Thu.Jul 14, 2022

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How to Survive a Tax Audit | Canopy

Canopy Accounting

You can survive an IRS tax audit. While you may feel shocked or overwhelmed because you didn't see this coming, the big thing is that you never want to ignore IRS audit notices. Complying with deadlines is half the battle when trying to clear up an IRS tax issue of any kind. Complying is also important even if you knew an audit was a possibility based on your filing activity.

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Democrats introduce bill to provide free tax filing through IRS

Accounting Today

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Working 60-70 Hours a Week is ‘Fine’ Says Underpaid Big 4 Auditor Skilled in the Art of Minimizing

Going Concern

Check out this Big 4 auditor recently profiled on eFinancialCareers. Blink twice if you need work-life balance, buddy. I’m an auditor for a Big Four firm. Audit jobs don’t always have a good reputation: they pay less than some other Big Four jobs and offer less chance of making partner. But this is fine because there are other advantages.

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IRS to test video visits with preparers to curb tax credit errors

Accounting Today

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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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15 Attributes of Top CEOs

Withum

This week’s Barron’s July 11, 2022 cover story is about the top two dozen CEOs. A criterion that has usually been used to identify the top CEOs was their company’s stock performance. With the stock market down this year, they needed to reach for other measures, and I think the following applies to most successful leaders. The article’s purpose was not to suggest stocks to invest in, but to identify key features of winning leaders.

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Senators ask IRS to extend tax deadline for ITIN filers

Accounting Today

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More Trending

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Accountants souring on prospects for economy

Accounting Today

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APPS Directory Spotlight — FlowLink

Intuitive Accountant

The hybrid business model that gives you the best of both worlds—out of the box power and infinite customization.

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The Gift That Keeps on Giving: How to Track Donations You Receive

Patriot Software

If you run a nonprofit, you already know that donations and grants are your bread and butter. You also know just how complicated tracking donations can be. Nonprofit organizations are required to know how to track charitable donations they receive and supply donors with the proper documentation for the donations they’ve made. Read on to […] READ MORE.

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Important business changes coming into effect after 1 July 2022!

Reckon

Seismic shifts are brewing across the Australian business landscape this year, and it would be prudent to get ahead of them. From prescriptive changes like eInvoicing mandates, superannuation guarantees, and plastic bag bans – to less palpable shifts such as inflation and energy costs, you should be getting your business ready to tackle these obstacles and opportunities now.

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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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Tax Fraud Blotter: Twice the fun

Accounting Today

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Know How to Sell on Walmart Marketplace Today

Snyder

Uber-popular e-commerce sites like Amazon or eBay are known for having the lion’s share of the market. But that doesn’t mean you can’t sell online somewhere else. In fact, many retailers are carving out their own niche by selling on other sites instead of directly to customers. In today’s digital age, it’s become increasingly important for brands to have a presence online.

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PCAOB names 250 scholarship recipients

Accounting Today

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Multi-factor Authentication for QuickBooks Desktop Payroll Set to Roll

Intuitive Accountant

QuickBooks Desktop Payroll soon will be adding multi-factor authentication in lieu of PIN identification.

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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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Can An Outsourced Bookkeeper Save Your Company?

AccountingDepartment

Oftentimes, businesses do not have the ability to hire a team of experts in their accounting department. Many company owners attempt to manage the company books themselves, but this could easily lead to inaccuracies and issues somewhere down the road.

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Is a Telehealth Benefit Subject to ERISA?

ThomsonReuters

QUESTION: We are considering offering a stand-alone telehealth benefit to our employees. Will this arrangement be an ERISA plan? ANSWER: Telehealth benefits (also referred to as telemedicine benefits) are often offered under an employer’s group health plan, which is governed by ERISA if sponsored by a private sector employer. Even if telehealth benefits are offered separately from the employer’s group health plan, the benefits are likely subject to ERISA.

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Congratulation Samantha Nicholson – Top International ProAdvisor (Non-Americas)

Intuitive Accountant

Samantha Nicholson was named Insightful Accountant's Top International ProAdvisor (Non-Americas) for 2022.

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IRS Tax Tip Explains Key Aspects of Enhanced Business Meal Deduction for 2021 and 2022

ThomsonReuters

IRS Tax Tip 2022-91 (June 14, 2022). Available at [link]. The IRS has issued a tax tip explaining key aspects of the enhanced business meal deduction in effect for 2021 and 2022. As background, Code § 274(n) generally limits a business’s otherwise allowable deductions for food or beverage expenses to 50% of the expenses, subject to various exceptions.

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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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Congratulations Sherri Lee-Mathers – Top International ProAdvisor (Americas)

Intuitive Accountant

Sherri Lee-Mathers was named Insightful Accoountant's Top International ProAdvisor (Americas) for 2022 during this year's 'Scaling New Heights.

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Court Denies Remedies for Mental Health Parity Violation

ThomsonReuters

M.S. v. Premera Blue Cross, 2022 WL 2208927 (D. Utah 2022). Available at [link]. A self-insured health plan denied coverage for a minor child’s residential mental health treatment, finding that the treatment was not medically necessary. The child’s family sued the plan, plan administrator, and claims administrator for (among other things) violating the Mental Health Parity and Addiction Equity Act (MHPAEA).

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Cloud accounting and how it can benefit businesses

Accounting Today

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Coping With Mental Health Disorders at Work

Accounting Web

Growth Coping With Mental Health Disorders at Work.

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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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340B Program Considerations and How Technology Can Help

Withum

The 340B Drug Pricing Program (“the Program” or “340B”) is a federal program that allows Federally Qualified Health Centers (“FQHCs” or “Covered Entities”) to purchase drugs at significant discounts from manufacturers. The Program has received considerable scrutiny from drug manufacturers and lawmakers alike due to the size of the discounts.

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How to Take Your Niche to the Next Level

Accounting Web

Practice Excellence How to Take Your Niche to the Next Level.

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PSA: Do NOT Take a Pay Cut For the ‘Privilege’ of Working Remotely

Going Concern

In the coming weeks and months, you’re going to see lots of headlines warning that the workers’ market we are blessed to experience today is shifting back to one that favors employers as the economy starts circling the toilet. You already have seen these headlines, I’m sure. Here’s one: some HR clown who works for LinkedIn warned the younger generation their days of remote work could be numbered. “Younger workers may need to return to the workplace — whether volunta

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But Who’s Counting? Episode 9: Cash Balance Plans: Benefits to Owners and Employees

Anders CPA

While traditional 401(k) retirement plans are commonplace at most companies, business owners can reap multiple benefits from a cash balance plan option. In this episode of But Who’s Counting? , host David E. Hartley sits down with Claris Advisors Senior Vice President + Wealth Advisor, Scott H. Iverson , to discuss how cash balance plans differ from pensions of the past.

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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.

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ERISA Section 103(a)(3)(C) Replaces the 401(k) Plan Limited Scope Audit – Your Questions Answered

LSLCPAs

The only thing constant is change. And now, the ERISA (Employee Retirement Income Security Act of 1974) Section 103(a)(3)(C) audit replaces the old 401(k) Plan Limited Scope audit. Details follow. What is ERISA 103(a)(3)(C)? This is the new audit standard for employee benefit plans subject to ERISA’s provisions. The ERISA 103(a)(3)(C) makes changes to both.

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Benevolent Overlords of the CPA Exam Seeking Comment on Proposed 2024 CPA Exam Blueprints

Going Concern

The CPA Evolution project continues to chug along as we inch closer and closer to 2024 and now NASBA and the AICPA are asking informed parties to comment on proposed Blueprints. Finalizing these Blueprints is one of the last steps in the process to launch a redesigned CPA exam that started back in 2020. Comments should answer the following questions: Do the Core Exam Blueprints include the knowledge and skills required of all newly licensed CPAs to protect the public interest?

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Using Initials For Your Firm Name

RitaKeller

“If names are not correct, language will not be in accordance with the truth of things.” – Confucius. It has been a huge trend for CPA firms during the last 15 to 20 years. They modify their name and end up using just initials. I must admit, I have found it rather confusing as I work and network with many small to mid-size firms in the USA.

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SALT’s absence in Manchin, Schumer talks signals new hurdles

Accounting Today

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.