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Monday Morning Accounting News Brief: EY Wants to Buy; Losers Dump NFTs For Tax Purposes; CPA Demand in 2031 | 1.9.23

Going Concern

Here’s a rundown of accountant-client privilege vs. attorney-client privilege as explained by a tax lawyer. There’s a misconception that it’s a dry accounting exercise, but ultimately tax law is a very rich moral discussion,” he says. As seen on r/accounting. What is the secret to a good PPT? I leave you with this.

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Extending Outsourcing Contracts Can Alleviate Shortage of CPAs

CPA Practice

By Paula Laurenti, Key Accounts Manager at SAPRO. accounting profession is facing a severe shortage of certified accountants. Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023. pre-pandemic to 62.1%

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2022 Federal Budget Highlights

DMCL

On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. Introduction of the new Tax-Free First Home Savings Account (FHSA). for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040.

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Friday Footnotes: PwC Slashes Partner Class; Accounting Firm Rescues Dog; Do We Still Need CPAs? | 4.19.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. The Big Four accounting firm is considering adding about 85 U.S.

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How Offering Financial Planning Can Enhance Your Credibility as an Accountant

CPA Practice

If you’re an accountant looking to improve your credibility and attract new clients, offering financial planning services can help. Bureau of Labor Statistics predicts that the need for financial advisors will grow 15% between now and 2031. By John Graziano, CFP®. In fact, the U.S. The demand for financial planning is clearly there.

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Inflation Reduction Act Funding to IRS Will Increase Examinations; Time to Focus On Transfer Pricing

Withum

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 allocating approximately $80 billion, in addition to its regular appropriations, to the IRS through September 30, 2031. This includes approximately $45.6 billion for enforcement, $25.3 billion for operations support, $4.8 billion for taxpayer services.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year. billion in 2031.

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