Insightful Accountant
AUGUST 14, 2023
Join a panel of accounting professionals who will discuss the benefits of outsourcing some of your practice tasks. Find out how to sign up for the Aug. 17 webinar.
Accounting Today
AUGUST 15, 2023
This handful of tax and accounting tactics can help retailers better manage this major challenge.
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Insightful Accountant
AUGUST 14, 2023
The Internal Revenue Service says its new Paperless Processing Initiative will cut processing times in half and expedite refunds by several weeks.
MyIRSRelief
AUGUST 14, 2023
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the steps you can take to release them.
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 14, 2023
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The IRS incorrectly locked thousands of taxpayer accounts because the agency thought the taxpayers had died. A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that over 90,000 accounts were “deceased locked” last year despite the taxpayers being alive. Typically, the IRS locks accounts of taxpayers who have passed away to prevent fraudulent use of the deceased person’s information.
Accounting Today
AUGUST 14, 2023
Most of your clients need added services. Your ability to capture those revenues will depend on your ability to show the client the value they will receive.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Cherry Bekaert
AUGUST 15, 2023
Often, after much negotiation, debt may be reduced on various projects to realign debtor and equity holders’ interests in properties. Property owners restructuring debt should be wary of tax consequences that could occur. Debt cancellation, foreclosures and short sales can often increase tax liability for cancellation of debt income. On this episode of the Tax Beat Podcast, Brooks Nelson , Partner and Strategic Tax Leader, and Sarah McGregor , Tax Director, discuss the tax cost and poten
Going Concern
AUGUST 15, 2023
Puerto Rico’s largest bank filed a data breach notification with the Maine Attorney General on August 14 related to the MOVEit ransomware attack that has so far snagged Deloitte, EY, and PwC. For once KPMG is thrilled to be excluded from the Big 4. EY client Bank of America sent a similar notice to its customers last week , that notice did not go into detail as to the why an accounting firm would have had access to this customer information like Popular’s does. 82,217 Banco Popular c
CPA Practice
AUGUST 14, 2023
By Brian Greehan. As we approach the end of Q3, economic uncertainty continues to dominate the news. The lingering (although receding) risk of a recession, stubborn inflation trends, economic policy debates, and geopolitical instability all create challenges for businesses and their finance teams. These circumstances require finance professionals to be agile and proactive about optimizing operations and informing the business with accurate and timely financial data.
TaxConnex
AUGUST 17, 2023
When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Every state has nuances on how sales tax applies to the manufacturing process, equipment and materials. These gray areas can create big exposure for your business.
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BurklandAssociates
AUGUST 17, 2023
AI is reshaping the workforce and leading to a paradigm shift in recruiting and hiring practices and in-demand skillsets. The post How AI is Creating a More Human Approach to Recruiting and Hiring appeared first on Burkland.
MyIRSRelief
AUGUST 14, 2023
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the helpful steps you can take to release them.
Going Concern
AUGUST 18, 2023
According to a tip we received yesterday from a very frustrated auditor at RSM, the firm’s recent switch to Workday isn’t working. The tip: Effective 8/1/23, RSM’s scheduling, time management, billing and CRM system all merged to one system called Workday. Before the implementation all those modules were handled by a different software.
TaxConnex
AUGUST 15, 2023
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.
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
AUGUST 17, 2023
By Cameron White. With the rise of generative artificial intelligence (AI), including ChatGPT, the accounting industry, like many others, is abuzz with talk about how the technology will redefine the future of the profession. As more firms embrace AI technologies and begin to automate their workflows, there’s excitement around the benefits to be had—from time and money savings to newfound competitive advantages.
Withum
AUGUST 16, 2023
In the recently decided case of Farhy v. Commissioner , the U.S. Tax Court determined the IRS’s efforts to collect assessments for failure to file Form 5471 were unlawful. On July 12, 2023, the IRS filed notice of its intention to appeal the Tax Court’s ruling. The article addresses questions taxpayers might have about Farhy as the case heads into appeals.
Going Concern
AUGUST 17, 2023
A couple days ago the SEC charged Crowe U.K. LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. All three agreed to settle the charges. The client, Greece-based Akazoo S.A, settled with the SEC for $38.8 million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.” In that ne
Accounting Today
AUGUST 18, 2023
OpenEnvoy guarantees 100% accuracy in data extraction; Boast AI unveils universal data ingestion feature; and other news and updates from the accounting technology arena.
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
AUGUST 17, 2023
By Jeff Goldman. nj.com (via (TNS). A New Jersey business owner faces a federal prison sentence after failing to pay more than $10 million in payroll taxes. Josef Neuman, 37, of Lakewood, pleaded guilty to willful failure to pay over payroll taxes, the U.S. Attorney’s Office for New Jersey said in a statement Wednesday. Neuman’s company provided administrative services to operators of nursing homes and other health care facilities, federal prosecutors said.
Withum
AUGUST 18, 2023
Stay Ahead of the Cybercriminals We are amid a national crisis as cyberattacks continue to target all sectors, including organizations in the financial services sector. At Withum, we believe that together we can level the playing field with cybercriminals – and one way to ensure that your defenses are one step ahead of your attacker is to utilize threat intelligence to build your defenses.
Going Concern
AUGUST 16, 2023
*pic not of the actual office, those are at the bottom Deloitte UK has officially announced its new ‘future of work’ office in Edinburgh , Scotland, ‘future of work’ in scare quotes being their choice not ours. The new digs are 16,383 sq ft of space at 9 Haymarket Square, a new, mixed-use development that includes “ Grade A offices, a 349 bed 4-star hotel and a mix of eateries all arranged around a public square.” And 433 people in green T-shirts soon, too.
Canopy Accounting
AUGUST 16, 2023
In the ever-changing realm of accounting, adaptability, and innovation have become the foundations of success. Elizabeth Manso, CPA and owner of Brigade , was able to sit down with us for an interview and elaborate on how her firm embraces change and thrives in doing so. With a team of 13, Elizabeth's accounting firm takes a comprehensive approach, catering to small businesses bookkeeping, accounting, and advisory needs.
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CPA Practice
AUGUST 16, 2023
By Tim Grant, Pittsburgh Post-Gazette (TNS) Only a handful of Connolly Steel & Co. clients were dabbling in cryptocurrencies five years ago. But the number of clients buying and selling cryptocurrencies—digital money that can be used in online transactions and theoretically cannot be governed by any centralized authority, such as a government—has grown to a point where the Avalon, PA-based accounting firm had to invest in software that keeps track of cryptocurrency trades for tax purposes.
Cherry Bekaert
AUGUST 18, 2023
The Internal Revenue Service (IRS) released Notice 2023-38 , which provides more details around domestic content requirements for taxpayers who qualify for bonus energy credit incentives. The additional tax credits are associated with investments in and the production of clean energy under Sections 45, 45Y, 48 and 48E. Dependent on the facilities and equipment used to make clean energy, the domestic content rules are fulfilled when a taxpayer verifies that a qualified facility meets two specifi
Going Concern
AUGUST 18, 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. Law & Order ‘Avatar: The Way of Water’ financier accuses Disney of self-dealing in new lawsuit [ Los Angeles Times ] Walt Disney Co. is facing labor agitation on two fronts.
Accounting Today
AUGUST 14, 2023
It's not a private equity deal, says CEO Wayne Berson — it's private credit to realign the firm's debt and fund a powerful benefit for its employees.
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CPA Practice
AUGUST 16, 2023
A new survey sheds light on accountants’ ideal on-the-job state, the role of technology in their future, and recommendations for their employers. Commissioned by FloQast, the Controller’s Guidebook – When Accountants Dare to Dream research found that most accountants recognize that their employers need financial transformation to drive strategic business performance, and in many cases, a lack of on-the-job fulfillment gets in the way of that reality.
Cherry Bekaert
AUGUST 15, 2023
Cherry Bekaert and PXiSE Energy Solutions, a Yokogawa Company and innovative software-based energy grids control company in San Diego, CA, have joined forces on product development work that will soon bring cloud-native software to market and drive the digital transformation of the grid. PXiSE enables utilities, campuses and communities to hit their clean energy goals by empowering grid operators to manage unlimited renewables and distributed energy resources (DER), while providing safe and reli
Going Concern
AUGUST 14, 2023
BDO released a press release on ESOP at 10 am this morning , here it is in its entirety. Friendly reminder, BDO partners (current and former) and staff are encouraged to contact us at 202-505-8885 should you have any cares, concerns, or tales of phones being tracked you want to share with the class. Tipsters are anonymous, always. BDO USA Stewards Transformative Next Chapter With ESOP Purpose-driven strategy gives participating U.S. employees shared stake in firm’s success.
Accounting Today
AUGUST 16, 2023
IRS warnings about a "wave of summer scams" and new business rules designed to combat fraudulent claims for refundable credits are among the latest developments.
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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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