Tue.May 21, 2024

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Striking the right balance between client trust and extra fees

Mark Lee

Imagine you’ve gone to buy a second hand car and, after checking it has all the features you want, you agree the price you’ll pay with the vendor. You are thrilled. They promise to give it a clean and bring it around to your house a couple of days later. That’s all part of the service and covered by the fee you’ve agreed to pay. When they bring the car round though, they tell you that earlier they had spotted something that might have been a problem, so they arranged for the car to have an indep

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From Isolation to Integration: Strengthening Team Culture at Your Remote Startup

BurklandAssociates

Effective team and culture-building are keys to thriving in this new era of remote and hybrid work. The post From Isolation to Integration: Strengthening Team Culture at Your Remote Startup appeared first on Burkland.

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GASB plans new standards and guidance for accountants

Accounting Today

The Governmental Accounting Standards Board is getting ready to roll out new rules and proposals for state and local governments, including improvements to the financial reporting model, classification of capital assets, and measurement of infrastructure assets.

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Brian Bender Named 40 Under 40 by Alexandria Chamber of Commerce

Withum

Withum is excited to share that Brian Bender , Partner and Team Leader of Withum’s Trade Associations and Membership Organizations Team, was named a 40 Under 40 Honoree by the Alexandria Chamber of Commerce. Brian has over 20 years of experience serving trade associations, membership organizations, social clubs, foundations, charities, and numerous other nonprofit entities that include complex consolidations with for-profit subsidiary companies and political action committees.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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IRS Guidance Accelerates Deduction for Credit Card Reward Programs

Cherry Bekaert

On April 24, 2024, the Internal Revenue Services (IRS) issued Chief Counsel Advice 2417021 (CCA), which discusses the treatment of credit card reward liabilities under Internal Revenue Code (IRC) section 461. The CCA was issued in direct response to the following questions presented by the U.S. Department of the Treasury regarding rewards liability accounting: When do credit card reward liabilities become fixed and determinable under section 461?

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QuickBooks Online Payroll: "New" Digitized I-9 Form

Insightful Accountant

QuickBooks Online Payroll has recently added a digitized I-9 process that works as part of QuickBooks Workforce. Murph takes you through the steps of using this new functionality.

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Emily Egkan Wins CalCPA Women to Watch: Experienced Leader Award

Withum

Withum is excited to announce that Emily Egkan , Senior Manager, has been selected as a 2024 Women to Watch award winner in the Experienced Leader category at CalCPA’s Elevate: Women’s Leadership Forum. Emily has over 14 years of experience specializing in Tax for construction, manufacturing, food and beverage, healthcare and technology industries.

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Layoff Watch ’24: Grant Thornton Does 350 People a Favor

Going Concern

We knew this was coming. Two months after the news hit that Grant Thornton is selling a majority stake to private equity firm New Mountain Capital , GT is laying off about 350 people according to an article published by Wall Street Journal late yesterday. The Chicago-based firm is in the process of notifying the workers this week, people familiar with the matter said.

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Patriot Software’s Accounting Customers Can Get Paid Faster

Patriot Software

Canton, Ohio Patriot Software, a leading accounting and payroll software provider for American businesses, proudly announces the launch of its newest feature for accounting customers: ACH payments on invoices for customers who integrate with Stripe. With Stripe, customers can access two-day timing for ACH settlement, compared to 4-5 business days for standard ACH settlement.

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Why Nonprofits Need Internal Controls

GrowthForceBlog

8 min read May 21st, 2024 Nonprofit leaders have an altruistic outlook, working toward the best outcomes and trying to see the best in everyone. Unfortunately, this optimistic perspective can leave nonprofit organizations vulnerable to fraud. A study from the Association of Certified Fraud Examiners (ACFE) that looked at more than 2,500 cases of fraud found: Nonprofit organizations accounted for 9% (191 cases) of all the fraud cases examined.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Examples of Contingent Liabilities Your Small Business May Need to Record

Patriot Software

You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event? These potential financial obligations are known as contingent liabilities. Examples of contingent liabilities include lawsuits, product warranties, and pending audits.

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QuickBooks Desktop is Sunsetting - Here's What You Need to Know

AccountingDepartment

In a move that mirrors the broader trend towards cloud-based solutions, QuickBooks has announced it is sunsetting its Desktop version. If you're a QuickBooks user or a small business owner reliant on this software, this news may initially sound alarming. However, this transition opens up a new chapter of efficiency, accessibility, and integrated services through QuickBooks Online.

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Armanino Leased a Ton of Office Space in SoCal

Going Concern

Armanino, the San Ramon, CA firm best known around these parts for its ‘Perfect Taco’ video and trying to recruit a newly licensed CPA working at the firm across the street with a clever sign in the window , has signed a deal to rent a little more than 45,000 square feet of office space across two buildings in Century City in Los Angeles and Irvine in nearby Orange County.

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Grant Thornton Sheds 350 Employees, Delays Start Dates for New Associates

CPA Practice

As Grant Thornton moves closer to sealing a deal on a significant private equity investment from New York-based New Mountain Capital, the seventh-largest accounting firm in the U.S. is laying off 350 employees, equating to roughly 3.5% of its U.S. workforce, the Wall Street Journal reported on May 20. In addition, some incoming associates at the Chicago-based firm posted on Reddit yesterday that their October start dates have now been delayed until January 2025, most likely due to Grant Thornton

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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PwC to build corporate governance framework with COSO, NACD

Accounting Today

The Big Four firm will assist the Committee of Sponsoring Organizations and the National Association of Corporate Directors in developing a corporate governance framework.

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Technology-Mature Firms Can Earn Up to 39% More Revenue Per Employee

CPA Practice

By Dr. Kristy Short. Firms that have embraced connected accounting technology, that are leveraging data to make informed decisions, and that are generally more technology-mature are outperforming their slower-to-adopt counterparts by up to 39% revenue per employee. This is a big deal that equates to big bucks over the long term. In the Rightworks 2024 Accounting Firm Technology Survey, nearly 500 accounting/tax/bookkeeping firm leaders and decision-makers provided insights and attitudes on the r

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Ohio tornado victims get filing relief

Accounting Today

The IRS is postponing tax and filing deadlines for storm victims.

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PCAOB Slaps Audit Firm MaloneBailey With $400,000 Fine

CPA Practice

Top 200 accounting firm MaloneBailey was fined $400,000 by the Public Company Accounting Oversight Board (PCAOB) on May 21 for what the audit regulator calls “pervasive quality control violations.” “Effective quality control systems are critical to high-quality audits, and the PCAOB will not tolerate failures to maintain those systems and properly protect investors,” PCAOB Chair Erica Williams said in a statement on Tuesday.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Qualifying as a Real Estate Professional May Be Harder Than You Think

Anders CPA

Qualifying as a real estate professional allows you access to a powerfully beneficial tax status but strict requirements around active and material participation determine who is eligible for the designation. To qualify, you must satisfy two requirements as dictated by the IRS: the 50% test and the 750-hour test. Not all real estate or rental property activities count toward the tests.

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Tax Professionals Should Use the Most Current Version of OIC Booklet, IRS Says

CPA Practice

In an email on May 17, the IRS reminded tax practitioners to download and use the most current version of Form 656-B , Offer in Compromise Booklet , to avoid processing delays. The most recent version of the Offer in Compromise Booklet was released by the IRS in April. The booklet includes, among other things, the forms taxpayers must complete as part of the OIC process.

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GAAPweb 2024: Salary Survey Insights

Accounting Insight

GAAPweb; one of the UK’s leading specialist site for Accountancy & Finance jobs , turned to you, our valued audience, to contribute to our 2024 Salary Survey. Following a year of uncertainty and continued resilience to innumerable economic challenges, GAAPweb strove to investigate and understand the 2024 financial employment market. GAAPweb asked for your confidential feedback from across the accountancy and finance profession including Accountants, Finance Managers, CFOs, and other finance

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EY, KPMG upgrade AI capacities for auditors

Accounting Today

Both Big Four firms announced significant upgrades to its AI capacities for audit and assurance work.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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My Teaching Style

Withum

Tomorrow night my Auditing Concepts summer school course at Fairleigh Dickinson University starts. I always look forward to welcoming a new class of strangers who become quite familiar as the course proceeds. I try to make the learning experience as pleasurable as possible while transferring to them what they need to know and providing a process where they can fully understand it and see how it fits into the whole picture of providing value to clients and the overall functioning of commerce and

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PCAOB fines MaloneBailey $400K for quality control violations

Accounting Today

The Public Company Accounting Oversight Board has levied a $400,000 fine against MaloneBailey and sanctioned the auditingfirm for pervasive quality violations.

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Australian Payments Business QuickFee Raises Capital to Expand U.S. Footprint

CPA Practice

Following a recent capital funding round, listed Australian payments and lending business, QuickFee Limited (ASX: QFE) plans to quickly grow its footprint in the United States as professional services firms modernize their payment systems and move away from slow paper check processing. This growth is also being replicated in Australia, with QuickFee now servicing a quarter of the $400 million accounting and legal market – equivalent to approximately 40 per cent of the ‘fee funding’ market.

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75% of UK audits failed to raise alarm before collapses

Accounting Today

The Audit Reform Lab published a report analyzing Britain's audit industry after high-profile corporate collapses and criticism.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Forvis Set to Acquire ConTech360 Later This Year

CPA Practice

In a move aimed at strengthening its construction industry practice, top 10 accounting firm Forvis said on May 20 that it will be acquiring ConTech360, a provider of construction technology services based in Charlotte, NC. The deal is expected to close in the fall. ConTech360’s two managing partners, Jim Wagner and Steve Maddox, will join Forvis as managing directors.

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The Top 23 Questions to Ask in an Accounting Interview

Ryan Lazanis

Find, identify, and land the very best accounting professionals with this list of the best 23 questions to ask in an accounting interview. The post The Top 23 Questions to Ask in an Accounting Interview appeared first on Future Firm.

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Patriot Software Adds Integration with Stripe for 2-Day ACH Payments

CPA Practice

Accounting and payroll software provider Patriot Software has launched its newest feature for accounting customers: ACH payments on invoices for customers who integrate with Stripe. With Stripe, customers can access two-day timing for ACH settlement, compared to 4-5 business days for standard ACH settlement.Stripe’s integration is free through Patriot and is available for both Accounting Premium and Accounting Basic subscribers.

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How being a camp counselor helped me become a CPA

Accounting Today

While being a camp counselor is a rite of passage for many college students, it's not an obvious prerequisite for a career in audit. But it should be!

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.