Reckon
JUNE 25, 2023
Artificial intelligence, hereafter simply referred to as AI, has evolved momentously over the last decade. But just in the last 6 months, these leaps have been gargantuan. As the discipline relies on data processing, it’s not surprising accounting professionals have been particularly vocal about the advancement of AI (and machine learning) for many years.
CPA Practice
JUNE 21, 2023
Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. How are these professionals facing this new technology with regards to risk and benefit? What are the perils? Thomson Reuters, a global content and technology company, has released new research on generative AI that gauged the sentiment of professionals in legal, tax, and accounting firms in the United States, United Kingdom, and Canada.
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Basis 365
JUNE 27, 2023
Running an eCommerce business comes with challenges, and accounting is a critical aspect that often poses difficulties. Accurate financial records, managing cash flow, ensuring compliance with financial reporting standards, and conducting financial analysis are all essential to running a successful eCommerce venture. However, these tasks can be complex and time-consuming, leading to potential errors and setbacks.
Ryan Lazanis
JUNE 19, 2023
Busy season accounting can in many ways seem unavoidable, but it can be manageable with the right approach. In this post, I’ll lay out 10 simple tips your firm can implement to keep yourself sane and to avoid you from working long hours during the busiest time of the year. Table of Contents Why Does Busy Season Accounting Happen? 10 Tips to Master the Busy Season 1.
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.
RogerRossmeisl
JUNE 19, 2023
In adversarial situations — such as divorces, contract breaches and shareholder disputes — you might need to hire an outside business valuator to evaluate complex financial matters. To get the most from these professionals, it’s important to understand the two key roles they can play in conflict resolution. Keeping these roles separate helps prevent valuators from being seen as “hired guns” by judges, juries, arbitrators and mediators.
CPA Practice
JUNE 15, 2023
The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s age
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
JUNE 28, 2023
By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole. Instead, exceptions are applied on a lease-by-lease basis depending on certain policy elections: ASC 842, IFRS 16, and GASB 87 all have exceptions for short-term and immate
Going Concern
JUNE 1, 2023
In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax av
Xero
JUNE 21, 2023
You win, or you learn – that’s one of Tennick Accountants’ internal mottos, and one that encouraged the firm to put themselves in the running and enter the 2023 Xero Awards UK & Ireland. For Graeme Tennick and his team that belief paid off, with the firm taking home the Small Firm of the Year award, the most hotly contested category of the programme.
RogerRossmeisl
JUNE 19, 2023
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement accounts.
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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.
ThomsonReuters
JUNE 16, 2023
Many of today’s accounting professionals have a new perspective on when and how they want to work. Are firms heeding the call? The onset of the COVID-19 pandemic forced countless businesses, including accounting firms, to go remote essentially overnight due to mandated shutdowns and stay-at-home orders. Now with the public health emergency officially over , the shift to more remote work has become the new normal.
Cherry Bekaert
JUNE 15, 2023
Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. For 2023, the indexed exemption rose to $12.92 million ($25.84 million for married couples).
CPA Practice
JUNE 6, 2023
The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the 12th annual ‘Most Powerful Women in Accounting’ awards, which recognize leaders for their significant contributions to the profession. The 2023 awards were presented at a ceremony at Dolby Live Stage at the Park MGM Casino during the AICPA ENGAGE conference in Las Vegas on June 6, 2023.
Going Concern
JUNE 26, 2023
Stock photo of KPMG office in London. Look, the logo is the same ok. Rumors have been buzzing for a few weeks now that KPMG would be making some cuts, the most notable of these buzzes an extra buzzy post on Reddit suggesting an incoming RIF. This morning (Monday), all-hands calls started appearing in people’s calendars and, well, you know what happens after that.
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.
Xero
JUNE 25, 2023
Changes are coming to the contact overview page We wanted to share the next step in improving the contacts experience in Xero, helping you better manage the relationships with your customers and suppliers, as well as your cash flow. We’re excited to share that we’ve updated the design of our contact overview page, and introduced search and filter functionality.
RogerRossmeisl
JUNE 19, 2023
Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial statements must be reliable.
ThomsonReuters
JUNE 16, 2023
Artificial intelligence (AI) has proven that it is a far cry from just a buzzword. Over the years, AI in accounting has increasingly gained traction and, going forward, it will continue to transform the tax and accounting profession. Is your firm ready? Like many industries, the accounting profession is exploring how AI can improve efficiencies and help strained firms better serve clients.
Withum
JUNE 29, 2023
Withum is proud to announce its 2023 New Partner Class. I’m excited to introduce this year’s New Partner Class. To get to this level takes an incredible amount of grit, passion and determination. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. The accomplishments of each individual are evidence of a larger trend—that of professionals going above and beyond, never ceasing to learn, create and innovate to b
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
CPA Practice
JUNE 23, 2023
By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) In the context of a 1031 exchange, “boot” refers to the portion of a transaction that doesn’t meet the tax-free criteria and thus becomes subject to immediate capital gains tax. Forms of boot might include cash proceeds, mortgage reduction and non-transaction costs. Although boot won’t disqualify a 1031 exchange, understanding its implications is crucial for optimizing tax benefits and preventing unnecessary liabilities.
Going Concern
JUNE 16, 2023
Perhaps you’ve already seen this in 24 hours since it was released but let’s talk about it anyway because L-O-f **g-L. UK office furniture company Furniture at Work has published a hilarious anti-WFH piece called “From Claw Hands to Hunchbacks: How Working From Home Could Affect Our Bodies.” The article warns that if you continue to work from home you will end up looking like an enemy from Silent Hill by the time you are 70.
Accounting Insight
JUNE 1, 2023
Over a third (36%) of accountants are considering leaving the profession in the next five years, including 30% of under 25s, new data from cloud pre-accounting platform Dext has revealed. This is particularly concerning as the number of accountancy students has decreased in recent years. Dext surveyed 250 accountants and bookkeepers across the UK to determine accountant attitudes towards the profession and what they need to be happier in their roles.
RogerRossmeisl
JUNE 19, 2023
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.
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ThomsonReuters
JUNE 28, 2023
In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the curve and remain competitive. To do this, auditors must leverage technology and data analytics to innovate and sustain their edge over the competition. In this article, we will explore how using data analytics and automation can help enhance the auditing process, achieve greater operational efficiency, and ultimately set your firm apart.
Withum
JUNE 21, 2023
On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).
CPA Practice
JUNE 1, 2023
The IRS and the Treasury Department on Wednesday provided additional information about the application process and technical guidance for the qualifying advanced energy project credit program under section 48C of the Internal Revenue Code, which was re-established last year by the Inflation Reduction Act. The qualifying advanced energy project credit program renews and expands a tax credit created in 2009 through the American Recovery and Reinvestment Act.
Going Concern
JUNE 19, 2023
For those who have been paying attention and noticed us teasing a big story coming out of BDO for months now I’m sorry to say this is not it. I’d also like to say that while I totally understand the accusations of “clickbait” and “b t” (I see you, Fishbowl), that’s not why we can’t report on it yet. Just getting those ducks in a row, thank you for understanding.
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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.
Anders CPA
JUNE 26, 2023
Anders has been honored by the St. Louis Post-Dispatch as a 2023 Top Workplace, ranking #28 in the Midsize Employer category. For 12 years, the St. Louis Post-Dispatch has recognized the importance of effective leadership, motivated workers and strong values through the Top Workplaces list. Top Workplaces are named based solely upon employee feedback gathered through a third-party survey administered by research partner Energage.
RogerRossmeisl
JUNE 19, 2023
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S.
ThomsonReuters
JUNE 29, 2023
As most of us know, tax and accounting automation involves s treamlining and standardizing tax inputs and workflow processes using technology. The result is more accurate results in less time — and more time for rewarding, high-value work that engages staff and wows clients. While standard tax software offers some of these benefits, the most transformative results come as a result of the holistic integration of APIs.
Withum
JUNE 26, 2023
Withum is proud to share that Aaron Slaughter was named to the Washington Business Journal 40 Under 40 List for 2023. Aaron, who has over 12 years of experience in the industry, specializes in audits of multiemployer benefit plans and labor unions. He is a sought-after industry speaker, often speaking at multiemployer employee benefit plan conferences and providing training with the International Foundation of Employee Benefit Plans (IFEBP).
Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence
In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.
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