CPA Practice

MAY 2, 2023

Annual Replacement Employment for accountants and auditors in the US was 114,730 between 2020-2021, projected to rise to 129,627 by 2025-2026. The baby boomer generation retiring at a rapid pace is leaving a significant gap in the accounting industry, and firms are struggling to replace experienced professionals.

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CPA Practice

JUNE 5, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The Massachusetts Society of CPAs ( MassCPAs ) recently launched a scholarship to honor the legacy of current Society President and CEO Amy A.

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CPA Practice

MAY 10, 2024

The Florida Institute of Public Accountants (FICPA), Nova Southeastern University (NSU) and three South Florida accounting firms – Berkowitz Pollack Brant, Kaufman Rossin and PAAST – have launched a new partnership that will assist future certified public accountants (CPAs) on their path to licensure.

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Cherry Bekaert

APRIL 30, 2024

may be down around 340,000 CPAs going into 2025. Short- and Long-Term Value to Co-Sourcing As the recent increase in high-profile reporting mistakes has underlined, having access to qualified CPAs has never been more essential to every organization’s success. It is clear these mistakes are due to a shortage of accountants.

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CPA Practice

FEBRUARY 16, 2023

T he American Institute of CPAs (AICPA) submitted a letter to the House Ways and Means Committee and Senate Finance Committee requesting immediate consideration of the treatment of section 174 research and experimental expenditures, as well as numerous expired tax provisions.

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Going Concern

MARCH 15, 2024

Bill to let state agencies bypass State Auditor and hire private CPAs tabled [ RadioIowa ] A bill that would have let state agency budgets be audited by private CPA firms rather than the State Auditor’s Office has stalled in the Iowa House. This legislation is supported by State Auditor Julie Blaha and the Minnesota Society of CPAs. “In

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Going Concern

MARCH 22, 2024

“We enter our fiscal 2025 with many of the socio-economic issues we had in fiscal 2024: high inflation and interest rates, tightened lending, uncertainty in the real estate markets, global conflicts.” Atlas CPAs and Advisors undercut the Utah-based auditing firm by $12,000.

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CPA Practice

SEPTEMBER 28, 2023

The American Institute of CPAs has released a new practice aid to help accounting professionals create a system of quality management (QM) for their firm’s accounting and auditing practice. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.

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LSLCPAs

OCTOBER 2, 2021

Since 2017 (and through 2025), as the current law exists, only. appeared first on LSL CPAs. The current cap on deductions for state and local taxes is $10,000 as enacted in the 2017 Tax Cuts and Jobs Act (TCJA). The post Eliminate the ‘SALT’ Deduction Cap?

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xendoo

NOVEMBER 2, 2021

60% after December 31, 2023 and before January 1, 2025. 20% after December 31, 2025 and before January 1, 2027. Consult with one of Xendoo’s online Tax CPAs to discuss all your options. Our expert bookkeepers , accountants , and CPAs can help you navigate your financials throughout the year! Maximized Taxes.

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CPA Practice

FEBRUARY 1, 2023

You can either schedule it for December 31, 2024, or delay taking the distribution until no later than April 1, 2025. The Act reduces this three-year requirement to two years, effective for plan years beginning in 2025. Rahill, CPA/PFS, JD, LL.M., CGMA, is a Managing Director at Wintrust Wealth Management.

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Going Concern

OCTOBER 25, 2023

. “The new IFRS questions and other changes to the exam are the first major revisions since the CPA exam was computerized in 2004,” read a joint press release from AICPA, NASBA, and Prometric issued January 2011. We’re seeing more of a ripple than a tsunami this year and could be in for a massive drought in 2024 and 2025.

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Going Concern

SEPTEMBER 22, 2023

That last one was the first sign a shortage was coming down the road, mentioned here by the Illinois CPA Society back in 2017: An impending mass exodus of CPAs over the next 15 years is the most obvious contributor to shrinking CPA numbers. So that’s where we’re at.

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

APRIL 5, 2023

House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act. The bills – S.443 443 and H.R.

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Going Concern

JUNE 23, 2022

14 or 15 years ago I trolled Bill Sheridan of the Maryland Association of CPAs on Twitter about uncovering a weapons cache they’d stashed on CPA Island, a then-revolutionary virtual space in the game Second Life MACPA had set up for…accounting things. Back in 2008 CPA Island was the first (only? We may never know.

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CPA Practice

OCTOBER 5, 2023

Evaluate Medicare thresholds I work with several retired CPAs, and for some reason, the IRMAA letters they get drive them up a wall. So, as we evaluate our client planning for year-end, we are thinking about 2025 premiums. However, if you fall into the 10% or 12% income tax bracket, you pay 0% capital gains.

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CPA Practice

MARCH 31, 2023

House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act. The bills – S.443 443 and H.R.

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CPA Practice

MARCH 1, 2023

AICPA News is a roundup of recent announcements from the American Institute of CPAs. Specific proposals address significant issues affecting businesses, taxpayers and their accounting representatives, such as the tax treatment for health insurance deductions for employees and self-employed individuals (pg.

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Withum

FEBRUARY 26, 2024

The CPAs at Withum always look forward to this event in Las Vegas in October after deadlines have settled. Fraud Prevention, Detection, and Investigations in Dealerships Presentation Recap The call all CPAs dread from clients is this call. Potential ERC claims should be submitted as soon as possible.

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Going Concern

JANUARY 12, 2024

Partners at the accounting and consulting firm were told at the end of October that Ball would receive a one-year extension to lead EY until June 2025, according to people familiar with the matter. Also today, Victor Smith and William Tomasello, both Atlanta-area CPAs, pleaded guilty to conspiracy to defraud the United States.

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Going Concern

AUGUST 26, 2022

The report also stated that according to industry estimates, the market is expected to reach $20-25 billion by 2025 from $4-7 billion in 2020. CPAs spill the beans [ CPA Canada ] Three accountants share their experience being back at the office. With this acquisition, Dark Horse CPAs expands their presence in the Florida market.

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ThomsonReuters

MARCH 17, 2022

and by 2025, Gen Z will make up 27% of the labor force. How to manage them: Because virtual CPAs and remote accounting are becoming more common, consider a hybrid arrangement where they can work from home on certain days. Set up a mentorship program where older, more experienced CPAs can coach and train younger employees.

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Going Concern

AUGUST 23, 2023

We’re seeing more of a ripple than a tsunami this year and could be in for a massive drought in 2024 and 2025. It’s likely the well-documented pipeline shortage is going to get worse initially because of the CPA Evolution, not better. Exam candidates are in the middle of the funnel.

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CPA Practice

JANUARY 16, 2023

There are several ways accounting professionals and organizations can benefit from upskilling and reskilling online — whether to prepare for the CPA exam, build cutting-edge analytic capabilities, or create a new talent strategy. In 2020, the World Economic Forum predicted a decline in accounting jobs by 2025.

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Cherry Bekaert

APRIL 9, 2024

Timeline for Compliance: Prepare for Reporting on 2025 Activities in 2026 Impacted companies will need to begin reporting in January 2026. You’ll need to have your reporting systems in place so you can begin collecting emission data in 2025. Although that may seem a long way off, planning and preparation should begin now.

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ThomsonReuters

JANUARY 9, 2024

Another area of interest regarding the increased use of AI in IRS audits is whether or not tax preparers, CPAs, and other practitioners will adjust how they advise a client to avoid a possible red flag if certain information on a tax return falls outside a regular fact pattern. Will practitioner guidance change?

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Nancy McClelland, LLC

APRIL 16, 2023

But even though I take approximately 70 credit hours of continuing education each year (almost twice the requirement for Illinois CPAs), every once-in-a-while a new tax law falls between the cracks, or I might not realize a given client is suddenly eligible for an old one.

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Going Concern

APRIL 1, 2024

Journal of Accountancy on what CPAs need to know about Microsoft’s big AI rollout : Microsoft is investing heavily in Copilot, a suite of AI-powered features for applications across its portfolio. Let’s be clear, this issue isn’t limited to Anchorage. And it’s going to get much, much worse.

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xendoo

MARCH 14, 2023

The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Leverage CPA services The easiest way for small business owners to maximize their QBI deduction and other t ax credits is to work with a tax CPA. Instead, the owners report business income on their personal income tax returns.

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xendoo

MARCH 14, 2023

The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Leverage CPA services The easiest way for small business owners to maximize their QBI deduction and other t ax credits is to work with a tax CPA. Instead, the owners report business income on their personal income tax returns.

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xendoo

FEBRUARY 13, 2023

12 tips on how to pay less in taxes One benefit of working with Xendoo’s experienced tax specialists and CPAs is that we know how to save you money on taxes legally. It’s commonly known as the pass-through tax deduction and will end after the 2025 tax year. If you’re unsure, consult one of our licensed tax CPAs.

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xendoo

JANUARY 16, 2023

A total of 23 individual and business tax TCJA provisions are set to expire on December 31, 2025. Xendoo’s bookkeepers and CPAs are familiar with tracking and remitting sales tax for all types of businesses, including ecommerce. We have expert bookkeepers, accountants (CPAs), and tax specialists in-house.

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Going Concern

MAY 26, 2023

Although the public health emergency is over, taxpayers can continue to apply for the tax credit until 2025. That has fueled a run for the money and the proliferation of financial service providers, who often charge hefty upfront fees or take cuts of around 25 percent of any tax refund.

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