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.

CPA 64
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PwC Was Thoughtful Enough to Wait Until After Hurricane Milton to Lay Off Tampa Employees

Going Concern

In September, Wall Street Journal was first to report that PwC planned to cut 1800 people — about 2.5% of the workforce — in October. As prophesied, layoffs began the week of October 7th. On October 5, the tropical storm soon-to-be-called Hurricane Milton formed in the Gulf of Mexico and by Monday, October 7 became a Category 5 hurricane with winds of 180 mph.

Florida 123
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Finance & Insurance Tops All Industries in Employee Benefits

CPA Practice

According to recent data, 78% of employees say they’re more likely to stay at a job based on the benefits offered. Furthermore, the cost of replacing an employee can be between one-half and two times the departing employee’s salary. To discover which industries offer the most comprehensive employee packages, international telecom provider TollFreeForwarding.com gathered new data to rank 16 industries on their employee benefits.

Finance 111
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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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Usage-Based Monetization Musts: A Roadmap For Sustainable Revenue Growth

Speaker: David Warren

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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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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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.

More Trending

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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 85
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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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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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Tax Court Rules Against a Family Limited Partnership

CPA Practice

By Ken Berry, J.D. How can a business owner transfer shares in the business to the younger generation without giving up control over day-to-day decision-making? A family limited partnership (FLP) may do the trick and save estate tax to boot. However, as shown in a new case, Estate of Fields, TC Memo 2024-90, 9/26/24, there must be a legitimate transfer of business ownership.

Tax 103
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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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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 67
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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.

Indiana 98
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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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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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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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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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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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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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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.

Tax 52
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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

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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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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.

Legal 52
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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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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.

audit 52
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How To Optimize Cash Flow: Your Roadmap To Resilience!

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

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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 52
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Withum’s Annual Golf Tournament Triumphs in Napa County

Withum

Withum is proud to announce that it hosted the 12th Annual Golf Tournament in the picturesque American Canyon, CA on September 20th, 2024. The event brought together clients, partners and friends of the firm for a day of spirited competition and camaraderie. Additionally, it served as a fundraiser for No Kid Hungry , a national campaign run by Share Our Strength , a nonprofit dedicated to addressing hunger and poverty issues in communities around the country, including the Greater Bay Area.

CPA 52
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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 64
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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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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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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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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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What is a Family Office? The Pros and Cons

CTP

If you own a business, especially if that business has been successful and you intend to pass down ownership of that business to your children, you may want to familiarize yourself with the concept of a family office. A family office is a specialized company that’s focused on managing the wealth and the personal affairs of a family. Family office services are typically offered by large CPA firms and include financial advisory services and even tax planning services.

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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.

Tax 64
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Travel and Expense Policy Success: Your Essential Checklist

Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.