Going Concern

DECEMBER 8, 2023

“Audit partners see challenges ahead for businesses as inflation remains above historic levels, new regulations affect compliance costs and cybersecurity threats remain high,” Julie Bell Lindsay, the center’s CEO, said in a statement. Cohen & Co., McKonly & Asbury ] The merger will be effective January 1, 2024.

cpas 101

cpas Account accountant accounted 101

Going Concern

DECEMBER 1, 2023

Deloitte Asks Some China Staff to Take Unpaid Leave [ Bloomberg Tax ] Deloitte has asked some China staff to take unpaid leave between December and February, Hong Kong media HK01 reports, citing unidentified people. Some folks aren’t fans of CPAs edging in on their territory it seems. “Yeah, CPAs and the AICPA.

cpas 102

cpas audit auditor CPA 102

ThomsonReuters

MAY 6, 2021

It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. Their focus is on taxpayers who omit cryptocurrency income from their tax returns.

cpas 59

cpas tax return audit Tax 59

MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

tax accountant 130

tax accountant Tax bookkeeping Account 130

CPA Practice

NOVEMBER 29, 2023

AI conversations were front and center at the Thomson Reuters Synergy conference (Tax Workflow with AI) and the Intuit QuickBooks Connect with Intuit Assist. As you prepare your firm for another tax season, various products have added AI to the tax platforms. But this column is about tax. Let’s learn about a few options.

Tax 119

Tax Technology quickbooks tax return 119

CPA Practice

AUGUST 30, 2023

One of the panelists, Jackie Cardello, president and managing partner of Bethesda, MD-based GRF CPAs & Advisors, said the stigma and the stereotype associated with CPAs and accountants—and the profession in general—needs to change, and that change can begin in high school. Firms are looking at non-traditional hires and non-CPAs.

cpa firm 105

cpa firm CPA cpas Maryland 105

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 96

CPA auditor Tax audit 96

ThomsonReuters

JUNE 28, 2023

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data.

Tax 98

Tax auditor audit Technology 98

Going Concern

JANUARY 9, 2023

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. What is the secret to a good PPT?

CPA 94

CPA auditor Tax Account 94

CPA Practice

JANUARY 2, 2024

PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach Cherry Bekaery, an assurance, tax and advisory firm, recently completed an acquisition transaction with PKF Mueller , a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.

Illinois 114

Illinois Pharmaceutical E-commerce audit 114

CPA Practice

JANUARY 31, 2024

By Lee Reams II The tax and accounting profession is undergoing a significant transformation as a wave of boomer partners leaving their posts ushers in the largest retirement exodus of our lifetime. The dual challenges of a talent shortage and increased demand have changed tax and accounting professionals’ roles entirely.

Tax 49

Tax Account accountant accounted 49

Shay CPA

OCTOBER 25, 2023

As CPAs who specialize in supporting startups, we’ve been through down rounds with many of our clients. We want to give you a brief overview based on our experience, specifically delving into how the down round affects your accounting and your taxes. Then, look at: Tax deferrals. Then, look at: Tax deferrals.

Tax 52

Tax Account accountant accounted 52

CPA Practice

MARCH 7, 2023

The Uniform Certified Public Accountant Examination (CPA Exam) is regularly updated to reflect enhancements to accounting and auditing standards as well as tax laws and regulations — and to improve the efficiency of the exam. What do the 2024 CPA Exam changes mean for accounting practices? By Gail Cole. You have to sell them.”

Technology 137

Technology CPA cpas audit 137

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals are the financial backbone of a company and, in today’s complex environment, they are increasingly providing clients with strategic and forward-looking guidance. Preparing tax returns. How can accountants be more efficient?

Account 59

Account accountant accounted tax preparation 59

CPA Practice

APRIL 7, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. It also empowers them to use their time more strategically to focus on client services, tax processes and auditing obligations.

accounting firms 139

accounting firms CPA Technology Account 139

CPA Practice

APRIL 3, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. It also empowers them to use their time more strategically to focus on client services, tax processes and auditing obligations.

accounting firms 135

accounting firms CPA Technology Account 135

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

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.

CPA 52

CPA cpas audit accounting and finance 52

xendoo

DECEMBER 11, 2022

Tax season can be difficult for business owners, and it’s tough when you don’t know what tax forms to fill out or how. If you have a domestic corporation, then you’ll need to use the IRS Tax Form 1120. Corporation Income Tax Return, is an IRS form that certain businesses use to file taxes.

Tax 52

Tax income tax tax return bookkeeping 52

MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Understanding ERC IRS Audits 1.1 What is an ERC IRS Audit? ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit 130

audit North Carolina Oklahoma Ohio 130

LyfeAccounting

MARCH 10, 2021

In this post, we want to provide you with some more clarity on CPA services. Now, CPAs can provide a number of services to small businesses. But no other professional can provide all of the services that CPAs provide. So then… what are CPA services? What are CPA Services? What is a CPA? Tax Services .

CPA 52

CPA cpas bookkeeping tax preparation 52

CPA Practice

FEBRUARY 14, 2024

The American Institute of CPAs has submitted recommendations to the U.S. One of the areas AICPA’s letter notes is the ability for these taxpayers to have access to prior year financial statements for the qualified business units, that may not be available,” says Reema Patel, Senior Manager for Tax Policy & Advocacy with the Association.

cpas 52

cpas financial statements Tax Account 52

Withum

MAY 10, 2022

I am scheduled to present four free webinars primarily for CPAs, but anyone in business that uses financial statements might also find them interesting and insightful. Also, I am presenting an IRA/401k webinar for the general public and not accountants or tax professionals. – Financial Statement Myths.

financial statements 105

financial statements audit auditor CPA 105

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

auditor 108

auditor audit cpas Iowa 108

Going Concern

NOVEMBER 24, 2023

Bonuses will also be cut, with staff in KPMG’s 2,900-strong tax and legal arm receiving 55 per cent of the full amount that could have been paid, an insider said. Tax Court Provides Evidentiary Lesson On Professional-Reliance Defense [ Forbes ] Reasonable cause is a common defense to civil tax penalties. UK inflation stood at 4.6

auditor 106

auditor audit tax return cpas 106

Withum

MAY 9, 2024

In its simplest form, auditors provide an opinion on an organization’s financial statements. Most people who receive a financial statement look first to see what the auditor’s report and opinion say. That report is about two pages and, in some respect, is the only part of the financial statement that the auditor prepared.

auditor 59

auditor audit financial statements forensic accounting 59

xendoo

DECEMBER 3, 2021

Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Reviewing bank and credit card statements to confirm that they match. . Accurate records ensure reliable financial statements. Form W-9 .

bookkeeping 98

bookkeeping Account accountant accounted 98

CPA Practice

APRIL 29, 2024

One core strategy for doing this will be marketing new and consistently in-demand services – from CAS and CFO advisory, to AP and financial statement preparation. Two thirds (67%) say existing tax clients and 45% say traditional bookkeeping and accounting clients have been their best conversion targets.

Education 118

Education cpas bookkeeping accounting firms 118

Going Concern

FEBRUARY 27, 2023

In an article titled “Interactive Auditor-Client Negotiations: The Effects of the Accumulating Nature and Direction of Audit Differences” a team of researchers further examined what happens during these discussions and how the negotiations can affect the magnitude of audit adjustments made to financial statements.

Technology 101

Technology Account accountant accounted 101

Going Concern

MARCH 8, 2024

Among other findings, the SEC found that CSH violated Rule 2-01 of Regulation S-X (the Rule) by providing prohibited non-audit services to Lordstown while also engaged in auditing Lordstown’s financial statements (which were then used in connection with Lordstown’s registration statements and periodic reports filed with the SEC).

audit 75

audit auditor New York Legal 75

Going Concern

OCTOBER 7, 2022

Financial Reporting Council (FRC) on Thursday announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group. Minority Accounting Students Sought for Internship Preparation Program [ Illinois CPA Society ]. Attorney Nick Brown.

Illinois 91

Illinois CPA audit tax return 91

Going Concern

MAY 13, 2024

“With our world rapidly changing, it’s just one of the ways that we’re trying to respond to everything going on across the industry,” Sanders said in an interview with Bloomberg Tax. Previously, Calvert served as Managing Partner for Markets and Accounts, as well as Managing Partner for the Tax practice. PCAOB Chair Erica Y.

Oregon 76

Oregon Account accountant accounted 76

ThomsonReuters

FEBRUARY 14, 2022

Every tax and accounting firm is unique, so there’s really no one-size-fits-all approach to hiring. Do you need “virtual CPAs” who can excel in a remote or hybrid working model? Over the years, the role of tax and accounting firm employees has become increasingly digital-focused. Company culture. Work style.

Account 92

Account accountant accounted accounting firms 92

xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

Going Concern

SEPTEMBER 29, 2023

What CPAs can learn from Smucker’s [ Accounting Today Voices ] J.M. Big 4 ‘Shadow’ culture at consulting giant PwC led to tax-leaks scandal: Ziggy Switkowski [ News.com.au ] Consulting giant PwC has been savaged in an independent review that exposed the firm’s “shadow” culture contributing to its infamous tax leaks scandal.

auditor 100

auditor audit New York CPA 100

Going Concern

APRIL 14, 2023

The firm had a contract to perform the 2022 year-end audit for $26,135, but in order to complete it, the CPAs had to spend a lot of time doing extra accounting work that the previous town employees had failed to do, it was stated. For the extra hours, an additional $6,040 was billed.

Tax 100

Tax auditor audit accounting firms 100