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As the saying goes, everyone makes mistakes. Just ask the Los Angeles Lakers, who recently unveiled the Kobe Bryant statue, which featured several easily avoidable spelling errors and mistakes at the base of the statue. While the Lakers are currently working to correct the typos, in the accounting world, the price of these unintentional errors and lack of oversight (due to talent shortages and/or strained capacity at the senior management or executive level) can be especially costly — financiall
More states are plowing ahead with adding a new kind of expense to delivering in the eCommerce age. In what states do you have to watch for retail delivery fees (RDFs)? Q: Is this a “tax” or a “fee”? A: Most states refer to it as a fee, a distinction that allows lawmakers to avoid the voting process. RDFs are a relatively new concept: Colorado was first to roll one out, in July 2022.
As posted to the Munro Live YouTube Channel on 4/24/2024 (Run Time 18 min, 42 sec) Sandy Munro and Armin von Czarnowski demonstrate how steer-by-wire works and examine the components that make it possible in the Cybertruck. Steer-by-wire differs significantly from a normal steering system in that there is no mechanical linkage between the steering wheel and the front wheels.
Accountants and fractional CFOs play distinct but complementary roles in the financial management of venture-funded startups. The post Accountant vs. Fractional CFO: Choosing the Right Financial Expertise for Your Startup appeared first on Burkland.
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
According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. Before 2024, American car purchasers were only eligible for the new electric vehicle (EV) credit of up to $7,500 or the $4,000 credit for used EVs when they submitted their tax returns in the subsequent year.
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the home sale gain exclusion tax break (up to $250,000 or $500,000 for a married couple) is unavailable.
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the home sale gain exclusion tax break (up to $250,000 or $500,000 for a married couple) is unavailable.
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to and from client meetings, professional publications, continuing education and home office.
Working together can bring out the best — and worst — in families. Here are some issues business valuation experts consider when appraising these entities. Family members on the payroll Family-owned businesses aren’t usually run like large public companies. For starters, “family business” and “nepotism” often go hand in hand. Some business owners hire family members because they’re perceived as more trustworthy, while many hire them out of obligation or to satisfy a desire to pass the business o
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
By Will Zacher. In a landmark experiment, researchers at AIGENCY have tested the limits of artificial intelligence (AI) by challenging state-of-the-art AI models with the rigorous Certified Public Accountant (CPA) exam. Their study, “Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant test,” provides the first comprehensive assessment of AI’s potential in the accounting profession.
It’s nice to see the internet getting heated about something other than politics for once. Enjoy it while you can, it’s an election year. So some guy tweeted the following on April 23: Me: really enjoyed the call. Please see attached financial modeling test Gen Z applicant: this looks like a lot of work. Without knowing where I stand in the process, I’m not comfortable spending 90 minutes in Excel Me:…well…I can tell you where you stand now — m. stanfield (@mu2myoc) April 23, 2
LinkedIn released its eighth annual Top Companies ranking last week—which identifies the 50 best places for professionals to develop their skills and grow their careers—and five of the largest public accounting firms in the U.S. made this year’s list, with two finishing within the top five. All 50 companies included in the 2024 ranking offer their employees what LinkedIn says are eight pillars that lead to career growth progression: Ability to advance Skills growth Company stability External opp
In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.
It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. Leading the pack in cannabis clients was KPMG Canada. Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year.
[ State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.] The Oklahoma Society of Certified Public Accountants represents professionals in the Sooner State on a timely, responsive, and creative basis, by promoting the public image and professionalism, protecting the interests and designation of CPAs, providing member services, including quality education and opportuniti
By Dr. Sangeeta Chhabra Make no mistake, cloud platforms have become pivotal In the ever-evolving landscape. This is mainly due to the synergy between security and emerging technologies, which have laid the groundwork for unparalleled possibilities that many accountants may still not be aware of. In this article, we will shed light on specifically how cloud platforms unlock endless opportunities, prioritize security, and embrace cutting-edge technologies.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
It's time to recertify for most QuickBooks Online ProAdvisors ('Core' or 'Advanced'). The recertification window opens May 1 with a June 30, 2024 deadline for exam completion.
Okeydokey, there’s been some grim Australian business news pouring in throughout this April. We sorted through the chaff to collate the most newsworthy developments for the month to keep you well informed. So, what happened in the world of business during April, and how might it affect you as a small business owner? Business insolvencies are up over the last 24 months and will likely continue Business insolvencies over FY2023 and FY2024 are up significantly and are set to continue until the new
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
A majority of workers, including 86% of Gen Z, are stressed about their financial situation and report losing an average of more than 7 hours of productivity each week due to their financial stress, according to BrightPlan ‘s 2024 Wellness Barometer Survey on the state of workforce well-being. The problem is only getting bigger with younger generations seeing the most impact — Gen Z reports over 8 hours a week in lost productivity.
Fyle provides a software solution that empowers small businesses to effortlessly access their corporate credit card transaction data, granting them enhanced insight into employees' expenditures in real time. This software seamlessly integrates with the accounting tools of small businesses, automating the retrieval of expense data and relieving finance teams from the burden of manual transaction input.
KROST’s Restaurant Practice Leader, Jean Hagan, is attending the National Restaurant Association Show on May 18th – 21st. The conference will be held at McCormick Place in Chicago, Illinois. The exclusive four-day event is packed with learning sessions, networking, innovative forums, exhibitor booths, educational speaker sessions, and more.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Sovos announced the launch of Sovos Indirect Taxes, which features e-invoicing capacities and integrates with over 70 ERPs and transaction management systems.
Spring is a time of renewal for many. It is a time to refresh and adjust in preparation for a new season. It’s also a great time to look at your practice’s operating agreement or consider drafting an agreement if you don’t already have one. Operating agreements are the road map for how your business will be managed and how your entity will be governed.
On April 1 st (officially 04/04/2024), the Department of Defense (DoD), General Services Administration (GSA) and National Aeronautics and Space Administration (NASA) issued a final rule amending the Federal Acquisition Regulation (FAR). The amendment adds the framework for a new FAR part 40 on information security and supply chain security. The effective date for this ruling is 05/01/2024.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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