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Tax, Accounting and Legal Pros are Cautiously Optimistic about Generative AI

CPA Practice

Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. Furthermore, about half (52%) of all respondents believe that generative AI should be used for legal and tax work. What are the perils?

Legal 122
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One team, big dreams: Accounts and Legal win Large Firm of the Year

Xero

Established in 2015, Accounts and Legal has always had one mission – to make the lives of business-owners simpler. Max Whitely, Head of Accounts Manchester for Accounts and Legal, explains: “In the space of four years, we’ve grown from being a small to a large firm and it feels like we’ve not even come up for air at times!”

Legal 87
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The New Chief Legal Counsel at the IRS Really Sucks at Burning Bridges

Going Concern

It’s a question that has plagued Big 4 accountants since the dawn of billable hours. Pictured: dramatic recreation of the Big 4 revolving door Senate Finance Committee Chair Ron Wyden (D-OR) spoke very highly of her in this statement just before her confirmation as IRS chief legal counsel last Thursday: First off, Ms.

Legal 101
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In ongoing accounting crunch, where to go for sales tax help?

TaxConnex

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. There were about 1.65 in 2022, up 1.3%

Sales 219
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Legal Expert Recommends Regular Audit of AI Tools Used for Employment

CPA Practice

recruitment and/or hiring tool, then carefully review the contract to understand what, if any, indemnities or other protections you’re getting from a vendor to understand your legal risks should a legal challenge to your use of A.I. also be held accountable to a certain extent? Do you see it that way for A.I.

Legal 116
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Small Business Guide to Government Grant Accounting and Compliance

SMBAccountant

It's crucial to assess your eligibility for federal grants before applying, as pursuing grants for which you are not legally eligible can waste time and resources. Adhering to these rules ensures transparency, accountability, and responsible use of taxpayer dollars. For small businesses, understanding various factors is essential.

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Financial vs Tax Accounting

SMBAccountant

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.