Mon.Aug 28, 2023

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IRS Delays New Roth 401(k) Contributions Rule

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) Recently, there’s been concern over planned changes to rules governing catch-up contributions for 401(k) plans. The changes, which initially weren’t going to be effective until 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis. (Making catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during the years when you usually earn more.

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Ohio Accounting Firm’s Somber Tribute to Partner Dead in Apparent Murder-Suicide: ‘Her Contributions Have Been Immeasurable’

Going Concern

On Thursday, August 24, 42-year-old Melissa Dunham was found dead in her Stark County, Ohio home along with her husband Jason, 46, and their three children Renee Dunham, 15, Amber Dunham, 12, and Evan Dunham, 9. Uniontown police called it a “domestic dispute that turned deadly” and are investigating the deaths as a murder-suicide. As the community grapples with the loss, the firm Melissa worked for as a tax partner published a touching memorial on their website Friday.

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89% of Workers Prefer a 4-Day Work Week or Hybrid

CPA Practice

As more companies are requiring their employees to return to the office, the controversy around work schedule preferences has grown between employees and employers. Nearly 9 out of 10 full-time workers or those looking for full-time work (89%) support a 4-day work week, remote work, and/or hybrid work according to a new Bankrate report, and of those workers, 51% are willing to switch jobs or industries to attain their preferred situation.

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Firms rehiring 'boomerang' employees to build ranks

Accounting Today

Accounting firms have been facing problems in filling their open positions as the number of new accountants declines, and one solution may involve rehiring past employees.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Sunday Work Emails Are the Most Likely to Be Read, Study Finds

CPA Practice

By Emily Price, Fast Company (TNS) If you want to send an email to a work colleague and guarantee it’s going to be opened, your best bet might be to send it on Sunday afternoon, according to new research from Axios HQ , the communications software company that spun off of Axios. It analyzed the performance of 8.7 million email deliveries sent through its platform and found that company emails sent from 3 to 6 p.m. on Sunday had the highest average open rate: 94%.

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IRS processed most Recovery Rebate Credits correctly, but some problem persist

Accounting Today

The Internal Revenue Service correctly calculated the allowable Recovery Rebate Credit for the vast majority of 2021 tax returns, but some erroneous payments were made, according to a new report.

More Trending

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Accounting firm owners band together to end late client payments

Accounting Today

Dozens of firms have signed onto an initiative to stop underselling the worth of accountants and collect payments on time from clients.

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Most Americans Aren’t Happy with Their Banks, Survey Shows

CPA Practice

U.S. banks’ customers are the happiest in the world, according to a new report. The Banking Disruption Index from global digital transformation company GFT finds that 42% of U.S. consumers claim to be very happy with their bank. While U.S. banks can take comfort in the fact that their customers are happier than those in other countries, the Banking Disruption Index also warns of the majority (58%) who claim their banks could be doing more to ensure their complete satisfaction.

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Decoding the Insights of a Restaurant Income Statement

KROST

An income statement, also known as a profit and loss statement, serves as a vital financial report that provides a snapshot of a restaurant’s financial performance over a specific period. This report offers valuable insights into a restaurant’s revenue, expenses, and overall profitability. Understanding the income statement is paramount for restaurant owners and managers to Read the full article.

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Top 100 2024 Certification Clues: QuickBooks Enterprise

Insightful Accountant

Murph clues you in to the advantages of possessing a QuickBooks Desktop Enterprise ProAdvisor Certification.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Massachusetts Society of CPAs Announces 2023 Women to Watch

CPA Practice

The Massachusetts Society of Certified Public Accountants (MassCPAs), in partnership with the American Institute of Certified Public Accountants (AICPA) Women’s Initiatives Executive Committee, today announced the seven honorees of the 2023 Women to Watch Awards. The awards recognize women who have made outstanding contributions to the accounting profession, their communities, their firms or companies and to the development of women as leaders.

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TPN Tax Talks: Tax Breaks From Qualified Opportunity Zones

Insightful Accountant

Join us for the September edition of 'TPN's Tax Talks,' where Tax Practice News' Christine Gervais will show you how to re-examine your approach to tax planning. Sign up here for the Sept. 23 webinar.

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INSIDE Public Accounting Names Anders a 2023 Best of the Best Accounting Firm 

Anders CPA

Anders is honored to once again be named one of the Best of the Best accounting firms in the U.S. and Canada by INSIDE Public Accounting (IPA). Since 1994, IPA has selected the top 50 firms with net revenues of $10 million or more based on more than 50 metrics, including management, growth and strategic vision. Chosen from 600 U.S. and Canadian firms that participated in IPA’s 33 rd Practice Management Survey, these top performers produce superior financial and operational results while maintain

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TaxCure and Tax Rep Network Partner to Provide IRS Representation Education and Training

CPA Practice

TaxCure, an online directory for thousands of tax professionals across the United States and Tax Rep Network (TRN), a tax representation education and training resource for tax and accounting professionals, have partnered to make a comprehensive library of educational tools and significant new revenue growth opportunities available to TaxCure customers.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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The SEC’s Focus On Transparency With New Rules for Registered Private Fund Advisers

Withum

On August 23, 2023, the Securities and Exchange Commission (“SEC”) approved new rules and regulations related to both Registered Private Fund Advisers (“Advisers”) and Non-Registered Advisers (“NRA”). The changes focus on enhancing transparency between Advisers and their investors. While many private funds already obtain annual audits due to provisions in their Limited Partnership Agreements, the new rules require all private funds to obtain audited financial statements, thereby removing the abi

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Monday Morning Accounting News Brief: Accounting Firms Ditch Zoom Interviews; Mississippi’s Best CPA Exam Candidates | 8.28.23

Going Concern

Looking kind of slim out there for news today, to be expected ahead of Labor Day I suppose. Let’s see what we’ve got. Accounting firms across the pond are ditching Zoom interviews, writes Sunday Times : Zoom calls became the norm for business meetings during the pandemic — but accountancy firms, among the biggest graduate recruiters, are going back to face-to-face interviews when hiring, saying it is easier to assess candidates’ characters.

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Avoiding Business Opportunity Frauds and MLM Scams

FraudFiles

In a past appearance on CNBC’s On the Money, Tracy Coenen talked about how consumers could protect themselves from business opportunity scams and multi-level marketing (MLM) schemes. MLMs parade themselves around as business opportunities, but they are nothing more than elaborate pyramid schemes that swindle millions of consumers each year.

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MassCPAs Hires Molly Sullivan as Vice President of Government Affairs

CPA Practice

T he Massachusetts Society of Certified Public Accountants (MassCPAs), the state’s professional association representing 11,500 members, today announced that Molly Sullivan will join the organization as Vice President of Government Affairs. She will assume the role full-time on September 5, 2023. Sullivan will lead the Society’s government affairs team dedicated to advancing legislative and regulatory policy priorities that protect the integrity of the CPA license and move the profession and eco

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Where is the intern?

Accounting Today

Bringing in your accountants requires understanding what they want.

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Art of Accounting: Advising clients who lack a buy-sell agreement

Accounting Today

Buy-sell agreements provide some calm during an upsetting period.

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Are your clients putting you at risk?

Accounting Today

In absence of secure systems that clients and staff will use, horror stories abound.