Mon.Apr 21, 2025

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Despite uncertainty, tax reform tiptoes forward

ThomsonReuters

Republicans scored a major victory this month by passing their FY2025 budget resolution. To refresh your memory, this step was needed to kickstart the all-important reconciliation process, which allows Congress to pass a budget-related bill with only a simple majority. For the GOP, reconciliation is the ticket to extending key Tax Cuts and Jobs Act (TCJA) provisions, funding border security, and making cuts to mandatory spending programs.

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CBIC Issued Instructions for Processing of GST Registration Application

VJM Global

In the last few months, to prevent fake firms from obtaining GST registrations, the process of granting GST registration has become far more complicated and time-consuming for genuine taxpayers as well. The CBIC has received complaints that GST officers are asking for additional documents that are not prescribed in the List of Documents appended to FORM GST REG-01.

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Investing in the Home Team: How NIL Collectives Can Maximize Tax Savings

CTP

Sports fans know that team loyalties run deep. Committed supporters of college and even high school sports teams now have even more opportunities to make major investments in up-and-coming athletes. In 2021, student athletes were granted licensing rights for the first time, allowing them to earn income on the use of their name, image, and likeness (or NIL).

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Blue Screen of Death (BSOD) Confirmed in Latest Windows 11 24H2 Update

Withum

Microsoft quietly confirmed that the April 8, 2025, Windows 11 version 24H2 update causes the computer to crash with a blue screen of death (BSOD). Affected users receive a BSOD error indicating a SECURE_KERNEL_ERROR. Sources outside of Microsoft also report the error CRITICAL_PROCESS_DIED. The following Knowledge Bases (KBs) confirm the issue: KB5055523 April 8, 2025, update KB5053656 March 27, 2025, update For affected machines, Microsoft has released a Known Issue Rollback (KIR).

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Tax Planning for Student Athletes: Working with NIL Collectives

CTP

When you think of up-and-coming business opportunities, you likely dont think of student athletes. As a result of recent court cases, athletes have gained the ability to receive a financial profit anytime their name, image, and likeness (or NIL) is used. For college and even high school athletes, NIL deals are becoming more and more commonwhether thats for major brands like Nike and Under Armour, in the world of video games, or through their own social media following.

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Boost Profit for Your Service Business with These 4 Tips

Basis 365

Today, running a successful professional services company requires more than just delivering high-quality services. You also need to ensure your financial processes are efficient, your invoices are accurate, and your cash flow is steady. Without proper accounting and financial management, even the most in-demand service businesses can struggle with profitability.

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More Trending

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South Carolina Senate Votes to Oust State Treasurer Curtis Loftis Over $1.8B Accounting Error

CPA Practice

The stateSenatevoted April 21 to oust South Carolina Treasurer Curtis Loftis over a yearslong accounting error, leaving the statewide official a vote by the House away from being removed from office for willful neglect of duty.

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The evolution of accounting marketing

Accounting Today

AAM Hall of Famers August Aquila and Kristen Lewis examine the rise of marketing as a professional function in accounting firm -- and look ahead to where it's going.

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Want to Take Home $100K After Taxes? Here’s How Much You Need to Earn

CPA Practice

A study by GoBankingRates found that nationally the average person needed to earn $130,000 to take home $100,000 after factoring in federal and state income taxes.

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Baker Tilly merges with Moss Adams

Accounting Today

Billion-dollar firms Baker Tilly and Moss Adams have made their merger official, combining to form what promises to be the sixth largest CPA firm in the U.S.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Baker Tilly/Moss Adams Union is Happening

CPA Practice

The megamerger between the two top 15 accounting firms, which was announced April 21, would likely put Baker Tilly into the top six firms in the U.S. by revenue. The deal is expected to close in early June.

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Tennessee expands paths to CPA licensure

Accounting Today

The Tennessee General Assembly passed legislation backed by the Tennessee Society of CPAs adding an extra pathway to a CPA license.

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Homebuyers Need Income of Nearly $117,000 to Afford Typical U.S. Home, Study Finds

CPA Practice

The most difficult U.S. housing market in decades continues to encumber prospective homebuyers, who need an annual household income of $116,986 to afford the typical home, according to Bankrates new 2025 Housing Affordability Study.

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Treasury's cash pile hits four-year high

Accounting Today

Tax collections are confirming Wall Street forecasts that the U.S. government will not exhaust its borrowing capacity until later this year.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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7 Strategies to Build Wealth in Your 30s

CPA Practice

Here are seven tips for saving and investing in your 30s and taking advantage of perhaps your highest-earning years to date.

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Where oh where has Murph gone?

Insightful Accountant

Wondering what's happened to Murph? He's still here, just at a different URL.

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Bonadio Study Shows Cautious Optimism on State and Local Govts in New York

CPA Practice

The study was designed to assist New York State (NYS) government entities in evaluating their position on key issues and addressing various challenges.

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Leveraging the Taxpayer Advocate Service: A Practitioner's Guide

Insightful Accountant

The Taxpayer Advocate Service (TAS) is a powerful independent organization within the IRS created to ensure taxpayers are treated fairly. Understanding how to use TAS effectively can significantly help tax practitioners resolve client issues.

Tax 59
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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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Earned Wealth acquires Chahal

Accounting Today

The financial services firm that caters to doctors, dentists, veterinarians and podiatrists has acquired a tax and accounting firm in California.

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How to Unclunk Your Firm with Canopy | A Special BDO Demonstration

Canopy Accounting

Join us for a special BDO demonstration with Lera Kooper, Owner of Accountability Services, as she walks through how her firm used Canopy to unclunk their operations, going from 14 tools down to just 4. You'll get a behind-the-scenes look at what it really takes to simplify and streamline your firm.

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Mid-level managers report lowest job satisfaction

Accounting Today

Mid-level managers feel squeezed from both ends, according to the 2024 CPA Career Satisfaction Survey.

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Present Value of Damages

FraudFiles

In this video, Tracy explains damage calculations, and how sometimes we have to calculate the present value of those damages. What is present value? And why do we do this?

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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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Art of Accounting: ISGTSIO

Accounting Today

"I'm so glad tax season is over!" is a phrase often heard from accountants. Why would anyone would say this?

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Harvard is Taking the Trump Administration to Court

CPA Practice

After the feds froze more than $2 billion in grants to the Cambridge campus and threatened its tax-exempt status, Harvard University has filed a lawsuit against the Trump administration in Massachusetts federal court.

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Atlanta Braves face $19M tax-hike battle over player pay

Accounting Today

The country's only publicly traded Major League Baseball team is facing off against the Tax Code in a lonely battle that threatens to cost it millions.

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Drop-shipping Business: Income Tax Implications

VJM Global

Introduction Drop-shipping has influenced many people to become an entrepreneur as it offers freedom to the entrepreneurs to check new product ideas and concepts taking a lower risk and while not owning or paying for the new product idea or product plan or business line. This is a retail method of business where the drop shipper doesnt need to keep the stock of the product to sell.

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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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KNAV adds Aventus Partners

Accounting Today

KNAV Advisory added Aventus Partners, strengthening its U.K. operations and continuing its international expansion strategy.

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Bessent replaces acting IRS commissioner in Musk power struggle

Accounting Today

Treasury Secretary Scott Bessent appointed his deputy, Michael Faulkender, to lead the IRS, after Gary Shapley had been installed without Bessent's knowledge.

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3 taxes on the wealthy that could pay for TCJA

Accounting Today

Studies on the "buy, borrow and die" strategy and state-level taxes reveal the complexities involved with extending the Tax Cuts and Jobs Act by the end of 2025.

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Trump officials weigh tax move against green groups

Accounting Today

White House officials are preparing executive orders that would strip some environmental nonprofits of their tax-exempt status.

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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.