ThomsonReuters

JULY 6, 2023

As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com

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accounting firms Account accountant accounted 98

ThomsonReuters

JULY 6, 2023

If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.

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Account accountant accounted tax return 98

Accounting Today

JULY 5, 2023

CPA firms have been recruiting more people without accounting degrees and backgrounds as a way to fill their open jobs while expanding diversity in their workforce.

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accounting firms accounting degree cpa firm Account 108

CPA Practice

JULY 5, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves.

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Tax tax return income tax Washington 119

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.

Account

RogerRossmeisl

JULY 16, 2023

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed.

Legal 246

Legal CPA Tax 246

Going Concern

JULY 11, 2023

The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. It seems we are entering the “find out” phase of FAFO, the FA being shitty pay (and to a lesser extent, decades of ineffective recruiting strategies).

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Account accountant accounted financial statements 139

Withum

JULY 31, 2023

As businesses across the United States celebrated National Intern Day, Withum interns took to their communities to engage with local organizations and volunteer at nonprofits nationwide. Over 120 interns from 18 offices volunteered 225 hours over the week of July 24. Four of the offices chose to volunteer with their local Boys and Girls Club chapters, spending time with the children at the club, organizing activities and speaking about the transition from high school to college and starting a ca

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Start-ups 98

Accounting Today

JULY 3, 2023

The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.

Tax 124

Tax 124

CPA Practice

JULY 5, 2023

By Mia Gindis, Bloomberg News (TNS) A recent study of students attending four-year colleges and universities in 2022 found that two-thirds of the graduating male respondents received paid internships compared to less than half of women, despite women representing 70% of the 2,140 seniors surveyed. The research, conducted by the National Association of Colleges and Employers, is in line with other findings from previous years, suggesting that undergraduate work experiences might set the stage for

Non-Profits 130

Non-Profits Massachusetts audit Start-ups 130

RogerRossmeisl

JULY 16, 2023

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025.

tax return 242

tax return CPA Tax business tax 242

Advertiser: Paycor

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Going Concern

JULY 5, 2023

*not the actual office. Apologies if this photo is triggering to anyone. Let’s throw a theoretical out here. Imagine you are a highly qualified Canadian CPA with exemplary communication and data analytics skills and you have received two identical offers from leading firms. Would a clean, streamlined aesthetic and open plan sightlines, accentuated by generous glazing and abundant natural and contemporary LED lighting compel you to choose the firm whose office checks all those boxes?

Gaming 104

Gaming CPA accounting firms Account 104

Anders CPA

JULY 31, 2023

Wednesday, August 30 at 10:00am CT Has your financial institution updated its flood insurance procedures to reflect the revised and expanded interagency Q&As?  A year after the updated Q&As were released, we’re taking a deep dive into which revisions clarified gray areas and which have introduced new policy complications that must be properly understood in order to comply with the regulation.

Education 98

Education CPA 98

Withum

JULY 31, 2023

BALTIMORE, MD. (August 1, 2023) – WithumSmith+Brown, PC (“Withum”), one of the top 25 public accounting and advisory firms in the country, announced today that the firm is expanding its national footprint through the acquisition of two practices based in Baltimore, MD. The first practice includes the specialized healthcare assurance and risk consulting practice of Baltimore-based TMDG, LLC.

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CPA Healthcare public accounting audit 98

Accounting Today

JULY 11, 2023

Leaders of the Senate Finance Committee are sending an open letter seeking input from experts, stakeholders and interested parties about how to adjust the rules for digital assets.

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Tax Finance 98

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.

CPA Practice

JULY 6, 2023

Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.

Hospitality 119

Hospitality Transportation Construction Manufacturing 119

Ronika Khanna CPA,CA

JULY 28, 2023

Imagine having an office without clutter, free from sad looking boxes and filing cabinets filled to the brim, where you don’t have to rifle through unlabeled containers to find a receipt for a scanner that you bought three years ago. An office that would make Marie Kondo (queen of decluttering) proud by getting rid of (almost) anything that does not bring you joy and surrounding it instead with items that inspire (or at least improve productivity).

bookkeeping 98

bookkeeping accounting and finance tax return Account 98

Going Concern

JULY 7, 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 Dear Recent Grads: Accounting is Cooler Than You Think [ LinkedIn ] A tipster sent in this recent LinkedIn post by CBIZ president Chris Spurio, calling it “tone deaf” and “dishonest.” Added

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audit Account accountant accounted 104

Cherry Bekaert

JULY 27, 2023

The July issue of the Regulatory Compliance Digest features a summary of the latest updates from the Consumer Financial Protection Bureau (CFPB) on Section 1071, the clarification of guidance on multiple re-presentment fees, interagency guidance on the risk management of third-party relationships and a reminder to file Office of Foreign Assets Control’s (OFAC) annual report on blocked property by September 30.

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Legal Account accountant accounted 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

Technology

Withum

JULY 26, 2023

In what seems to be an unprecedented turn of events on July 21, 2023, the IRS released Notice 2023-55 , providing temporary relief for taxpayers in determining which foreign taxes are “creditable” taxes for U.S. purposes. In early 2022, the IRS issued final regulations providing guidance on determining if a foreign tax is creditable for U.S. tax purposes.

Maine 98

Maine Tax income tax CPA 98

Accounting Today

JULY 25, 2023

The International Organization of Securities Commissions officially approved sustainability and climate disclosure standards from the International Sustainability Standards Board.

accounting standards 98

accounting standards Account accountant accounted 98

CPA Practice

JULY 6, 2023

By Jenna Anderson, Inc. (TNS). Despite concerns about inflation and interest rates, small business owners were more optimistic about the national economic outlook in the second quarter of 2023, according to a recent survey. The latest Small Business Index , a survey of small businesses from MetLife and the U.S. Chamber of Commerce, shows an increase in overall confidence from 60 to 63.1 since the first quarter of the year.

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ThomsonReuters

JULY 25, 2023

Overpayments and repayments are two of the most common anomalies that could complicate year-end and W-2 processing. Now is a great time to sort out any potential difficulties. Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes?

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Tax income tax tax return payroll 98

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Finance

Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. Spoiler: it was not. While us Yanks were picking up hot dog buns and fireworks in preparation for the 4th, PwC Australia was pushing out a press release to announce eight partners connected to the tax scandal were on

Tax 104

Tax corporation tax Government Legal 104

Canopy Accounting

JULY 21, 2023

As the accounting industry evolves rapidly, so do the demands on accountants. The relentless pressure to meet deadlines, manage financial complexities, and adapt to technological advancements often takes a toll on their work-life balance. Enduring that imbalance is what often can lead to burnout — which, to the surprise of no one in accounting, 99% of accountants suffer from burnout.

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Account accountant accounted Technology 98

Cherry Bekaert

JULY 24, 2023

Evolution of the CFO The role of the Chief Financial Officer (CFO) continues to evolve and expand due to a changing business landscape. While the primary role of a CFO centers around financial management, there are several emerging trends that will shape the future role of CFOs. We are living in an increasingly volatile, uncertain, complex and ambiguous (VUCA) multilateral world, especially with the rapid pace of change in business.

Finance 98

Finance Technology accounting and finance Account 98

Accounting Today

JULY 21, 2023

The Internal Revenue Service is seeing a surge of tax scams this summer hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems.

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Tax 98

Advertisement

"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.

cpa firm

CPA Practice

JULY 6, 2023

By Lindsay N. Graves, Esq., Kiplinger Consumer News Service (TNS) In March, the IRS issued Revenue Ruling 2023-2 , which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.

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Tax Washington Legal Government 111

ThomsonReuters

JULY 25, 2023

For today’s accounting firms, advanced technology is no longer an option but a necessity. To keep pace in an increasingly competitive landscape, forward-looking firms are investing in artificial intelligence (AI) solutions to automate tax workflow, open up additional revenue streams, and better serve clients. If your firm is considering an investment in tax technology, the time is now.

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Technology Tax audit accounting firms 98

Going Concern

JULY 31, 2023

Hello and welcome to the last Monday Morning news brief of July. [Insert generic comment about “wow the year is just flying by” here] Let’s get right to it, shall we? PwC, Deloitte, KPMG and EY headed for a break up, says “one of Australia’s most esteemed public servants” in The West Australian : Allan Fels, who served an eight-year term as the inaugural chair of the Australian Competition and Consumer Commission, told The West Australian the recent PwC tax leak sca

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auditor Account accountant accounted 98

Withum

JULY 21, 2023

The IRS released a general legal advice memorandum, or GLAM, addressing the employee retention credit (ERC) and supply chain disruptions on July 20, 2023. The GLAM discusses five scenarios where taxpayers might qualify for the ERC on the basis of a supply chain disruption, and then it dismisses each of the claims in order. While the specific principles that can be distilled from the GLAM are discussed below, we believe it is telling that the IRS issued a pronouncement on supply chain disruptions

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auditor audit Legal Tax 98

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.

Finance