Mon.Jun 10, 2024

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10 Tips for Timely and Accurate External Financial Reporting

Cherry Bekaert

Contributor: Mollie Carroll Financial reporting is an essential process for companies of all sizes, whether you’re a Large-Accelerated Filer or an Emerging Growth Company (EGC). External financial reporting helps investors and leaders within the company make educated decisions that are supported by financial data and business operations. Financial reporting also has compliance aspects across industry regulations and accounting frameworks.

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KPMG initiative helps nonprofits use AI

Accounting Today

KPMG launched its new "AI Impact Initiative," which will focus on helping nonprofits implement AI as well as provide AI training and education for the "workforce of the future.

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IRC Section 1202: A Powerful Tool for Tax Savings and Attracting Investors

Cherry Bekaert

For fast-growing companies, becoming a C corporation for income tax purposes can offer significant tax savings for their shareholders. Section 1202 of the Internal Revenue Code (IRC) is a powerful tool for attracting investors with funds to fuel a company’s growth. To qualify for these tax benefits, both the company and shareholder must meet specific requirements, and non-compliance can result in missed opportunities for savings.

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Supreme Court finds life insurance proceeds increase estate value

Accounting Today

A decision backing the surviving shareholder in a family business could have carried major tax implications to succession plans. Instead, SCOTUS backed the IRS.

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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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Groceries, Gas and QuickBooks - Infalation Continues

Insightful Accountant

Intuit has announced price hikes for QuickBooks Products and Services starting August 1, 2024. These price changes impact a multitude of Online and Desktop products.

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AI and Advanced Analytics – The Finance Function of the Future

Cherry Bekaert

Artificial intelligence (AI) has impacted nearly all business functions, but the surge in automation advancements has especially great potential for the finance function. For finance teams and leaders to thrive in times of massive change and technological transformation, increased efficiency, agility and innovation is required. With a thoughtful AI strategy, finance leaders can harness the power of AI, modern data, predictive analytics and financial intelligence to elevate the finance function a

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How to chow down on Uncle Sam's business meal deductions

Accounting Today

Tax deductions for meals come with a 50% limit in most cases. Here's a mini guide to noshing breaks for financial advisors, tax professionals and their clients.

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America’s Tax-Cut Era Has Outlasted Its Welcome

CPA Practice

By Kathryn Anne Edwards, Bloomberg Opinion (TNS) For more than two decades, America has pursued a policy as costly as the New Deal of the 1930s or the Great Society of the 1960s, but with a much narrower aim: cut taxes. Judging from the Congressional Budget Office’s latest forecasts, it has gone much too far. Extending the provisions of the 2017 Tax Cuts and Jobs Act, which are set to expire next year, will add an estimated $4 trillion to the federal government’s already perilously high debts.

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PCAOB sanctions Florida firm over audit violations

Accounting Today

The Public Company Accounting Oversight Board levied sanctions and $150,000 in penalties against L&L CPAs and three of its auditors for violating its rules and standards.

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You Shouldn’t Fear an IRS Audit if You Do Your Homework

CPA Practice

By Matthew Chancey, CFP, Kiplinger Consumer News Service (TNS) Audit. The word strikes fear in many people. They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return. The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026.

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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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Tax leaders worried about election results

Accounting Today

Strategic tax leaders worry the election will lead to changes to Inflation Reduction Act renewable energy credits, while tax tacticians worry about changes to federal corporate tax rates.

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AICPA Announces Recipients Teaching Awards

CPA Practice

AICPA & CIMA, together as the Association of International Certified Professional Accountants, have announced the recipients of the Bea Sanders/AICPA EDGE in Teaching Award, which recognizes exceptional teaching in introductory accounting courses, and the George Krull/Grant Thornton EDGE in Teaching Award, which recognizes and disseminates successful leading-edge practices in the teaching of junior- or senior-level accounting courses.

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How To Win The Talent War

Canopy Accounting

The accounting talent shortage is impacting many firms, but that doesn’t mean it has to affect yours. Learn the simple system to go from, “Where can I find talent” to top talent asking you “How can I work for you?

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Monthly Retail Imports to Hit Highest Level Since 2022

CPA Practice

Monthly inbound cargo volume at the nation’s major container ports is expected to reach its highest level in nearly two years this summer, according to the latest Global Port Tracker report from the National Retail Federation and Hackett Associates. “Consumers are continuing to spend more than last year, and retailers are stocking up to meet demand, especially as we head into peak shipping season,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

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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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CLA Global names new CEO

Accounting Today

CLA Global Limited has appointed Paul English as CEO, replacing Sancho Simmonds and Joseph Kask, who have held the role of co-CEOs of CLA Global since the formation of the network of independent accounting and advisory firms formed in July 2022.

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Boost Cash Flow with These Invoice Management Strategies for Small Businesses

IgniteSpot

Boost Cash Flow with These Invoice Management Strategies for Small Businesses Effective invoice management is crucial for small businesses striving to maintain a healthy cash flow and streamline their billing processes. As a small business owner, understanding best practices for handling invoices can significantly impact your financial stability and operational efficiency.

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Starting a YouTube Channel for Your Tax Practice: A Beginner's Guide

Insightful Accountant

As practice owners, we’re always looking for ways to generate leads and attract new clients. One effective method to achieve this is by starting a YouTube channel. Check out this beginner's guide!

Tax 59
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Being Your Own Financial Planner

Withum

Personal and family financial planning is a serious undertaking. Done wrong it could affect your ability to attain your goals or retire when you want. Done right it could provide you and your family with freedom from financial concerns. Careful financial planning is necessary for everyone, but I have found that many do not prepare properly, timely or with clear goals.

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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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Think Like a Banker and Set up Your Transportation & Logistics Company for Success

Anders CPA

In a capital-intensive industry like transportation and logistics, a strong relationship with your financial institution can improve your bottom line by generating thousands of dollars of profit or enabling you to negotiate a better interest rate or a higher line of credit. Here are the steps to take to ensure you think like a banker and put your best foot forward when applying for a loan or a line of credit.

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SMEs can bring revenue in faster by automatically sending reminder letters to debtors in the post with QR code payment links

Accounting Insight

Chaser, the leading global accounts receivable SaaS provider, has launched Letters. The new feature allows small-medium businesses (SMEs) to automatically schedule payment reminder letters to their debtors in the post. Chaser has expanded its credit management automation functionality to help businesses worldwide save time on manually posting payment reminder letters.

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Six Young CPAs Honored by AICPA

CPA Practice

The AICPA & CIMA recently recognized six practicing CPAs under the age of 40 with the 2024 AICPA Outstanding Young CPA Award. Every year, these awards are given in memory of Maximo Mukelabai, a member of the inaugural class of the AICPA Leadership Academy whose life was tragically cut short in 2011 at age 36. Honorees are selected annually for exemplifying the passion, intellect and inspiration demonstrated during Maximo’s career.

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Unlock Exponential Growth: How VyaPay's Partner Program Empowers You

Insightful Accountant

In the booming financial tech world, businesses seek innovative solutions to streamline payments and enhance customer experiences. Partner with VyaPay to elevate your value proposition and capitalize on this trend as a business leader.

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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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Cohen & Co. Admits 7 to Partnership

CPA Practice

Top 50 accounting firm Cohen & Co. announced its new partner class for 2024 on June 6, as well as two new members of its board of managers. “We are proud each year to recognize and welcome our new partners and board members, all deserving in their own unique way,” Chris Bellamy, CEO of Cleveland-based Cohen & Co., said in a statement. “They lead not only within our firm but also in our marketplaces and communities and are true examples of the best and brightest our industry has to offer.

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Draft Rules for Director ID Verification

Menzies

Menzies LLP - A leading chartered accountancy firm. Companies House has released draft rules for directors, persons with significant control (PSCs) and others needing to verify their identity under changes due to come into effect in 2025. (Exact date not yet published) What are the changes? The Companies Act 2006 and Limited Partnerships Act 1907 as amended by The Economic Crime and Corporate Transparency Act 2023, to require certain persons to verify their identity.

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PCAOB Fines Florida-Based Firm L&L CPAs $75,000 for Auditing Blunders

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) doled out $150,000 worth of total fines to a Plantation, FL-based CPA firm on June 10 for violations related to quality control, auditing failures, and missing Form AP deadlines. The audit regulator handed L&L CPAs and its president Weixuan Tracy Luo a joint fine of $75,000, engagement partner Andy Chow a civil money penalty of $50,000, and engagement quality reviewer Robert Kinzer a $25,000 fine, according to the settled disciplinary ord

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Consultation Paper – New Code of Conduct for Directors

Menzies

Menzies LLP - A leading chartered accountancy firm. The new code of conduct applies to directors of organisations of all sizes in the public, private and not-for-profit sectors, and has been developed to assist directors in making better decisions and to promote high levels of integrity on the part of directors. It represents a voluntary commitment and is not intended to hold back directors or create a new burden of compliance.

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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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NYU School of Professional Studies 16th Annual Tax Controversy Forum To Take Place on June 27–28 in New York City

CPA Practice

On June 27–28, government representatives and expert tax practitioners gather for the 16 th Annual Tax Controversy Forum , organized by the NYU School of Professional Studies Division of Programs in Business , in New York City. The event, which takes place at the Westin New York at Times Square , brings together tax industry professionals to share their perspectives on a variety of topics involving federal tax audits, appeals, and litigation.

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Art of Accounting: Planning is a lot more than what you think it is

Accounting Today

Stanley Goldstein's suggestions offer advice for building a successful career.

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CLA Global Names Paul English as CEO

CPA Practice

CLA Global Ltd., a network of accounting and advisory firms with more than 180 offices and 13,500 professionals around the world, including top 10 firm CLA (CliftonLarsonAllen) in the U.S., has appointed Paul English as CEO. English will replace Sancho Simmonds and Joseph Kask, who have held the role of co-CEOs of CLA Global since the network was formed in July 2022.

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Trump floats tax-free tips in pitch to win Las Vegas workers

Accounting Today

Donald Trump said he'd scrap taxes on tipped earnings for hospitality workers if he wins the White House, calibrating his message for swing-state voters in Nevada as he fights back after his felony conviction.

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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.