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How the “Wild West” of Tax Preparation Led to Massive ERC Issues

ThomsonReuters

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

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Best Tax Preparation Software for Small Business: What Tax Software to Choose?

Snyder

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. What is tax software? Online tax preparation + IRS forms.

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Thomson Reuters Adds Generative AI to SurePrep

CPA Practice

Thomson Reuters, a global content and technology company, has added several updates to its suite of tax, accounting and audit products, it announced at its annual customer event, SYNERGY. Automating tax and audit workflows “Tax industry professionals struggle with the increased pace of regulatory change and hiring challenges.

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

Going Concern

Long Read Corporate Self-Oversight [ The American Prospect ] Four auditing firms examine the books of nearly every big U.S. How AI is transforming audit [ Thomson Reuters ] In the past, auditors have heavily relied on manual processes to uncover risks in financial statements and business operations. AI Is your firm keeping pace?

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ChatGPT Isn’t Terminator for Accountants…Yet

Going Concern

TurboTax and QuickBooks are full of rudimentary AI features and already have reduced the need for some bookkeepers and tax preparers. The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. It isn’t just another game, it’s a different sport.

Account 104
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Revolutionize your talent strategy with automation

ThomsonReuters

Enhancing recruitment Showcasing a firm’s commitment to cutting-edge technology like tax automation can be a game-changer in recruitment. By integrating advanced software solutions, firms can streamline their operations and send a clear message: they are prepared to evolve and adapt to the future of accounting.

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Investment in technology: How much time does your firm waste?

ThomsonReuters

From an audit perspective, this enables accountants to analyze massive amounts of data and quickly identify anomalies and outliers. With the ability to better identify risky transactions and deliver higher-quality audits , AI is a game-changer for audit practices.