Thu.Sep 21, 2023

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The IRS Puts High-Income Non-Filers Notice

Withum

In a recently issued notice, #IR 2023-126, the IRS warns that the government is coming after high-income taxpayers who fail to file a tax return. The IRS discusses how the reduction in agency funding in the past impaired the Service’s ability to track down high-income non-filers and what the recent budget increases have permitted the IRS to accomplish in terms of collecting taxes and even securing criminal convictions.

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Digital transformation beat expectations, but profits lag

Accounting Today

A KPMG poll found more than half of businesses say digital transformation initiatives have exceeded expectations for ROI but this may not necessarily translate into more profits.

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Trending Sources

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72% of U.S. Workers Have an Unhealthy Relationship with Their Jobs, Survey Finds

CPA Practice

By Shalene Gupta, Fast Company (TNS) If you work a traditional 9 to 5, you spend at least a quarter of your life at work, if not more. Ideally, these hours should be delightful, at worst tolerable, but that’s not always the case. HP surveyed 15,000 employees in 12 countries and asked them about their relationship with work. Overall, the picture is grim.

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Small businesses face new family leave and pay requirements

Accounting Today

Businesses have been dealing not only with inflation and rising interest rates, but also new requirements for family leave, minimum wage increases, and pay transparency rules.

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Live Demo: How to Achieve Reconciliation Zen

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

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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Survey: Two-Thirds of Gen Zers Never Fully Read Job Contracts

CPA Practice

By Michael Grothaus, Fast Company (TNS) Many members of Gen Z are entering their post-college years, and that will mean experiencing many firsts in their lives: getting their first professional job, renting their first apartment, applying for their first mortgage, and buying their first health insurance policy. And with all these firsts come legal contracts that should be read in full before signing.

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Positional Value and Its Impact on Saquon Barkley’s Contract

Withum

Withum has been analyzing the increasing wage gap in the NFL and how it affects various positions. The position that has been affected the most has been that of the running back, whose contracts have been declining over the years. We will look at the case of Saquon Barkley , New York Giants running back, whose contract situation was a microcosm of the entire running back ecosystem.

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More Trending

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Microsoft is Rolling Out Generative AI in Windows and Office app

CPA Practice

By Dina Bass, Bloomberg News (TNS) Microsoft Corp. said its AI assistant for Windows will start rolling out Sept. 26 and the Office AI app will be widely available Nov. 1 as the software giant continues to bake generative artificial intelligence into its products. Microsoft’s Copilot-branded AI assistants will provide a unified experience across operating systems, applications and devices, Microsoft Chief Executive Officer Satya Nadella said Thursday at an event in New York.

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It’s a Bad Day For Your Firm When the Board of Accountancy Has to Publish Advice For Your Aggrieved Clients

Going Concern

On Tuesday the Tennessee Department of Commerce & Insurance (TDCI) published an alert for customers of Chattanooga-based “accounting firm” JD Frost & Company, also known as Croft & Frost , also known as a nuclear dumpster fire wearing a ratty T-shirt with the words “TOTALLY REAL ACCOUNTING FIRM” sloppily screen-printed on it.

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Most Americans Haven’t Had a Pay Raise in 3 Years

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) The average American employee hasn’t received a raise in three years, a new survey shows , reflecting the disconnect between rising inflationary pressures and wage growth. The survey of 2,000 American adults was conducted by OnePoll, an international market research agency, on Aug. 31, 2023. Participants were asked when they last received a pay raise.

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Look What PwC Made the Australian Government Have to Do

Going Concern

The Australian government released exposure draft legislation yesterday in response to “the PwC matter” and the funniest part is the special email they made to receive comments: PwCResponse@treasury.gov.au. Not ConsultingReponse or Sept23TaxReform, specifically PwC Response. In four separate exposure drafts that amend the Taxation Administration Act 1953 (TAA) and/or the Tax Agent Services Act 2009 (TASA), the government is seeking stakeholder comments on proposals that would strongl

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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IRS moratorium on new ERC claims puts spotlight on preparers

Accounting Today

The Internal Revenue Service is encouraging employers to work with qualified tax professionals rather than shady promoters.

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5 Essential KPIs to Track for Your Growing Business

AccountingDepartment

As a growing business, it's essential to monitor and track various key performance indicators (KPIs). This is crucial in assessing the performance of your business, determining the areas that need improvement, and making informed decisions.

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Did you know you can get a 20% tax bonus on your accounting software and other digitisation expenses?

Reckon

Did you know you can get an easy tax boost by claiming a host of expenses incurred in the digitisation of your small business? The federal government and the ATO are keen for small businesses to adopt newer technology and better and more innovative ways of doing work. To help you out, there’s some juicy incentives being dangled. It’s called the ‘small business technology investment boost’, and can be claimed for a variety of digitalisation expenses, including your accounting software , but a hec

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Revived Andersen accounting firm sees revenue up 19% this year

Accounting Today

The consultancy, created by former partners of Arthur Andersen, expects revenue to exceed $1.9 billion this year.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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State Pass-Through Entity Tax Updates: September 2023

Cherry Bekaert

Colorado The Colorado Department of Revenue (DOR) recently created an informational section on its website specifically for the state’s pass-through entity (PTE) Tax election. This SALT Parity Act Election landing page contains guidance and links for current and future elections, as well as newly issued guidance for making retroactive 2018-2021 tax year elections.

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AI for accounting marketing: A SWOT analysis

Accounting Today

A look at the strengths, weaknesses, opportunities and threats of tools like ChatGPT in promoting professional services.

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Leadership and Empowerment for Business Owners: A Story

SkagitCountyTaxServices

Let me begin by noting, if you were looking to file for the Employee Retention Credit this year, heads up that the IRS isn’t processing any new claims through the end of the year. This is an effort to keep you out of hot water if you shouldn’t be claiming the ERC and to crack down on any questionable claims resulting from aggressive marketing for it.

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Why Profits Don't Equal Cash Flow

GrowthForceBlog

8 min read When small business owners get their monthly financial statements, their eyes quickly focus on the bottom line of the income statement.

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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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Tax Fraud Blotter: Notable criminal histories

Accounting Today

Charity for none; Dr. Backdate; frivolous correspondence; and other highlights of recent tax cases.

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Canon imageFormula R40 Receipt Edition

Insightful Accountant

Murph checked out the Canon imageFormula R40 Receipt Edition for QuickBooks Online. See how it captures receipts, extracts key data, and sends the data and image to QuickBooks in a few clicks, and handles other documents just as well.

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Juror who made race comments removed from $1.3B tax case

Accounting Today

A trial threatened to descend into chaos after 12 jurors clashed over race and class while weighing charges against a wealthy developer and two others accused of arranging $1.3 billion in phony tax deductions.

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Revived Andersen Accounting Firm Sees Revenue Up 19% This Year

CPA Practice

By Yinka Ibukun, Bloomberg News (TNS) Andersen Global, a professional services firm cobbled together from the remains of the collapsed accounting giant Arthur Andersen, is on track to generate a 19% increase in revenue this year. The consultancy, created by former partners of Arthur Andersen, expects revenue to exceed $1.9 billion this year, Chief Executive Officer Mark Vorsatz said in an interview.

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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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Merrick Garland says Hunter Biden probe conducted without interference

Accounting Today

Lawmakers suggested investigators were hamstrung from bringing charges and questioned why the statute of limitations was allowed to expire for some tax offenses without charges being brought.

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Eide Bailly to Merge in California CPA Firm Raimondo Pettit

CPA Practice

Top 20 accounting firm Eide Bailly is growing its presence in Southern California by combining with Torrance, CA-based Raimondo Pettit Group. The merger, which will bring six Raimondo Pettit partners and 55 staff into Eide Bailly, is expected to happen on Oct. 30, according to a press release. “RPG’s rich history and industry depth make them an ideal partner with Eide Bailly.

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Mendlowitz establishes scholarship at Baruch

Accounting Today

The accounting icon has found yet another way to give back in addition to his teaching, mentoring, writing and many other contributions to the profession.

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People Management in Local Government Finance Departments

LSLCPAs

While it’s something that has always been important, managing people and the tools and ways in which we do that has become more important than ever. The where and how we are working has likely changed forever in this post-COVID world, and presented new opportunities and challenges when it comes to managing people. People Management. The post People Management in Local Government Finance Departments appeared first on LSL CPAs.

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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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6 Ways Email is Secretly Destroying Your Accounting Firm

Going Concern

Email: The word itself sounds innocent, doesn’t it? Kind of like “snail mail,” but faster, sleeker, and without the slimy trail. But don’t be fooled—email is secretly a sinister beast, hiding in the shadows as it plots to destroy businesses—including your accounting firm. If your accounting firm still relies heavily on email for client communication and document management, you’re not in the fast lane—you’re on the road to ruin.

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Roman Kepczyk | The Power of Cloud Solutions for Accounting Firms of All Sizes

Insightful Accountant

Gary DeHart and Roman Kepczyk, CPA, discuss the importance and advantages of hosted/remote/cloud based solutions for accounting firms of all sizes.

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How to recruit the next generation of CPAs

Accounting Today

Accounting firms need to be bolder with their recruiting, and these four strategies can help.

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Partners at PwC in Australia Brace for Pay Cut as Tax Scandal Hits Profit

CPA Practice

By Irina Anghel, Bloomberg News (TNS) PricewaterhouseCoopers Australia will cut partner pay by 30% next year following the tax document leaking scandal that wiped out profit for 2023. Kevin Burrowes, who was appointed chief executive officer in June after former boss Tom Seymour stepped down in the wake of the scandal, apologized for past failures in leadership.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.