Thu.May 30, 2024

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Tax Preparation: A Step-by-Step Guide

MyIRSRelief

Tax preparation service Learn how to prepare your taxes accurately and efficiently with our step-by-step guide. Discover tax tips, deductions, and credits to maximize your refund. As the tax filing season approaches, many individuals and business owners feel overwhelmed by the complexity of tax preparation. However, with the right guidance, navigating the tax preparation process can be straightforward and stress-free.

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IRS plans to make Direct File free tax prep permanent

Accounting Today

The Internal Revenue Service intends to expand the number of states and tax situations in which the free system will be available.

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What Does the Next Generation of Accounting Look Like?

CPA Practice

By Reyes Florez. Headlines highlighting rapid changes in the accounting industry are ubiquitous. The shifts are both obvious and subtle, and for those of us in the industry, it can seem daunting to predict what’s next as even the pace of acceleration is accelerating. Investing time to understand where things are headed is important to a firm’s and professionals’ ability to proactively evolve instead of merely reacting.

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Cannabis rescheduling points to new opportunities

Accounting Today

If marijuana is reclassified, lots of businesses may want to reconsider their structure.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. 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. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Here’s How Mid-Tier Accounting Firms Are Feeling About Private Equity and M&A

Going Concern

This is gonna be long and there’s no TLDR. Get over it. As mentioned in this week’s news brief, the Institute of Chartered Accountants in England and Wales (ICAEW) put together a snazzy little report on the state of mid-tier firms based on a survey of managing partners. Keeping in mind that these are specifically mid-tier firms across the pond but the Brits are basically us with funny accents, bland food, and an unnecessary vowel littered throughout their words ending in -or.

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UltraTax CS Hosting Pricing Guide – Comprehensive Overview 

Ace Cloud Hosting

UltraTax CS is an industry-leading tax preparation software for tax firms that file many returns.

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AccountingDepartment.com Attends VETS24

AccountingDepartment

Last week, AccountingDepartment.com Business Development Representative, Luke Backus, attended the Veteran Entrepreneur Training Symposium (VETS24) in Orlando, Florida.

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QuickBooks Bill Pay Plans - User and ProAdvisor Discounts

Insightful Accountant

Intuit is offering a variety of discounts for QuickBooks Users and ProAdvisors adopting their QuickBooks Bill Pay plans in lieu of Melio Bill Pay which is no longer integrated into QBO.

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Payroll KPIs and Statistics: Small Business Payroll Performance

Patriot Software

Running payroll is more than cutting employees a check for their hours worked. Payroll takes time. A lot goes into calculating and withholding taxes and deductions. There’s room for mistakes and opportunities for improvement. You can use payroll KPIs, or key performance indicators, to analyze how well you manage payroll.

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What is a W-9 Form and How to Fill It?

Ace Cloud Hosting

The W-9 form, known as the “Request for Taxpayer Identification Number and Certification,” is an IRS document used to verify your identity in the United States. It is used to.

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Live Demo - Supercharge your Month End Close

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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Why firms should budget for managed security services in 2024

Accounting Today

Given the financial and reputational repercussions, accounting firms must look for advanced solutions to stay ahead of cybercriminals. One is opting for managed security services.

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Top Challenges Accounting Firms Face – Blog Series 5 – Pressure Building

Ace Cloud Hosting

As we delve deeper into 2024, firms across industries are facing many challenges threatening their stability and growth.

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China weighs record fine for PwC over Evergrande audit work

Accounting Today

China may suspend some of the global auditor's local operations over its role in one of the nation's biggest alleged financial fraud cases.

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Report Shows Evolving Threat Environment with Emerging Technologies and Ransomware Attacks

CPA Practice

Cybersecurity attacks continue to be a significant risk for middle market companies as the increasingly complex threat environment includes emerging technologies such as generative AI, according to the RSM US Middle Market Business Index Special Report: Cybersecurity 2024, presented by RSM US LLP (“RSM”) in partnership with the U.S. Chamber of Commerce.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

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.

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Who are accountants' competition in wealth management?

Accounting Today

CPA financial planners need to make clear how they're different from the rest of the pack.

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Embracing Excellence: The Key to a Successful Accounting Department

Basis 365

“ How you do one thing is the way you do everything. ” There’s a powerful phrase that resonates across industries and life: "how you do one thing is the way you do everything." This has also been written as "how you do anything is the way you do everything." Whichever version you know or prefer, the point is the same. These sayings encapsulate the essence of consistency, attention to detail, and a commitment to excellence—qualities that are crucial for any successful enterprise.

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Navigate GASB 87 and 96 standards with accounting solutions

Accounting Today

While robust software solutions can streamline these processes, it's still important to have a fundamental grasp of the requirements for successful implementation.

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ShareFile Unveils New Innovations to Transform Accounting Workflows

CPA Practice

ShareFile has added new accounting functionalities designed to create efficiency, reduce complexity, and improve client satisfaction. ShareFile is a business unit of Cloud Software Group, Inc., and provider of the ShareFile secure, collaborative client experience technology. Created specifically with accountants and CPAs in mind, the new capabilities help manage and automate document and client-centric workflows.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

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.

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Short seller Jim Chanos sued by partner alleging misuse of funds

Accounting Today

The lawsuit alleges that Chanos "never intended on paying the company back, but instead planned on using his power as general partner to run the company into the ground, enjoy the tax benefits of his financial shenanigans, and leave his partners with nothing.

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Review of Anchor – The Accounting Technology Lab Podcast – June 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, review Anchor , a system that automates the entire process of getting paid by clients, end-to-end. It enables firms to send proposals, and has functions to auto-invoice, auto-charge, and auto-sync them all with your accounting software. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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What Is Microsoft List App? The Five W’s of Microsoft List Compared to Microsoft Sharepoint List

Withum

Let’s start off with the basics: What is Microsoft List, and what makes it different than the standard, out-of-the-box SharePoint list? What? The Microsoft List app is a smart tracking application within the Microsoft 365 suite that allows users to create, share and manage lists for various purposes, such as tracking issues, assets, routines, contacts, inventory and more.

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A Fourth Round of Stimulus Checks Is Not Coming to Senior Citizens

CPA Practice

Attention senior citizens: Do not get duped by fake content on the internet (like this ), videos on YouTube, and posts on Facebook or other social media sites claiming that a fourth stimulus check of $2,000 or a similar amount is forthcoming to you and people with disabilities. It is not true. Misinformation about a fourth stimulus check being sent from the federal government—not only to seniors and the disabled but to other Americans—has been circulating online for many months.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

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Bridging Insights: A Conversation with Marcus Brandt, Partner

DMCL

As a talent lead, what truly excites me is sharing insights about positions and managers with potential candidates, acting as a bridge (no pun intended) between job descriptions and candidates to envision their future roles. While job descriptions provide a glimpse of the job responsibilities, deeper insights from hiring managers can reveal the true essence of an opportunity as well as the managers’ approach to the team objectives.

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Wipfli Promotes 10 to Partnership

CPA Practice

Ten professionals at top 20 accounting firm Wipfli will be able to add the title of “partner” to their LinkedIn profiles on June 1. “I am happy to announce 10 individuals’ promotions to partner. It is a privilege to work with these leaders, knowing they have earned the respect of colleagues and clients,” Kurt Gresens, managing partner of Wipfli, said in a statement.

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Treasury and IRS Proposed Regulations for Clean Energy Owners

Insightful Accountant

The Department of the Treasury and the Internal Revenue Service have issued proposed regulations under the Inflation Reduction Act for owners of qualified clean electricity facilities and energy storage technology seeking relevant tax credits.

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IRS to Expand Free Tax-Filing Service to More Taxpayers in 2025

CPA Practice

By Jon Healey, Los Angeles Times (TNS) After a trial run in California and 11 other states, the IRS Direct File program will be made available to all 50 states next year, Treasury Secretary Janet Yellen announced Thursday. And over the next few years, the program’s capabilities will be expanded so that more taxpayers in participating states will be able to use it, she said.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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SAS 145 at a glance

ThomsonReuters

In the ever-evolving world of auditing, the AICPA Auditing Standards Board (ASB) has introduced SAS 145 , effective for audits of financial statements for periods ending on or after December 15, 2023. This new standard, which supersedes AU-C 315A and amends other AU-C sections, aims to bridge gaps in risk assessments and elevate audit quality. SAS 145 maintains the core principles of audit risk assessment but introduces significant enhancements and clarifications.

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How Firms Can be M&A Deal-Ready in 2024

CPA Practice

By Ira Rosenbloom. Mergers and acquisitions (M&A) activity in the accounting industry has been robust and competitive—and all signs point to a continuation of that trend, especially in certain markets and for certain firms. If you are thinking of becoming either a buyer or a seller this year, there are critical steps to pursue that can improve your odds of success.

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Can’t Afford a Full-Time CFO? Hire a Part-Time CFO.

Summit CPA

Many business owners can relate to this narrative: As a business scales, you become aware that your business needs a financial consultant. The financial needs of your business have far bypassed the expertise that yourself and your bookkeeper have. Naturally, you decide that a Chief Financial Officer (CFO) is likely what your business needs , but you can’t afford the salary of a full-time CFO or a robust CPA firm.

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7 Key Benefits of Sage Intacct for Construction Companies

Cherry Bekaert

As the demand for new infrastructure, commercial and residential buildings, and renovations expands, the construction industry also faces labor shortages, rising materials costs, and supply chain delays. Now more than ever, companies must find ways to streamline their operations and stay competitive. Trusted by thousands of contractors, developers, and property managers for many years, Sage 300 Construction and Real Estate (CRE) software users, formerly Timberline, may require a more robust solu

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8 Pillars of Leadership Development

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.