CPA Practice

OCTOBER 10, 2023

By Richard Lavina and Ralph Carnicer. The demand for skilled tax practitioners in the accounting profession has never been more critical. With the continuous growth in the IRC’s complexity and the rising number of tax filings each year (at both the federal, state, and local levels), the likelihood of making an inaccurate filing is increasing to unprecedented levels; which in turn is stretching industry talent dangerously thin.

Technology 105

Technology accounting firms Account accountant 105

Canopy Accounting

OCTOBER 12, 2023

If you did a quick web search for “employee research group,” the results would give you the impression that their only purpose is to foster inclusivity and support diversity, but they offer so much more. It would also seem that they only make sense for larger organizations with groups of minorities or other shared dimensions of diversity. This emphasis on employee research groups (ERGs) as affinity groups for minorities might lead some to believe that small accounting firms may not benefit from

accounting firms 52

accounting firms Account accountant accounted 52

Accounting for Good

OCTOBER 9, 2023

Key performance indicators for NFP accountants are the best way to measure performance outcomes and gain beneficial financial insights for your clients | AFG

Account 52

Account accountant accounted 52

Accounting Today

OCTOBER 10, 2023

The guidance explains how buyers of electric vehicles can transfer their tax credits to dealers and get advance payments that lower the cost.

Tax 124

Tax 124

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

Accounting Insight

OCTOBER 11, 2023

As the accounting industry continues to evolve in an era of digital transformation, it’s crucial that we look into what is impacting practices today and tomorrow. From advancements in technology to shifts in work culture and regulatory changes, these trends are not only reshaping the way accountants work but redefining their role as trusted advisors in an increasingly complex financial world.

Account 64

Account accountant accounted Gaming 64

CPA Practice

OCTOBER 10, 2023

The modern-day marketing professional has an extensive rotation of roles to fill—and only so many hours during the workday to do so. But with the help of artificial intelligence, marketers have access to tools that allow them to work more effectively and efficiently. Becca McGovern During the 2023 Association for Accounting Marketing (AAM) Emerge Virtual Conference on Oct. 4, Becca McGovern, marketing manager at top 200 firm Johnson Lambert, provided five ways AI can help accounting firms person

accounting firms 122

accounting firms Account accountant accounted 122

CPA Practice

OCTOBER 11, 2023

Public accounting firms in the United States reported strong top-line and bottom-line growth in their latest fiscal year results, driven by high demand for their services, according to a survey by the American Institute of CPAs and the Chartered Institute of Management Accountants. The 1,117 firms participating in the survey reported a fiscal year 2022 median growth rate of 9.1% in net revenue over the previous year, according to the 2023 National Management of an Accounting Practice (MAP) Surve

accounting firms 119

accounting firms Account accountant accounted 119

Accounting Today

OCTOBER 10, 2023

State and local organizations hope to learn what's behind the decline in young people pursuing the CPA.

Account 131

Account accountant accounted CPA 131

TaxConnex

OCTOBER 12, 2023

The past two years have seen nearly 46,000 M&As in the United States. It's clear that nothing can boost a business like the right merger or acquisition. Yet many of these deals tank: as many as 70% to 90%, Harvard Business School has reported. And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence.

Sales 113

Sales Tax audit tax return 113

BurklandAssociates

OCTOBER 10, 2023

A straightforward approach to organizing your startup's Chart of Accounts with industry-specific example templates. The post Setting Up Your Startup’s Chart of Accounts appeared first on Burkland.

Account 147

Account accountant accounted 147

Advertiser: Paycor

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CPA Practice

OCTOBER 12, 2023

By Gail Cole. Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024. Revenue generated by the tax will be deposited in a new Gun Violence Prevention and School Safety Fund.

California 124

California Sales Tax Pennsylvania 124

Accounting Today

OCTOBER 10, 2023

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

auditor 130

auditor audit Technology 130

Going Concern

OCTOBER 12, 2023

Confronted by multiple reports of a culture that puts profit over people and rewards partners who bring in business regardless of how toxic the partners are, PwC Australia’s new CEO Kevin Burrowes — who is in his position because the last CEO had to resign in shame — is taking a unique approach to promotions. Rather than recognizing those individuals who play the game best, the firm is pivoting toward using merit as the ultimate measure and has six new leaders to prove it.

Construction 122

Construction Gaming Government Education 122

Withum

OCTOBER 13, 2023

Capital accounts track the net equity owned by each partner in a partnership and typically include such information as initial and subsequent capital contributions, each partner’s distributive share of the profits and losses, and all distributions. Capital Accounts Beginning in tax year 2020, the IRS required partnerships to report their capital accounts on Schedule K-1, Item L, partners’ capital account analysis using the tax basis.

Tax 116

Tax Account accountant accounted 116

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

OCTOBER 12, 2023

By Shane Westra. Artificial Intelligence, or AI as it is regularly referred to…is undoubtedly the business buzzword of the year. This is for good reason because this technology continues to make many common business functions far more efficient than ever before, including new solutions that can help accounting firms advance their productivity and unlock more freedom for firm owners and employees.

Technology 119

Technology Account accountant accounted 119

Accounting Today

OCTOBER 12, 2023

The number of students earning accounting degrees keeps falling, according to the latest figures released by the American Institute of CPAs.

accounting degree 138

accounting degree cpas Account accountant 138

Going Concern

OCTOBER 13, 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. Thoughts and prayers to everyone on the grind to October 16, you’ve got this.

audit 117

audit Washington Non-Profits Sports 117

Cherry Bekaert

OCTOBER 10, 2023

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns. See the Chief Counsel Memorandum issued September 17, 2021.

Tax 115

Tax Start-ups Sales 115

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

CPA Practice

OCTOBER 12, 2023

By now we all know that artificial intelligence is a pretty powerful tool, and it can solve a lot of problems in the workplace. But some accounting firm partners and stakeholders may still not be convinced that they should invest in the technology and allow AI to be used by staff on certain projects. Nicole Sterling “When communicating the benefits of using AI to them, you need to do so in a compelling way and be able to get them to buy in to what you’re actually selling them,” Nicole Sterling,

Technology 119

Technology accounting firms Account accountant 119

Accounting Today

OCTOBER 13, 2023

With the number of freshly minted accounting graduates dwindling and the consumer price index still rising, the law of supply and demand is driving up salaries.

accountant salary 126

accountant salary Account accountant accounted 126

Going Concern

OCTOBER 10, 2023

Shout-out Stephen Foley at FT for writing up the most important part of Deloitte’s recently released transparency report : PAY. Let’s jump right in and do our own digging. The 2023 Transparency Report talks quite a bit about governance, ethics, audit quality, leadership, blah blah. You’re welcome to check it out should any of these appeal to you, just know each section is littered with Deloitte’s trademark self-fellating language.

audit 113

audit Start-ups Government Account 113

Cherry Bekaert

OCTOBER 9, 2023

When investing in real estate funds , especially amid a volatile macroeconomic landscape, it is imperative to know the differences between the various types of funds. To ensure that you’re maximizing your investment dollars, you must understand the intricacies of the most notable types of real estate funds: real estate investment trusts (REITs), open-end funds and closed-end funds.

Real Estate 110

Real Estate Non-Profits income tax Mississippi 110

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Finance

CPA Practice

OCTOBER 13, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The Social Security tax, withheld from each paycheck, stops once your income reaches a certain amount. That is due to the “Social Security wage base,” which is the maximum amount of earnings subject to Social Security tax. These taxes fund the Social Security program, which provides retirement, disability, and survivor benefits to eligible recipients.

Tax 116

Tax payroll tax Washington payroll 116

Accounting Today

OCTOBER 10, 2023

The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.

accounting standards 119

accounting standards financial accounting Account accountant 119

Going Concern

OCTOBER 9, 2023

KPMG released its 2023 CEO Outlook last week and we really don’t care that 73 percent of CEOs surveyed have confidence in the global economic outlook over the next three years nor do we care that three-quarters of them are concerned about rising interest rates leading to a recession. Let’s instead highlight the talent portion: This year’s challenging global landscape underscores the pressures CEOs feel to make decisions on a variety of critical issues — and they impact how CEOs plan

Real Estate 112

Real Estate 112

Cherry Bekaert

OCTOBER 12, 2023

For small and mid-sized technology companies, the path to success is often paved with groundbreaking ideas, relentless dedication and, increasingly, strategic financial planning. One such financial strategy that has gained prominence in recent years is the utilization of Qualified Small Business Stock (QSBS). This specialized category of stock offers a unique set of tax benefits and incentives for both entrepreneurs and investors, as it allows for the exclusion of capital gains when the stock is

Technology 106

Technology Tax Real Estate Account 106

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CPA Practice

OCTOBER 11, 2023

Many areas of the economy have rebounded or thrived since the pandemic ebbed, but amid inflation and high interest rates, small businesses are increasingly turning to credit cards for operational and growth expenses. That’s according to a new report from Intuit , the makers of small business and individual tax and finance tools, in conjunction with leading global economist Professor Ufuk Akcigit and his co-authors at the University of Chicago.

quickbooks 116

quickbooks E-commerce accounting and finance Finance 116

Accounting Today

OCTOBER 12, 2023

Monthly checks for the more than 71 million people receiving retirement or disability benefits in the U.S. will get a 3.2% increase next year, the smallest gain since 2021, reflecting a significant cooling in the rate of inflation.

Account 117

Account accountant accounted 117

Going Concern

OCTOBER 11, 2023

Us olds are sitting this one out. The Illinois CPA Society (ICPAS), in partnership with the Center for Accounting Transformation (the Center) and other stakeholders, has launched a survey to figure out why modern day accounting students and professionals are so uninterested in pursuing the CPA credential. ICPAS tackled the issue before in 2020’s A CPA Pipeline Report: Decoding the Decline but things have changed since then and young people who graduated into the pandemic may have unique pe

CPA 109

CPA accounting and finance Illinois cpas 109

Withum

OCTOBER 11, 2023

Businesses of all sizes and across industries face many challenges. In recent years, they have faced a global pandemic, natural disasters that include massive wildfires and hurricanes, rising costs of benefits, rising interest rates and workforce shortages. We know these challenges as national news outlets report on them daily. There is one area of concern for businesses that is not on this list, and it is cyber risks.

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106

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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.

cpa firm