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Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. How are these professionals facing this new technology with regards to risk and benefit? What are the perils? Thomson Reuters, a global content and technology company, has released new research on generative AI that gauged the sentiment of professionals in legal, tax, and accounting firms in the United States, United Kingdom, and Canada.
When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information. In this blog post, we will explore the differences between these two essential financial statements.
You win, or you learn – that’s one of Tennick Accountants’ internal mottos, and one that encouraged the firm to put themselves in the running and enter the 2023 Xero Awards UK & Ireland. For Graeme Tennick and his team that belief paid off, with the firm taking home the Small Firm of the Year award, the most hotly contested category of the programme.
About an hour ago the Public Company Accounting Oversight Board (PCAOB) announced a settled disciplinary order [ PDF sanctioning Marcum for violations of PCAOB rules and quality control standards. This order imposes a $3 million civil penalty against the firm, this is on top of a $10 million penalty from SEC proceedings around the same conduct. The PCAOB’s penalty is the largest it has imposed on a “non-affiliate firm,” meaning an audit firm that is not a member of a global network.
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.
By Augusta Saraiva – Bloomberg News (via TNS). U.S. housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth. Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday.
CliftonLarsonAllen LLP has kicked off its high school summer internship program in 15 select cities across the country with 60 students chosen from more than 400 applicants.
On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).
On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).
Oracle NetSuite once again will host SuiteWorld this year in Las Vegas, Oct. 16-19. A virtual 'On Air' version of the event also will be available to participants.
By Tylor Willis, CFP, The Kansas City Star (TNS) Most of us want to preserve or grow our wealth. One crucial aspect of wealth management is creating a holistic financial plan that includes your estate and tax strategy. By employing effective estate and tax strategies, business owners can optimize their financial legacies and minimize tax hurdles. Here are four strategies to consider adding to your financial plan. 1.
In her new role, Deborah Defer will lead Woodard’s efforts in providing comprehensive assessments, practice strategy/design and implementation support to Top 200 CPA firms in the US.
By Matthew Adams, Stars and Stripes (TNS) The Defense Department overestimated the value of the weapons and equipment sent to Ukraine by $6.2 billion, an accounting error that would allow the United States to provide more military aid to Ukrainian forces without asking Congress for additional money, the Pentagon said Tuesday. “In a significant number of cases, [the military] services used replacement costs rather than net book value, thereby overestimating the value of equipment drawn down from
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.
As most people know, not all interest that an individual pays is deductible. A common misconception about the deductibility of interest expense is that the deductibility follows how the loan is secured. However, this is not true. Just because you pull out a line of credit using your home as collateral does not mean that Read the full article. The post Understanding Deductibility of Interest Expense and Simplifying The Interest Tracing Rule appeared first on KROST.
By Bob Purcell, CFO, Billtrust. The global economy remains on rocky footing, challenging businesses across industries and thrusting the financial professionals tasked with preserving their financial health into the eye of the storm. One area that’s felt an acute impact is the B2B sector, where organizations across industries are grappling with an influx of delayed payments at a time where predictable cash flow has become both more important and harder to come by.
Many businesses, small and large, rely on research and development to improve their offerings, compete with international markets, and increase profits. The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond.
Top 20 accounting firm Marcum was fined $13 million on June 21—$10 million from the Securities and Exchange Commission (SEC) and $3 million from the Public Company Accounting Oversight Board (PCAOB)—for several years’ worth of quality control failures and violations of auditing standards during its audits of special-purpose acquisition companies (SPACs).
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.
During my recent trip to the United Kingdom, I had the privilege of meeting several clients who manage remote teams provided by our company. In each conversation, a recurring topic emerged: “How can we create a sense of unity and inclusion among our remote team members as if they were part of our in-house team?” In today’s era of remote work, fostering camaraderie and establishing strong connections among team members can be quite challenging.
By Carly Olson – Los Angeles Times (via TNS). California Attorney General Rob Bonta on Tuesday announced a new partnership between the Justice Department and more than a dozen retailers and online marketplaces to crack down on organized retail crime in the state. To support prosecution, partners including Target, Albertsons and Amazon have signed a pledge that “increases information sharing” between law enforcement, retailers that experience theft and online marketplaces where stolen merchandise
With how fast artificial intelligence is evolving, it’s not strange to think about the possibility of AI applications taking over our industry and would soon render human professionals obsolete. In this episode, I shared my take on the next trend for your firm in the AI revolution. Listen Below. 0:49 – We are witnessing the rapid emergence of new accounting firm business models, which may lead you to believe that traditional accountants won’t be important anymore. 1:05 –
Register Today Date: Tuesday, July 18, 2023 Time: 2 PM EDT / 1 PM CDT / 11 AM PDT / 6 PM GMT Sponsor: SafeSend Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. Join SafeSend, as they share the journey of solving pain points experienced on the front-end of the tax process and define a new way to get your firm and clients tax ready!
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.
Technologists Randy Johnston and Brian Tankersley, CPA, discuss the 2023 AICPA Engage conference, held in Las Vegas, June 3-8, 2023. The largest annual event by the association, Engage brings together professionals in all areas of practice for education, networking, and other events. Use the podcast player below to listen. (Transcript is below the podcast player.
Following this most recent 2022 filing season, many taxpayers in Alabama have reported receiving letters regarding nonpayment. This situation has caused concern among taxpayers and highlighted the need for effective communication and guidance. Nonpayment Letters Nonpayment letters have been particularly prevalent in the case of fiduciary returns, specifically Trust Returns (Form 41).
Special thanks to our tipster who sent us a screenshot of this email from Baker Tilly CEO Jeff Ferro to everyone. A Fishbowl thread from seven days ago says that layoffs began before a formal announcement was made. “Everyone is just finding out as people on their teams disappear. Pretty disappointing showing from leadership,” it said. The post Layoff Watch ’23: Baker Tilly Gets Rid of 180 People, Cites a ‘Resource Mismatch’ appeared first on Going Concern.
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.
Congress passed new legislation at the end of 2022 called the SECURE Act 2.0. For more information about this legislation, please refer to our previous coverage of how 401(k) plan audits will be impacted by SECURE Act 2.0 moving forward. This was the second major piece of legislation aimed at helping employees at most companies save for retirement and allowing plans to offer options that were not available before.
Woodard, a provider of consulting services for the accounting profession, has appointed Deborah Defer as the director of client accounting and advisor services (CAAS) consulting. In this role, Defer will lead Woodard’s efforts in providing comprehensive assessments, practice strategy/design, and implementation support to top 200 CPA firms in the United States.
Many businesses, small and large, rely on research and development to improve their offerings, compete with international markets, and increase profits. The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond.
The June issue of the Regulatory Compliance Digest (the Digest) features a summary of the latest updates on third-party relationships used by financial institutions, Small Business Lending Rule guidance, CFPB updates and OFAC’s SSL certificates renewal. The Digest summarizes the latest compliance updates that may impact your institution. The Regulatory Compliance Digest is intended to keep you informed of regulatory changes in advance of their effective date so your institution can evaluate chan
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.
Most businesses have a process to handle expenses incurred by their employees. These expenses can range from fees associated with a business trip (e.g., flight tickets, lodging) to fringe benefits (e.g., reimbursed costs for purchasing home office equipment). Establishing controls for this spending is necessary to properly track each transaction and ensure that the business banking information remains secure.
You’ve probably heard it before: cash is the lifeblood of a business. You need it running through your company’s veins to keep things functioning. Without it, you’ll struggle to do core things like pay employees and maintain your office space, let alone market your business or invest in R&D. And we see it happen all the time. Founders are so focused on creating an excellent product or service that they let their day-to-day finances fall by the wayside.
Under the Gramm-Leach-Bliley Act, the FTC Safeguards Rule and IRS Publication 4557, firms who provide tax preparation services for their clients have been required to have a Written Information Security Plan (WISP) in place as part of their PTIN application and renewal processes since 2019, yet the AICPA reports that on a recent survey, a significant number of practitioners were either unaware of the requirement, or, had not yet taken steps to comply.
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.
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