Trending Articles

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Employee Retention Tax Credit Penalty Relief

RogerRossmeisl

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest. In order to offset their wage expense for the amount of the credit claimed, taxpayers who file an amended Form 941-X to claim an ERTC refund must simultaneously file an amended

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Acterys Recognized as an Accelerator in Nucleus Research’s 2024 CPM Value Matrix

Acterys

Navigating Corporate Performance Management (CPM) needs has become a strategic force for businesses eager to harness data for insightful decision-making. To cater to the evolving needs of SMBs and enterprises, Acterys has emerged as a distinguished accelerator in the 2024 CPM Technology Value Matrix by Nucleus Research, showcasing its innovative approach to integrating analytics and planning.

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Automation’s place in compliance

TaxConnex

Since the first adding machine showed up on counters to help shopkeepers tack on the correct sales tax, automation has been part of compliance. Now the buttons and the lever have given way to behind-the-scenes software and automatic functionality. Good thing, too, as sales tax has evolved beyond a static percentage to involve thousands of tax jurisdictions and ever-changing calculations.

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Grant Compliance 101 for Startups

BurklandAssociates

Clean Energy startups and other grant recipients have all the usual accounting requirements, plus additional grant compliance responsibilities. The post Grant Compliance 101 for Startups appeared first on Burkland.

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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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IRS Offers Special Resources Pages in 21 Languages

CPA Practice

The Internal Revenue Service continues to increase the amount of information available in multiple languages. Although the primary language of the agency is usually expressed in dollar signs followed by numbers and commas, the agency offers a variety of support tools to help people across multiple languages. The agency’s multilingual efforts are a part of its Strategic Operating Plan, which has received additional funding since the enactment of the Inflation Reduction Act.

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Private Equity Is Taking a Majority Stake in Grant Thornton

Going Concern

The selection of “Grant Thornton” images on our stock photo site sucks, this office in Ireland is the best I could do sorry. This morning we received a tip: Grant Thornton with a “strategic partnership” with New Mountain Capital. All hands call at 12:30 CST to discuss Before we had a chance to go digging around — we haven’t heard a peep about this until now — our tipster sent over a link to a fresh Financial Times report : Grant Thornton US sells majorit

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Is BOI Reporting Already Dead?

Insightful Accountant

A judge ruled the Corporate Transparency Act's ownership reporting unconstitutional for NSBA and its 60,000+ members by March 1, 2024. This may trigger similar cases nationwide, impacting BOI reporting. Practitioners need to plan their response.

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24 for 2024: New Workflow Templates with Automations

Canopy Accounting

At Canopy, we’ve recently improved 24 of our accounting and tax workflow templates by adding helpful automations to save you and your firm time. These automations include sending client requests triggered by status updates, automatically updating the status of a subtask once a previous subtask is complete, and notifications being sent to assigned team members on subtasks when that subtask is set to “Ready.

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IRS Says March 22 is Deadline to Resolve Questionable ERC Claims

CPA Practice

The Internal Revenue Service has renewed its message for businesses to review the Employee Retention Credit guidelines to avoid future compliance action for improper claims. Amid aggressive marketing that misled many businesses into filing claims for ERC, the IRS has sharply increased compliance action through audits and criminal investigations – with more activity planned in the future.

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Weekend Discussion: Private Equity is Good, Bad, or Ugly For the Accounting Profession?

Going Concern

The big story this week by a long shot was yesterday’s news that New Mountain Capital has taken a majority stake in Grant Thornton. When I say big I mean HUGE. Having written for this website for 15 years while observing the accounting profession from the sidelines and playfully making fun of Grant Thornton the entire time, I was not expecting that story to blow up the way it did.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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IRS warns of money mule networks

Accounting Today

Criminals are exploiting networks of innocent people to move illicit funds between bank accounts, currencies and blockchains in an effort to evade law enforcement.

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IRS Energy Credits Online: Register for Clean Vehicle Tax Credit Advance Payments

Insightful Accountant

Auto dealers and sellers must register with IRS Energy Credits Online to submit time-of-sale reports for Clean Vehicle Tax Credit advance payments for vehicles placed in service in 2024 and beyond.

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Wolters Kluwer’s new cloud AML module set to slash compliance time

Accounting Insight

Wolters Kluwer has unveiled a cloud-based anti-money laundering (AML) product in the UK that will drastically simplify and accelerate AML and know-your-customer (KYC) compliance processes for accounting teams, according to feedback from client testing of the software. Using CCH iFirm AML – the first module to be introduced within Wolters Kluwer CCH iFirm, a new cloud-based tax and accounting platform that launched in the UK last week – the average time taken to run an AML data check is one minut

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Fewer People Are Getting Tax Refunds This Year, IRS Stats Show

CPA Practice

By Dave Eisenstadter, masslive.com (TNS) Did you end up unexpectedly owing money on your taxes this year? Statistics from the IRS ending on March 1 indicate you’re not alone. Compared with a similar point in the tax season the previous year, there have been nearly 6 million fewer refunds, IRS records show. By March 3, 2023, 42,040,000 refunds had been issued compared with 36,288,000 by March 1 of this year, a difference of 5.75 million or nearly 14%.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm

Going Concern

BDO USA filed a federal trade secrets lawsuit against Ankura Consulting on Monday that alleges Ankura “unjustly enriched itself through the employee defections from BDO and stole the company’s confidential information.” The defections came in the form of several senior-level staff from BDO’s healthcare transaction advisory business who apparently left BDO with their national practice leader.

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Tax pros: Be careful what you tell clients about BOI

Accounting Today

Affected businesses may turn to their accountants for help, but are firms the best source to help clients report beneficial ownership information to the feds?

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Recon Your Way to QB Talks on March 20, 2024

Insightful Accountant

If you're into revenue recognition you better reconnoiter our upcoming QB Talks on Wednesday, March 20, 2024 at 2:00 PM Eastern when Alicia Katz Pollock will teach you all about this new feature in QBO Advanced.

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The Benefits of Outsourced Accounting

Dent Moses

In today’s business environment, companies are constantly seeking ways to optimize operations and enhance efficiency. One strategy gaining prominence is outsourcing, particularly accounting functions. Outsourcing accounting services can offer a myriad of benefits, revolutionizing a business’s financial landscape. Firstly, outsourcing allows companies to tap into a pool of skilled professionals without the burden of hiring and training in-house staff.

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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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10 U.S. Cities With the Largest Gender Pay Gaps

CPA Practice

By Chris Morris, Fast Company (TNS) March 12 is Equal Pay Day in the U.S., a representation of the additional number of days women must work in order to match the amount men earned last year. But in some cities, it could take even longer. A report from product research company, ChamberofCommerce.org, using data from the U.S. Census, examines which U.S. cities have the dubious honor of having the largest gender pay gaps.

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Formerly Prestigious Firm Fires 327 People and Three Dozen Partners After Genius Money-Making Scheme Backfires

Going Concern

*Technically the partners are being forced to retire but the headline was already way too many characters It’s been more than a year since Australian Financial Review blew the PwC Australia tax scandal wide open and it’s been nothing but migraines for PwC leadership (and their cousins at other Big 4 firms also subject to relentless grilling by Aussie senators) since.

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Audit committees set priorities

Accounting Today

A majority of audit committee members are eyeing cybersecurity as a top priority in the next 12 months, followed by enterprise risk management and talent.

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3 Ways to Help Ensure New Employees Stay

Insightful Accountant

Hiring in accounting, particularly for tax talent, is tough due to declining student enrollments and CPA exam takers. This trend puts pressure on the industry for hiring.

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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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Los Angeles Business Journal Recognizes Keith Hamasaki as a Leader of Influence: Minority CPA

KROST

LOS ANGELES, CA – For the fourth year in a row, the Los Angeles Business Journal has named KROST’s Principal, Keith Hamasaki, CPA, a Leader of Influence: Minority CPA. The recognition is dedicated to the works and accomplishments of knowledgeable and skilled accountants in the Los Angeles area. We are extremely fortunate to be in Read the full article.

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Money Mule Networks Are on IRS Criminal Investigation’s Radar

CPA Practice

What are money mule networks, and why is the IRS Criminal Investigation (IRS-CI) unit warning taxpayers about them ? This month IRS-CI has joined forces with federal partners—including the Justice Department, the FBI, and the Department of Labor Office of Inspector General—to take part in an annual, multiweek effort deemed “The Money Mule Initiative” aimed at identifying and prosecuting facilitators of money mule schemes.

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PwC Celebrates Seven Consecutive Years of Not Screwing Up the Oscars

Going Concern

The 96th annual Academy Awards went off seemingly without a hitch last night but we’re not here to talk about that because this isn’t a movie blog and I haven’t seen Oppenheimer. We’re here to rehash what happened seven years ago because this website specializes in the beating of dead horses and reminding Big 4 accounting firms of the dumb things they’ve done over the years.

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Grant Thornton gets major PE stake

Accounting Today

Private equity firm New Mountain Capital is taking a majority stake in Grant Thornton in the biggest deal to come along in PE firms' involvement in the accounting field.

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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.

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The Secrets To Stellar Client Service In The Construction Industry

Randal DeHart

Customer service is the heartbeat of any successful business. The unsung hero transforms a potential disaster into an opportunity and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain clients. As a construction business owner, client service is critical to your company's success.

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The Bonadio Group Rises to Top Regional Firm in Mid-Atlantic on 2024 Top 100 Accounting Firms List

Insightful Accountant

The Bonadio Group climbs to 41st on 2024 Accounting Today Top 100 Firms List, named Top Firm in Mid-Atlantic. Revenue grows over 14% post mergers.

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Worker Time Off Requests Hit Highest Point Since 2019

CPA Practice

January 2024 had the highest percentage of employees making paid time off (PTO) requests since the beginning of 2019, according to the BambooHR Workforce Insights Report. The data, pulled from the BambooHR platform, also shows that the average number of employee performance reviews in companies is increasing annually and hiring is now outpacing turnover.

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It Just So Happens Firing People Isn’t Good For Morale

Going Concern

Across the pond, Big 4 firms are struggling to generate deals business in this lackluster economy and as expected this has led to some cuts. KPMG let 6 percent of their deals people go in October, up to 600 people at PwC were asked to leave or get fired in November, and 150 more people were punted out of EY just days before Christmas on top of the five percent of the 2,300 people in financial services consulting chopped in August.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

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.