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tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your childs or grandchilds education. Theyre treated as taxable gifts to the child, but theyre eligible for the annual gift tax exclusion ($19,000 in 2025). Contributions arent deductible.
Jump to ↓ Why tax season resources matter How to make the most of these resources Tax season success starts here Tax season is here, and with it comes the familiar rush of deadlines, complex returns, and endless questions from clients. These resources are intended to help you with: Staying informed with the latest tax updates.
a provider of tax compliance automation software for businesses of all sizes, has expanded the capabilities of AvaTax with AvaTax for Accounts Payable. The enhancement provides a comprehensive solution built into AvaTax that is designed to automate tax calculation and compliance for purchases. Avalara, Inc. ,
For tax and accounting professionals, the GENIUS Act is more than just a policy milestone—it’s a signal that stablecoins are entering the mainstream financial system. Understanding how this law affects your clients’ reporting obligations, accounting treatment, and compliance posture is now essential. What is a stablecoin?
But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession.
Jump to Overview of the recent halting Implications for tax and accounting professionals What’s next? By requiring businesses to disclose beneficial ownership information, the CTA seeks to combat financial crimes such as money laundering and tax evasion. financial system.
accountants who advise small and midsized businesses are feeling less confident this year, according to a new survey. Between January and April, the net sentiment among accountants swung from a positive 19% to a negative 39%. All rights reserved. EDT 3 Min Read Facebook Twitter LinkedIn Email U.S.
We track the top products in every category and discuss them in our weekly podcasts in The Accounting Technology Lab. For example, 1040 tax prep will likely soon be worth more than ever. Sifting through what is in the market and coming to market, it is clear that tax preparation will be more profitable than ever.
We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients.
Owners of Public Accounting firms are always telling their clients to work on their business and not in their business, yet many times do not take their own advice. It is possible to run an Accounting Firm and never do tax returns or financial statements! Our CEUs count toward the Certified Public Accountant (CPA) program.
EDT 3 Min Read Facebook Twitter LinkedIn Email The accountant the world urgently needs has evolved far beyond the traditional role we recognized just a few years ago. Yet, in many areas, accounting education stubbornly clings to outdated, overly technical models that fail to connect with the actual demands of the market.
Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.
EDT 5 Min Read Facebook Twitter LinkedIn Email Over the last several months, Ive been partnering with Intuit QuickBooks, Brittany Brown with Ledger Gurus and Utah Valley University professor David Waite to deliver a hands-on accounting curriculum that teaches students the skills they need to succeed in the accounting profession.
Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies.
CPAs know the drill: taxes, compliance, rinse, repeat. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist. Save your seat today!
Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. 57% of accounting firms plan to increase fees across all services in 2025. 57% of accounting firms plan to increase fees across all services in 2025.
Brian Tankersley, CPA, and Randy Johnston review TaxGPT , an AI-powered tax assistant for accountants & tax professionals. The tech and accounting professionals that developed the TaxGPT co-pilot system says it can boost productivity by 10x. We’d like to talk about another AI based tax research tool called Tax GPT.
Jump to Top 5 priorities for tax and accounting professionals The impact of AI in tax and accounting firms Navigating the future of tax and accounting The landscape of the tax and accounting industry is evolving rapidly, driven by technological advancements and a growing demand for value-added services.
A new report from practice management software provider Ignition says rising business costs are driving fee increases at accounting firms, with 57% planning to raise fees across all services next year. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns. The 2024 U.S.
Speaker: Rita Keller - President of Keller Advisors, LLC
You've worked diligently and have built a glowing reputation grounded in your excellent skills in tax, accounting, and auditing. You're known as the “go-to” person when a client is faced with tax and financial decisions. You have a very successful firm -- but that’s not enough.
Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.
State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. But accountants who do government work face unique challenges that require more specialized solutions. “But
Accountants are central to bridging this gap. Without active accountant involvement, organizations risk over-relying on passive technological defenses. Accountants who grasp these behavioral dynamics are better equipped to lead businesses through the emotional and operational challenges of building stronger defenses.
tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. A new Avalara survey of U.S. The survey, which was conducted from Oct. The survey, which was conducted from Oct.
Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month.
Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. Randy Johnston 00:04 Welcome to the accounting Technology Lab.
To be fair, it wasn’t until the National Pipeline Advisory Group released their mildly anticipated pipeline report over the summer that The Powers That Be officially acknowledged this as one of the leading factors in declining accounting enrollments. ” We had almost 200 write-ins here so I won’t include them all.
The tax and accounting profession is at a crossroads. Yet, despite rapid adoption, many seasoned tax professionals find themselves caught in a familiar tension: They’ve built their reputations on precision, trust, and hard-earned expertise, making them naturally cautious about agentic AI tools.
Accounts receivable (A/R) management is a key area that requires attention to assess financial strategies for the new fiscal year, and effective A/R practices—such as collecting overdue payments, refining invoicing processes, and using automation—can strengthen clients’ year-end financial position. By Jana Rzezniczek.
Jason Bramwell The Institute of Management Accountants recently announced that it was expanding its competency framework for accounting and finance professionals. Jason Bramwell The Institute of Management Accountants recently announced that it was expanding its competency framework for accounting and finance professionals.
Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. Documents correspond to how the LLC is taxed (as a sole proprietorship, partnership, or corporation).
OBannon Billtrust , a B2B accounts receivable workflow and payment software market leader, has added new innovations in its Collections solution, delivering a new standard for AR teams by unifying advanced automation, AI-driven insights, and seamless agentic AI workflows. .” auditing rules and standards were Goldman & Co.
A new report reveals a dramatic shift in the expectations that businesses and individuals who use accountants have of those professionals, with findings that highlight the need for seamless technology, proactive communication, and personalized service. taxpayers to reveal what they truly want from their accountants.
In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.
Whether this is your first payroll finalisation, or your hundredth, blast past your tax time stress by following our handy list of steps. In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type, and tax scale defined in their records.
The comprehensive, global study offers in-depth insights into the global tax and accounting industry and the trends that are shaping the profession. Wolters Kluwer Tax and Accounting (TAA) is pleased to announce its inaugural global study, the Future Ready Accountant, is now available.
Each new day brings a new headline about upcoming changes to tax law. As Congress weighs major decisions on the renewal of Tax Cuts and Jobs Act (TCJA) provisions and the White House issues new tariffs, tax planners may find themselves scrambling to provide answers and reassurance to their clients.
Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements.
EDT 6 Min Read Facebook Twitter LinkedIn Email Accountants are facing increasing demands for precision, speed and data protection. Accountants manage a high volume of sensitive information daily, covering everything from client tax details and payroll reports to audit documentation and financial disclosures. All rights reserved.
Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor. With your hosts, Randy Johnston and Brian Tankersley, Randy Johnston 00:10 welcome to today’s accounting Technology Lab. They integrate with Lacerte and Drake and ATX and tax wise and smart vault.
OBannon A new study from Thomson Reuters comes with a stark warning to the tax and accounting industry: firms without artificial intelligence strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better, and hire smarter.
Across the industry, tax firms are grappling with a critical challenge — proving the value of their AI investments beyond the initial excitement of automation. This blog aims to demystify ROI measurement and provide a clear roadmap for accounting firms ready to transform uncertainty into actionable insights.
Application of predictive analytics in accounting : Firms use predictive analytics for cash flow estimates, tax impact forecasts, fraud detection, strategic decisions, and more. For many, the answer lies in accounting predictive modeling. Jump to ↓ What is predictive modeling in accounting?
Keep your clients updated with your data protection As the integration of generative AI (GenAI) technology becomes increasingly prevalent in the tax and accounting industry, ensuring data security is paramount. And, with the rise of cyber threats and data breaches, safeguarding sensitive client information has become a top priority.
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