Fri.Mar 21, 2025

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When to Recommend a Partnership Structure: The Tax Benefits of Special Allocations

CTP

When it comes to choosing an entity type, many entrepreneurs are drawn to S corporations and may make an election without truly weighing the pros and cons of each option. Business owners may not think to ask their tax planner for advice on business structures, but offering your expertise early in the process can help your clients save significantly on their tax bill down the road.

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One UI, One Database

Acterys

In a world where data is the foundation of decision-making, the ability to seamlessly gather, integrate and act on information is critical. At Acterys, weve reimagined data architecture to address the challenges organizations face to unlock the true potential of their data. The reason were so focused on this One UI, One Database approach is that organizations are fed up with fragmented data silos, disconnected insights, needlessly rigid tools and processes, along with limited write-back function

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Why Structure Your Business as a Partnership? Understanding the Tax Benefits of Special Allocations

CTP

When you are starting a new business or attempting to reduce the tax bill for your existing business, how do you decide which entity type is right for you? Entrepreneurs these days tend to gravitate towards S corporations almost as a default, and certainly, this can be the right choice for certain businesses and comes with its own set of tax advantages.

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IT Simplified with Acterys

Acterys

As the demand for agile, scalable, and user-friendly IT systems continues to grow, the old ways of buying software are proving challenging for CIOs and their teams. Whether its ERPs, HR, CRM, Finance, cloud apps or database systems, increasingly complex software portfolios prove hard to maintain, require constant workarounds, and are always expensive to integrate.

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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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Friday Footnotes: Big 4 Pissed at IRS; Tech Companies Tweak Servers’ Useful Life; Grant Thornton Managing Aircraft? | 3.21.25

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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AI in advisory: Estate planning

Accounting Today

The third of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

More Trending

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AI in advisory: Forensic accounting

Accounting Today

The first of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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Rehmann to Merge in Kmetz, Elwell, Graham & Associates

CPA Practice

The Troy, MI-based top 40 accounting firm is expanding in Florida by combining with Vero Beach-based CPA firm Kmetz, Elwell, Graham & Associates, effective June 1.

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Comparing job creation incentives across the US

Accounting Today

Not all job creation incentive programs are created equal. Here are examples of programs from states across the United States.

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The Latest End-User Technology for Q1 2025 – The Accounting Technology Lab Podcast – March 2025

CPA Practice

In this video and podcast, Randy Johnston and Brian Tankersley, CPA, discuss the latest innovations in technology that they've seen so far this year at CES and other trade shows and conferences. Watch the video, or listen to the audio podcast.

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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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Staying ahead of AI: Don't be a second opinion

Accounting Today

The threat is that clients decide an AI chatbot is good enough for their purposes and so they never call their accountant in the first place.

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Los Angeles Faces $1 Billion Budget Hole, Warns of Layoffs

CPA Practice

Los Angeles is facing a projected deficit of nearly $1 billion in the next fiscal year as the city grapples with the aftermath of historic wildfires and a deep decline in revenue.

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On the move: Monroe Shine celebrates 100 years, new CEO

Accounting Today

Lohman adds professional services line; Nathan Wechsler hires COO; and more news from across the profession.

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After $1.8B Accounting Error, Senate Report Likely to Suggest Removal of South Carolina’s Treasurer

CPA Practice

South CarolinaSenate Finance Committeemembers investigating a $1.8 billion accounting error on the states books will likely recommend Treasurer Curtis Loftisbe removed from office for willful neglect of duty.

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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.

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Auditing Standards Board proposes 5-year plan

Accounting Today

The American Institute of CPAs' Auditing Standards Board is looking for feedback on its proposed strategic plan for 2026-30.

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Accountant Used Stolen Identity to Embezzle $1 Million From Fresno Fruit Company, DOJ Says

CPA Practice

Sergio Zacarias Lopez, 57, was charged with bank fraud, aggravated identity theft and illegal re-entry of a removed alien, according to the Justice Department.

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AI in advisory: Valuation

Accounting Today

The second of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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Product Update: Custom Questionnaires

Canopy Accounting

What's New? In January, we launched an open BETA of Questionnaires the ability to create survey-like forms to collect information of any kind in any format youd like.

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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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Tech news: SEC accepts 2025 FASB taxonomies

Accounting Today

SEC accepts 2025 FASB taxonomies; SAP builds Joule AI into Concur Expense and Concur Travel; New startup, Town, launches with SMB tax platform; and other accounting tech updates.

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Top 10 Features of QuickBooks Enterprise for Wineries

Ace Cloud Hosting

Running a successful winery requires much more than cultivating vineyards and making quality wines. You must also manage other processes, such as vendor management, sales order fulfillment, inventory management, etc.

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Client coaching, CPA referrals can ease tax season stress

Accounting Today

Ahead of Tax Day, annual return filings consume a lot of attention, but advisors and other experts say they pose opportunities for growth and savings as well.

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Mastering California’s Tax Maze: How Mike Habib, EA Can Help Business Taxpayers Overcome FTB, CDTFA, and EDD Challenges

MyIRSRelief

California’s tax environment is notoriously complex, with businesses often facing a gauntlet of issues from multiple state agencies like the Franchise Tax Board (FTB), the California Department of Tax and Fee Administration (CDTFA), and the Employment Development Department (EDD). Navigating these challenges requires not just a deep understanding of tax law but also strategic representation.

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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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AI in advisory: M&A

Accounting Today

The fourth of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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Overcoming Challenges In Construction Project Estimates And Submissions

Randal DeHart

In the bidding process, contractors prepare detailed proposals that outline their approach, costs, and timelines for a project. This involves thoroughly understanding the project specifications, assessing the site conditions, and determining the resources needed. Competitive bidding requires a balance between offering a competitive price and ensuring the proposal reflects the quality and reliability of the work.

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Embracing independence

Accounting Today

When a firm is independent, there's flexibility and a cogent desire to invest in the future.

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Federal Judge Says 25,000 Workers Can Keep Jobs for Now

CPA Practice

The Trump administration must continue to comply with a Maryland judges order to temporarily reinstate almost 25,000 fired employees at 18 U.S. agencies for at least another week, a federal appeals court held.

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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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Crypto's clout in Washington is soaring

Accounting Today

The cryptocurrency industry is on a roll in Washington and it's not just because of President Donald Trump.

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Accenture Warns Investors Things Will Be Sucky Until They Can Overcharge the Government For Slides Again

Going Concern

In case you haven’t heard, billable prospects aren’t looking so hot for Accenture these days. Pick any one of these stories from the last 24 hours: Let’s go with Financial Times since they appear to be first as usual: Consulting giant Accenture warned that Elon Musks efforts to slash costs across the US federal government had started to affect its revenues and geopolitical developments had raised economic uncertainty around the world.