Mon.Oct 28, 2024

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AI in a CPA practice brings benefits and responsibilities

Accounting Today

Firms are increasingly turning to artificial intelligence to help with data management and security, but paradoxically, that technology can pose security risks of its own.

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How to Dissolve a Company in Bad Standing Before Year-End

CPA Practice

By Nellie Akalp. Whether due to a failure to file reports, pay taxes, or meet regulatory obligations, there may be a time when a company falls into bad standing. When this occurs, dissolution may be a solution. But it’s important to act quickly. With the end of the year fast approaching, it’s advisible to dissolve a client’s company as efficiently and as smoothly as possible.

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Should Tax Planners Work with Family Offices? How Family Offices Work

CTP

In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized company that is focused on managing the wealth and the personal affairs of a family.

Tax 105
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2025 Budget Season: 3 Key Priorities  

CPA Practice

By Alessio Lolli. Budget season is in full swing, and this can be the most significant – and resource-intensive – period in the year for finance leaders and their teams. When kicking off the 2025 budgeting process, CFOs will need to revisit and pressure-test the scenarios, assumptions, and decisions that were employed for the previous year. While this is always the case, CFOs face a year of huge uncertainty, which may make this budget season a greater challenge – although there is also opportu

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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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Stay Compliant and Secure with Robust Model Validation

Cherry Bekaert

Contributors: Jeremy Lankster | Senior Manager, Risk Advisory Services & Julianna Casey | Manager, Risk Advisory Services While statistical model validations were once the domain of larger financial institutions, there has been a recent regulatory focus on periodic model validations for financial institutions both big and small. This change followed the 2021 release of the which intended to better align validations with anti-money laundering models.

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AICPA Women’s Global Leadership Summit Aims to Promote and Uplift Trailblazers and Allies

CPA Practice

AICPA & CIMA will hold the thirteenth annual Women’s Global Leadership Summit from November 11-13 this year in the Seattle area, where attendees dedicated to advancing women in the profession will be inspired by trailblazing speakers, and participate in impactful sessions tailored to all career levels. Keynote speakers this year include: Vernice “FlyGirl” Armour , America’s first Black female combat pilot; Shayla Rivera , former NASA rocket scientist; and Bushra Amiwala , award-winning activ

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RBSK Partners Acquires Hash CPA Group in Indiana

CPA Practice

Greensburg, IN-based accounting firm RBSK Partners has acquired fellow Indiana firm Hash CPA Group, based in Franklin. Financial terms of the deal weren’t disclosed. The integration process is currently underway, according to RBSK Partners, with a focus on ensuring a smooth and efficient transition for all clients. The combined firm will operate under the RBSK Partners name.

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EY acquires tech consulting firm Dignari

Accounting Today

The woman-owned firm specializes in digital identity and access management solutions to provide cybersecurity for U.S. government clients.

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2024 Intuit Connect Conference Kicks Off in Vegas

CPA Practice

Thousands of small business technology experts, consultants and everyday Intuit users gathered at the Aria Casino and Resort in Las Vegas starting on Monday for Intuit Connect, the company’s annual user and advisor conference. Conference activities centered around small business practices, advisory services, professional tax services, and accounting firm management will be held from October 28-30. 2024.

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A primer on PE

Accounting Today

Private equity comes with a great many questions; Bob Lewis offers answers and valuable advice for accountants looking at this major trend.

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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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UHY Unveils First Rebrand in 20 Years

CPA Practice

UHY International, a global network of accounting firms that includes Farmington Hills, MI-based UHY Advisors, a top 30 firm in the U.S., has launched a new brand identity—its first in two decades. “The new brand—which includes a far-reaching overhaul of every aspect of the brand’s look, feel, and messaging—reflects the network’s deeply interconnected, collaborative network of firms across nearly 100 different countries.

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Only 1 HSA provider rated 'high' quality by Morningstar. Here's why

Accounting Today

Low interest-rate yields, minimum-asset requirements for investing and higher fees brought lower grades for most of the firms reviewed in an annual study.

Tax 89
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EY Adds Technology Consulting Firm Dignari

CPA Practice

EY US said on Oct. 28 that it has acquired Dignari, an Alexandria, VA-based woman-owned technology consulting firm specializing in digital identity and access management (IAM) solutions. Financial terms of the deal weren’t disclosed. Dignari is now known as EY Dignari, according to the company’s website. Dignari’s 300-strong workforce utilizes innovation at scale and data-driven strategies to advise U.S. government clients.

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Setting standards for AI: Inside ISO 42001

Accounting Today

ISO 42001 is a comprehensive framework concerning oversight of AI management systems in terms of security, ethics and accountability.

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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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Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax Authorities

Cherry Bekaert

In the wake of Hurricanes Helene and Milton, individuals and businesses are dealing with the aftermath. They are seeking ways to reduce financial impacts and recover. Understanding the available tax relief options is crucial. Both federal and state agencies have stepped up to offer essential guidance and support. IRS Disaster Relief The Internal Revenue Service (IRS) offers comprehensive tax relief to those affected by Hurricane Helene and Hurricane Milton across several states.

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Alaska flood victims get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those impacted in Juneau.

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My Intuit Connect Day Two

Insightful Accountant

More fun, excitement, information, excitement, connections, excitement, learning opportunities and excitement at this second day of Intuit Connect.

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Art of Accounting: Planning for 2025's tax season

Accounting Today

Tax season is about providing superior, high-value services to clients. That means doing everything necessary to make the experience working with you pleasant.

Tax 78
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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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Cybersecurity Essentials for Tax Practices

Insightful Accountant

How do tax practitioners who don’t specialize in cyber security know how to handle and implement proper cyber security? As tax practices increasingly become targets for cybercriminals, practitioners must embrace cybersecurity.

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Schellman takes the lead as an AI watchdog

Accounting Today

Top 50 Firm Schellman recently became the first U.S. firm accredited to certify compliance with the new ISO 42001 AI management standard.

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Is QuickBooks Enterprise Online or Desktop?

Ace Cloud Hosting

QuickBooks Enterprise is the best accounting software on the market, with all the capabilities needed for efficient financial processes. Introduced in 2002, it is suitable for mid-sized and large businesses.

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Ending tax breaks for wealthy fuels support in Puerto Rico race

Accounting Today

Juan Dalmau has tapped into frustration with the island's two-party system by proposing broad tax and energy reforms.

Tax 69
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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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Top 10 Technology Predictions for Accounting Firms in 2025

CPA Practice

By Roman Kepczyk, CPA.CITP, CGMA. During this brief remaining period before the holiday seasons begin, we accountants set our sights on preparing for 2025 and those things we need to think about incorporating into next year’s strategic plans. While much of the focus will be on staffing and preparing for year-end/busy season, I feel it imperative to consider the underlying technologies that can be fine-tuned for a tax season.

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Crypto owners – what does the forthcoming budget mean for me?

Menzies

Menzies LLP - A leading chartered accountancy firm. With the Autumn Budget coming up on 30 th October, rumours are circulating regarding what might change for taxpayers, but what does that mean for crypto owners? An increase to capital gains tax? In their manifesto Labour promised not to raise income taxes, so we can reasonably expect the Government will be targeting other taxes in order to help raise funds to cover the so-called £20bn ‘black hole’.

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Monday Morning Accounting News Brief: GT Partners Eye Their Own Yachts; How EY Can Handle ‘Cheating’ Better | 10.28.24

Going Concern

Hi! I heard you like news with your Monday morning coffee, here you go. People Management discusses the recent CPE debacle at EY that led to people losing their jobs. “Given EY’s history with professional training cheating, it’s understandable that they’re taking a firmer approach to personal development,” Martin Drake, director at Higher, told People Management.

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AI in Law Firms: Key Factors for a Strategic Rollout

Withum

In the rapidly evolving landscape of legal technology, AI in law firms is becoming increasingly prevalent. A recent article from Bloomberg Law highlights the potential of AI to transform legal workflows through a hybrid approach that melds human and machine intelligence. However, as law firms explore the integration of artificial intelligence, particularly generative AI, to enhance their practice, it’s crucial to understand both the potential benefits and associated risks.

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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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Looking Ahead: 2025 Tax Inflation Adjustments for Individuals and Families

Anders CPA

The Internal Revenue Service (IRS) has released its annual inflation adjustments for tax year 2025. Detailed information about the adjustments and changes to the over 60 tax provisions impacting taxpayers can be found in Revenue Procedure 2024-40. The adjustments described below generally apply to income tax returns that will be filed in 2026 for tax year 2025.

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Two-Thirds of Americans Say Election Will Significantly Impact Unemployment, Survey Finds

CPA Practice

American workers have growing fears about AI technology, the outcome of the election, and its impact on unemployment, according to a new survey by MarketWatch Guides. Some of this anxiety has resulted in a focus on preparedness, as 40% of those we surveyed said they saving more money than usual to prepare for the results of November and beyond. Please answer the following yes or no questions regarding layoffs.

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Case Study: Proactive Cybersecurity for Multiemployer Funds

Withum

Download a PDF of this case study. Executive Summary A self-administered multiemployer fund engaged Withum’s Cybersecurity team to evaluate its existing cybersecurity policies. Withum conducted a thorough review of its written information security program, performed vulnerability scans, and executed both internal and external penetration tests. This comprehensive approach identified potential vulnerabilities and provided actionable recommendations for remediation.

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Trump proposes tax credit for caregivers

Accounting Today

It's the latest in a series of tax breaks announced by the Republican nominee with the election only about a week away.

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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.