Mon.Nov 06, 2023

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Art of Accounting: Problems with accounts receivable besides collecting them

Accounting Today

Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.

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Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion

RogerRossmeisl

The holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.

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Ohio floats plan to recruit more CPAs

Accounting Today

The Ohio Society of CPAs is working on an action plan to attract more young people to the accounting profession.

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Investment Swings: What’s the Tax Impact?

RogerRossmeisl

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts If you’ve had wild swings in the value of investments held in a tax-favored 401(k), traditional IRA, Roth IRA or self-employed SEP account, there’s no

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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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Firms look at ways to attract young people to accounting

Accounting Today

Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.

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It’s Important to Understand How Taxes Factor Into M&A Transactions

RogerRossmeisl

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale.

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More Trending

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Conflict-of-Interest Policies Prevent Misunderstandings. and Fraud

RogerRossmeisl

Small businesses generally operate on principles of trust, particularly if several family members are involved. You might trust any employee to lock up the office at the end of the day or provide any colleague with administrative privileges to your website. After all, you know these people. But as businesses grow and hire new employees, it makes less sense to trust everyone implicitly.

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Implementing AI at Scale: A Guide for Small Business Leaders

CPA Practice

By Kacey Flygare. Artificial intelligence (AI) doesn’t need to be intimidating. Most people already engage with some form of AI daily, from facial recognition unlocking phones to interacting with smart home devices. With an increasing number of AI-powered tools available, opportunities abound for implementing AI both at home and within the workplace.

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Evaluate Whether a Health Savings Account is Beneficial to You

RogerRossmeisl

With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four tax benefits: Contributions made to an HSA are deductible, within limits, Earnings on the funds in the HSA aren’t taxed, Contributions your employer makes aren’t taxed to you, and Distributions from the HSA to cover

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Layoff Watch ’23: 200 People at Grant Thornton Can Now Go Work For a Real Firm

Going Concern

Tips have been trickling in all weekend about layoffs at Grant Thornton however we couldn’t confirm until now. Confirmed. Here’s a tip that came in this evening: Grant Thornton Advisory laid off around 100 people as of 11/3 after the firm adjusted what groups do and do not fall under advisory. Purely utilization based it seems, performance only a factor with a small few.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

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Spouse-Run Businesses Face Special Tax Issues

RogerRossmeisl

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return, on Form 1065.

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Withum Welcomes Judge Margaret M. Foti to Forensic and Valuation Services Practice

Withum

Withum is proud to share that Hon. Margaret M. Foti P.J., Cr. (Ret.), formerly the presiding Judge of the Criminal Division of the Superior Court of New Jersey, Bergen County, and a member of the judiciary for 14 years, is now a Principal in Withum’s Forensic and Valuation Services team. Judge Foti served over eight years in the Criminal Division, six as presiding judge and over five years in the Family Division.

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Management Interviews are a Critical Part of the Business Valuation Process

RogerRossmeisl

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. It isn’t always easy, however, to gain insight into qualitative aspects of a business’s operations. Websites and marketing materials can provide only limited insight.

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AICPA News – Nov. 2023

CPA Practice

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. AICPA & CIMA and Maria Curie-Skłodowska University launch joint program to empower students for career success AICPA & CIMA, together as the Association of International Certified Professional Accountants, teamed up with Maria Curie-Skłodowska University in Lublin, Poland (Uniwersytet Marii Curie-Skłodowskiej, UMCS) to launch the much-anticipated CGMA University Program to its st

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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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Monday Morning Accounting News Brief: Consulting Pay Freezes; AI, Audit, and You; KPMG Mega Merger? | 11.6.23

Going Concern

Good morning and happy Monday! Or whatever kind of Monday you choose to have. Here’s some news. So this dropped on Sunday, a possible merger of KPMG India, US, and UK advisory practices? Just a rumor for now. Economic Times : KPMG India, KPMG US, and KPMG UK are exploring a merger of their advisory practices, a move aimed at multiplying their consulting business in India, said multiple people with knowledge of the matter.

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State CPA Society News & Updates – June 2023

CPA Practice

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. NJCPA Congratulates Sofia Cordero Alves, CPA, of Mazars and Jenna Sanfilippo, CPA, of WilkinGuttenplan as AICPA 2023 Leadership Academy Selections The New Jersey Society of Certified Public Accountants (NJCPA) congratulates NJCPA members Sofia Cordero Alves, CPA , a partner at Mazars USA, LLP , and Jenna Sanfilippo, CPA, MSA , a senior tax

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Cost Accounting Standard Considerations for a Growing GovCon

Cherry Bekaert

In the second episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Eric Poppe , a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa , a Senior Manager in the Firm’s GovCon practice who spent 13+ years with DCAA and held various positions such as Quality Manager, Supervisory Auditor, Field Audit Office Manager, and Artan Ivezaj , a manager in Cherry Bekaert’s GovCon practice with 15 years of experience at the DCAA

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The Rise of Artificial Intelligence in Financial Management

GrowthForceBlog

5 min read Cautionary tales of robot takeovers and the dangers of artificial intelligence (AI) fill the world of science fiction. While all new technologies should be regarded and adopted with caution and prudence, artificial intelligence stands to revolutionize the financial management industry (along with several other industries and aspects of our lives).

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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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Xero Beautiful Business Fund: Congratulations to our partner referral winners!

Xero

Wow – what an amazing response we’ve had to the Xero Beautiful Business Fund! There are truly some incredible small businesses out there in the world, and some wonderful accountants and bookkeepers who support them. Thank you to everyone that has applied, and for helping get the word out and encouraging small businesses to get involved. We’re pleased to announce the winners of our partner referral competition below: Visa card winners (drawn from those who had 1 – 9 referrals) Entrant

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Bigger than Accounting: How Accountants Can Guide Clients to Financial Success this Holiday Season

Insightful Accountant

For most people, this time of year is synonymous with joy, festivities, and of course, holiday shopping. However, for business owners and individuals alike, it can also be a season of financial stress and anxiety.

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Empowering Businesses for the Future: Technology Optimization Model Explained

Cherry Bekaert

As the marketplace evolves, business uncertainty remains a constant. Regardless of industry – political, technological, economic and environmental instabilities are shaping the current landscape of business, and the future is unpredictable. Undeniably, given the events of recent years, conducting business today is riddled with higher risk and fierce competition.

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Future Forward: Niches, Trends, and Predictions of 2024 | December 5-6, 2023

Insightful Accountant

This is your chance to connect with your peers, find out the latest updates, and explore best practices and industry trends on December 5-6, 2023. The theme is Niches, Trends, and Predictions of 2024.

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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.

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Holiday Spending Forecast to Top $960 Billion

CPA Practice

The latest forecast from the National Retail Federation estimates holiday spending is expected to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957 billion and $967 billion. “It is not surprising to see holiday sales growth returning to pre-pandemic levels,” NRF President and CEO Matthew Shay said.

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The Traits of a Top ProAdvisor

Insightful Accountant

As we approach the opening of the 2024 ProAdvisor Awards process, I wanted to remember all candidates of what it takes to make it to the top. In 2021, Matt Fulton set-down the "right stuff" when it comes to being 'Best of the Best.

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Alison Ball Named VP of Marketing at Bookkeep

CPA Practice

Bookkeep, an accounting automation platform for ecommerce and retail, has announced the hiring of Alison Ball as Vice President of Marketing and Communications. “Alison has created the playbook in our industry for how to engage, equip and empower accountants and bookkeepers. She instinctively understands the pain points and challenges as a former bookkeeper and is skilled in collaborating with engineering teams to devise solutions accounting professionals need,” said Jason Richelson, CEO and Co

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Xero welcomes new members to Aotearoa New Zealand’s Partner Advisory Council

Xero

Xero has the pleasure of welcoming seven new members to its new Xero Partner Advisory Council (XPAC). The XPAC has been reintroduced into Aotearoa and is made up of a diverse panel of accountants and bookkeepers who are both thought leaders and trailblazers for the needs of the sector. The latest members are as follows: Trudi Ballantyne – Director, Stem Rural Accountants Limited Louise Holmes – Director, Red Office Limited Manoli Aerakis – Managing Director, Malloch McClean T

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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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Intuit Report Reveals Consumer Shopping Holiday Predictions

Insightful Accountant

A new Intuit QuickBooks report unveils what might be one of the biggest consumer shopping trends for this holiday season: shopping small.

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Top 11 Inventory Software That Integrates With QuickBooks in 2023

Ace Cloud Hosting

Are you tired of manually tracking your inventory and reconciling it with your QuickBooks account? Look no further, as we present to you the best inventory software integrations for QuickBooks.

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Ex-Fortis banker convicted over €51.5M Cum-Ex tax cheat

Accounting Today

A German banker was sentenced to three years and three months for his role in the international tax trading scandal.

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Section 45L Tax Credit Saves Real Estate Construction Firm Over $350,000

Cherry Bekaert

Company Background An award-winning residential real estate home builder with projects in Georgia and South Carolina was able to take advantage of the Section 45L Energy Efficient Home Credit (Section 45L) to save more than $350,000. The Company, which was founded in 2004, builds unique residential homes focusing on resource conservation. The Company has five operating locations and 19 employees.

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How to Set Better OKRs and Drive Results

Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.