Mon.Nov 13, 2023

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Tips for Managing Capacity During Tax Season

Canopy Accounting

It's that time again to begin exploring ways we can manage tax season, stay sane, and still be intentional about how we lead our firms. In this webinar we'll discuss some capacity management tips for those running a tax season with a virtual team (which is more difficult to do than brock and mortar!).

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IRS destruction of paper returns had little impact

Accounting Today

The service's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic probably had little effect on taxpayers, according to a new report.

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Americans Received 4.6 Billion Robocalls in October

CPA Practice

U.S. consumers received just over 4.6 billion robocalls in October, representing a 7.9% increase from September’s volume, as robocall volumes continue to oscillate between roughly 4.5 billion and 5 billion robocalls/month. That’s according to a new survey. October averaged 148.7 million robocalls/day and 1,721 robocalls/second, up 4.4% from September’s average of 142.4 million robocalls/day and 1,648 robocalls/second.

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The Texas Board of Accountancy Slapped EY With a Huge Fine

Going Concern

A year and a half after the SEC announced a record $100 million fine against EY , the ghost of cheating past continues to haunt the firm. This time in the form of $3 million payable to the state of Texas. This is the largest administrative penalty the Texas Board has ever assessed against a CPA firm. This from a press release on Friday : EY was the subject of a Securities and Exchange Commission (SEC) order that included a number of professionals licensed as Texas CPAs who were found to have che

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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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Cohen & Co. to Move Into Buffalo After Acquiring CPA and Consulting Firms

CPA Practice

Top 50 accounting firm Cohen & Co. will be entering the Buffalo market when a deal to acquire Szymkowiak & Associates CPAs and its sister firm PEAR Consultants closes next month. All professionals of Szymkowiak and PEAR Consulting, which share an office in Buffalo, will join Cohen & Co. after the deal becomes final. This includes the firms’ five partners and approximately 30 team members.

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Philly’s Up and Coming Tech Entrepreneurs

Withum

In this episode of Founded in Tech, David Hansell sits down with Jake Coppen and Jacob Beaudin, to discuss the inception of NOW, the startup scene in Philadelphia, and their future plans.

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What Investors Really Want From a Technology Company

Cherry Bekaert

How often are technology companies truly prepared when ready for an exit or to take on new funding? Cherry Bekaert’s Dixie McCurley sits down with investor and CEO Lauren Fernandez to get her take on the components that lead to business growth, success and eventual sale. Lauren shares the number one priority she has for assessing a company’s financial health, as well as thoughts on the future of AI and technology.

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AICPA approves revised tax standards

Accounting Today

The American Institute of CPAs is rolling out some changes in its tax standards that will take effect in January.

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The Key To Reporting on Multi-Year Grant For Your Nonprofit

GrowthForceBlog

7 min read Multi-year grants with unrestricted funds are incredibly valuable to nonprofits because they provide money upfront which allows for the confident hiring of staff and executing of program objectives.

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Construction for accountants

Accounting Today

Kit Dickinson of ADP shares the latest issues in the construction industry, and what they need from their CPAs.

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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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EY Gets $3 Million Penalty by Texas Board of Public Accountancy

CPA Practice

The Texas State Board of Public Accountancy approved an Agreed Consent Order assessing a reprimand and a $3,000,000 administrative penalty against Ernst & Young LLP (EY) on November 9, 2023. The penalty was the largest administrative penalty that the Texas Board has ever assessed against a CPA firm. EY was the subject of a Securities and Exchange Commission order that included a number of professionals licensed as Texas CPAs who were found to have cheated on ethics exams and on a variety of

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How higher 401(k) and IRA limits may change financial plans next year

Accounting Today

Planners and their clients can use the annual cost-of-living adjustments as a helpful reminder to consider tweaks to retirement savings and strategies, experts said.

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QuickBooks Connect Underway in Las Vegas

Insightful Accountant

The "show goes on," as the great 'Ring Master' said. QuickBooks Connect, is underway at the Aria Hotel & Convention facility, having narrowly averted a strike when MGM, Caesars and Winn Resorts all settled with the Food/Beverage/Hospitality workers.

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Federal Cannabis Rescheduling: How to Prepare Financially for an Uncertain Timeline

Anders CPA

The cannabis industry is accustomed to shockwaves, between voter referenda, congressional bills and state-wide policy shifts. But of all the cannabis news to break over the past few years, nothing has the power to change the landscape like the potential for the Drug Enforcement Agency (DEA) to reschedule cannabis from Schedule 1 to Schedule 3. Although the industry’s ultimate goal is for complete descheduling, the proposed shift would be a game-changer for cannabis operators because it would nul

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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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Exempt vs Non Exempt Employee: What’s the Difference?  

inDinero Accounting

In August 2023, the Department of Labor proposed changing pay thresholds governing exempt vs. non exempt employees from protections under the Fair Labor Standards Act (FLSA). Should the change proceed, 3.4 million additional employees could be entitled to overtime pay. This change is not something for startups and small businesses to take lightly. Misclassifying employees as exempt can be an expensive headache for business owners.

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The ABCs of AI in accounting

Accounting Insight

The potential of AI is only continuing to grow. It is rapidly making its way into a range of industries, transforming the way we work and helping us take on more of what we do best. This is particularly true of accountancy professionals, who have been freed up to work smarter and get more done with their newfound time, instead of spending hours completing manual tasks.

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How to revitalize a CPA firm while the business model stagnates

Accounting Today

Have you ever looked at the websites of the top five CPA firms in your market and observed what similar services they provide?

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AICPA Tax Executive Committee Approves Revised Tax Standards

CPA Practice

In August 2022, the American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The AICPA’s Tax Executive Committee (TEC) reviewed and adopted the updates to the SSTSs on May 18, 2023; the updated standards will be effective on January 1, 2024. The AICPA SSTSs serve as the ethical framework for tax professionals and are enforceable tax standards for AICPA members.

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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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Jackson Hewitt launches hiring push

Accounting Today

The tax preparation chain expects to hire 18,000 people.

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Corporate Boards Grow in Diversity

CPA Practice

Corporate boards have become significantly more diverse over the past five years, according to a new report from The Conference Board and ESGAUGE. The share of female directors in the S&P 500 increased from 23% in 2018 to 32% in 2023, while the reported share of racially/ethnically diverse directors grew from 20% in 2018 to 25% in 2023. As the report points out, however, the reported growth in both racial and gender diversity has slowed in the past year.

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Financial execs need to staff up for SEC climate disclosures

Accounting Today

Companies are finding it difficult to hire enough qualified people in the relatively new field of sustainability reporting.

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Unlock the Full Potential of Caseware Working Papers: Supercharge Your Workflow with Cloud Hybrid, PBC and Accomplish

LSLCPAs

In a previous blog post, we explored the exciting world of Caseware’s Cloud Hybrid and its potential to revolutionize your workflow. Today, we’re taking it up a notch by introducing you to the world of Cloud integrations that will supercharge your Cloud Hybrid experience. Say Goodbye to Data Collection Hassles Ask any auditor, and they’ll.

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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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What accountants and payroll teams need to know about a potential Labour Government

Accounting Insight

We don’t have an election date yet, but it is overwhelmingly likely that there will be one next year. And the polls and recent by-elections results suggest the most probable outcome is a Labour Government. Nothing in politics is ever a sure bet, but it does make sense for accountants to start getting an idea about what changes Labour is keen to make should it win the election.

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Feds Charge Bitwise Founders with $100 Million Fraud Scheme

CPA Practice

By Jaimie Ding. Los Angeles Times (TNS) Federal authorities have charged the co-founders of Fresno startup Bitwise Industries with fraud months after the company laid off all of its employees and shut down without explanation. Irma Olguin Jr. and Jake Soberal surrendered to authorities Thursday after being charged in a federal complaint with conspiring to commit wire fraud and taking more than $100 million, U.S.

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Exempt vs Non Exempt Employee: What’s the Difference?  

inDinero Accounting

In August 2023, the Department of Labor proposed changing pay thresholds governing exempt vs. non exempt employees from protections under the Fair Labor Standards Act (FLSA). Should the change proceed, 3.4 million additional employees could be entitled to overtime pay. This change is not something for startups and small businesses to take lightly. Misclassifying employees as exempt can be an expensive headache for business owners.

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Announcing the winners of the 2023 Xero Beautiful Business Fund

Xero

We’re very excited to reveal the global and regional winners of the inaugural Xero Beautiful Business Fund – each of whom will receive a share of the NZ$750,000 global prize pool. After receiving a massive 5,500+ applications across four categories and seven countries, our regional and global judging panels have selected a total of 28 winners.

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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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Case Study: Revamping Cybersecurity – U.S. Regional Bank Enhances Cyber Defense Strategy

Withum

Download a PDF of this case study. Contact Us Executive Summary A mid-western regional bank recognized that its cybersecurity initiatives were inconsistent with industry standards and sought third-party expertise to improve its cyber defense strategy. Withum’s Cyber and Information Security Services Team partnered with the bank to revamp its cybersecurity program.

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We’re introducing eInvoicing to Xero in the UK

Xero

Many governments around the world are introducing eInvoicing as a way to drive digitisation of the small business economy, with some regions even mandating its use. While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK.

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Jason Drake to Take Over as Managing Partner of Plante Moran

CPA Practice

Southfield, MI-based Plante Moran will have a new managing partner come July 1, 2024, as Jason Drake will succeed Jim Proppe, who has held the position for the last seven years at the top 15 accounting firm. Drake will be the eighth managing partner in the firm’s 100-year history. Jim Proppe (left) and Jason Drake “I’m honored that the firm has entrusted me with this important role,” said Drake, who currently is group managing partner of the firm’s Chicagoland, Ohio, and international offices.

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Leaders view Biden EO on AI positive first step but more work remains

Accounting Today

Accounting technology leaders generally approve of Biden's executive order on artificial intelligence, provided the government can actually implement it.

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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.