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Wondering why AI is a hot topic these days? In this episode, I’ll explain how AI can be properly integrated into a firm’s operations and how it can increase business growth and competitiveness. Listen Below. 00:35 – I received a question from a LinkedIn user on how I see AI playing out this year for accounting firms. 1:30 – I talked about recent buzz around ChatGPT, a conversational AI model that can interact with users. 1:52 – A good example of this is a Twitter us
Two recent state courts’ determinations – one good for the seller, one not – show the continuing reach of Wayfair almost five years after the landmark Supreme Court decision regarding economic nexus. The Massachusetts Supreme Judicial Court has reportedly upheld a state Appellate Tax Board decision in favor of an auto parts retailer who challenged efforts to retroactively collect online sales taxes.
By Jeff Manning, oregonlive.com (TNS) The Oregon Department of Revenue acknowledged Thursday that it sent personal tax refund information for about 5,000 taxpayers to the wrong address. All 5,000 are intended for, and were mailed to, Portland residents, said Robin Maxey, a spokesperson for the department. The mailing address on the outside, however, doesn’t match up with the information contained on the forms.
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.
In the wake of extreme weather events, the Xero Assistance Programme (XAP) is being extended to all small businesses in the Auckland, Northland and Waikato regions. From Wednesday 1st February through to Friday 31st March, any small business owner, employee or their families in Auckland, Northland and Waikato regions can access three confidential and free telephone, live chat, online or face-to-face counselling sessions.
There’s another article about the accountant shortage today and this time it’s in Insider. There’s nothing in there you don’t already know — enrollments are down, boomers are retiring, the process of becoming a CPA is extra and sucks, kids need to be convinced that accounting is great, blah blah — but they did get an interesting quote from Steven Kachelmeier, accounting department chair at the University of Texas.
There’s another article about the accountant shortage today and this time it’s in Insider. There’s nothing in there you don’t already know — enrollments are down, boomers are retiring, the process of becoming a CPA is extra and sucks, kids need to be convinced that accounting is great, blah blah — but they did get an interesting quote from Steven Kachelmeier, accounting department chair at the University of Texas.
The summer months are some of the busiest of the year for small business owners. As the peak period for gifting, festivities and tourism, many entrepreneurs aim to make the most of the seasonal buzz. But for some, this comes at a cost. Increased demand can equal longer hours and higher overheads in wages and supply costs (which is particularly prevalent in today’s economic environment).
By Matthew Medsger, Boston Herald (TNS) A plan by Republican lawmakers which would see the IRS done away with entirely and the current tax system replaced by a flat consumer tax would apparently be vetoed by the president if it made it to his desk. “These guys literally are proposing, unless they changed their mind again, proposing doing away with the IRS.
Xero’s commitment to diversity, inclusion and belonging has driven our inclusion in the Bloomberg Gender-Equality Index for the fourth consecutive year. Like last year, Xero is the one and only company headquartered in New Zealand to be included in the index, which is made up of 484 companies across 45 countries and regions. Our scores have improved each of the four years we’ve been included in the index, and we’re pleased to see our progress demonstrated in such a tangible way.
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.
QUESTION: Our company has a qualified transportation fringe benefit plan under Code § 132(f) that allows participants to pay for parking, transit passes, and vanpooling on a tax-free basis. Are we required to file a Form 5500 for this plan? ANSWER: No. Form 5500 (Annual Return/Report of Employee Benefit Plan) is used to satisfy certain annual reporting obligations that arise under ERISA or the Code.
This week, AccountingDepartment.com Business Development Representative, Luke Backus, attended Vistage ChairWorld in Nashville, TN! ChairWorld is a place for Vistage Chairs to come together and attend various breakout sessions, networking opportunities, and evening fun to learn new strategies, improve leadership skills, and more.
Top 10 accounting firm CBIZ, which provides financial, insurance and advisory services, has acquired the non-attest assets of Indianapolis-based Somerset CPAs and Advisors, effective February 1, 2023. Concurrent with this transaction, Mayer Hoffman McCann P.C., a national independent CPA firm that works closely with CBIZ, announced the acquisition of the attest assets of Somerset CPAs and Advisors.
As storefronts move to sell online, businesses are looking to upgrade or invest in an e-commerce platform. The challenge of managing a platform is that e-commerce websites are static. In this post, we’ll explore the benefits of headless commerce and headless CMS. Traditional e-commerce would require rebuilding the platform from scratch each time you need to redesign the user experience.
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.
By Aarón Torres, The Dallas Morning News (TNS). AUSTIN, Texas — Medical marijuana should be legal in Texas, a majority of Texans believe, according to a poll released Thursday by the Hobby School of Public Affairs at the University of Houston. The poll found that 82% of Texans support the Legislature passing a bill that would allow people to use marijuana for a wide range of medical purposes with a prescription.
In 2023, most B2B payment technology trends will focus on navigating economic uncertainty, cultivating talent, optimizing efficiencies, and embracing digitization. CFOs and finance teams will also use the year ahead to zero in their focus on business process improvements and increasing visibility, particularly in regards to cost and spend analytics.
Thanks to the commenter who brought this to our attention. Accounting firm merger madness continues, this time the union of Citrin Cooperman and Berdon announced on the 1st. We should have seen it coming as Citrin Cooperman has been busy the last 15 months, growing revenue by $200 million and completing several mergers since private equity firm New Mountain Capital acquired a majority interest in the firm last year.
The majority of chief tax officers recently surveyed by Big Four firm KPMG said they are turning to some form of outsourcing or cosourcing to help navigate talent and skill shortages in their tax departments. According to KPMG’s 2023 Chief Tax Officer Outlook , more than eight in 10 (83%) CTOs said they are planning to use targeted/strategic outsourcing, cosourcing with one or more advisors, or managed service alliances within the next three years.
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.
R&D Capitalization makes its crash landing onto 2022 tax returns! Historically, companies performing R&D have enjoyed a full deduction for these costs and likely an R&D credit to boot. R&D Capitalization rules taking effect in 2022 could turn an expected tax loss and/or credit into an unexpected tax bill. Discover how R&D Capitalization might affect your tax return and, more importantly, the tools Withum has prepared to combat a phantom income situation.
While you probably got into the accounting business because you love numbers and helping people, there’s a lot more that goes into running a successful firm. Maintaining a professional office, managing staff, and dealing with clients are all important skills. Unfortunately, when it comes to dealing with clients, accountants, bookkeepers, and other professional services, providers often encounter awkward situations, such as: Correcting errors in proposals sent to clients Chasing clients for late
Simply having Power BI isn’t enough. In fact, you may be asking yourself why your reporting is not all that it could be, even though you’ve adopted Power BI as your reporting tool. Below we offer three important, practical (but overlooked) steps to improve your reporting using Power BI (no matter if you are writing reports yourself or an executive trying to get more out of your data). 1.
Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you ’re probably thinking, audit firms screw up all the time—some more than others. (We’re looking at you, BDO USA.) But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. No deficiencies were found in its 26 total audits inspected in those three years.
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.
Following are my third group of 2022 market performance and related charts. These 6 bring my total charts to 16. In two weeks, I’ll present my views about them, what happened in 2022 and what it all could mean to the average or typical investor. I believe these charts are tremendous resources and suggest you print them out for future reference. My blogs on January 6 and January 12 showed the earlier charts.
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Hubdoc , an online tool that helps businesses and firms digitize and automate the management of financial documents, receipts and invoices, and import them into accounting systems. Use the player below to listen to the podcast.
Menzies LLP - A leading chartered accountancy firm. Throughout life, personally and within business, there are many times and situations where there is a requirement to raise money. The reasons and source of funds may differ accordingly, but within business, an initial opportunity of raising funds for owner managers will often be their best chance. Watch our BrighterThinking animation with a manufacturing spin which covers the requirements needed towards successfully funding business growth.
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.
A former Jacksonville company CEO was sentenced on January 30, 2023, to 32 months in prison for willfully attempting to evade the assessment of his federal income taxes. According to court documents and statements made in court, in 2015 and 2016, Jason Cory, 49, of Jacksonville, was a manager at a New York-based IT services company and from 2017 through 2019, he was the CEO of a different IT services company based in Jacksonville.
How often do you drive to meet a client or your accountant? Do you frequently make bank runs for your business? Depending on your business use of vehicle, you may qualify for a nice-sized tax deduction. So, do you qualify for the business mileage deduction? What about the Section 179 deduction? If so, how much?
Top 25 accounting firm Carr, Riggs & Ingram (CRI) now has its first location in Oklahoma after combining with Tulsa-based Stanfield + O’Dell P.C. “Expanding our footprint into Oklahoma has long been a part of our strategic growth plan,” said Bill Carr, CRI executive chairman and portfolio managing partner. “Entering the Tulsa market with Stanfield + O’Dell leverages the strength of our teams and resources to enrich our client experience and technical expertise further.
Fact Sheet: EBSA Restores Over $1.4 Billion to Employee Benefit Plans, Participants, and Beneficiaries Available at [link] The DOL has released a fact sheet announcing ERISA enforcement results generated by the Employee Benefits Security Administration (EBSA) for fiscal year (FY) 2022 (October 1, 2021, through September 30, 2022). According to the fact sheet, EBSA has enforcement authority over approximately 747,000 retirement plans, 2.5 million health plans, and 673,000 other welfare benefit p
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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