news.
CPA Practice
AUGUST 11, 2023
IVIX , the first AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, has closed a $12.5M Series A funding round led by Insight Partners with participation from Team8, Citi Ventures and Cardumen Capital. This investment comes after significant growth and customer acquisition and will position IVIX to accelerate its research and development capabilities — expanding its capacity to help more governments identify financial crimes and close th
Accounting Today
AUGUST 11, 2023
Horsey, Buckner & Heffler launches sports division; NASBA bestows 2023 Accounting Education Research grants; and more news from across the profession.
CPA Practice
AUGUST 11, 2023
By Laura Weiss, CQ-Roll Call (TNS) Some House Republicans defending vulnerable seats in the 2024 elections are working on an expansion of the child tax credit and view it as a priority in discussions about broader tax legislation this fall. The GOP interest in playing a more active role to boost the benefit for families with children this year is bubbling up from at-risk freshmen and centrist groups in the party, who view the child credit as an important policy tool that has across-the-aisle sup
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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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