Mon.Aug 21, 2023

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Tokenization: Transforming Finance and Elevating the Role of Accounting and Audits

Withum

In today’s rapidly evolving financial landscape, technology continues to reshape how we conduct transactions and manage assets. One of the groundbreaking innovations poised to revolutionize finance is tokenization. Tokenization involves converting real-world assets, such as stocks, bonds, real estate, and even intellectual property, into digital tokens on a blockchain.

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National Land Realty Launches “Land 1031” Exchange Service

CPA Practice

National Land Realty (NLR), a real estate land brokerage company specializing in farm, ranch, country estates, timber, recreational, and commercial development properties, has launched “Land 1031,” its new 1031 exchange service. 1031 exchanges enable property owners who normally pay anywhere from 30% to 40% in capital gains taxes (some even pay up to 62 percent in some instances) to exchange their existing real estate for properties of similar value while deferring 100% of the taxable capital ga

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The Leadership Files: Kyle Bryant

Accounting Today

The managing partner of Market Street Partners — now heading into a major merger with Smith + Howard — says accounting firms are ripe for a fresh approach.

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Housing Transitions May be Stressful for Senior Clients and Their Families

CPA Practice

By Betsy Philips, CSHP. A time will come in our lives when decisions need to be made about where and how we will spend our senior years. Sometimes a house becomes too much to maintain, the stairs too hard to climb, or the taxes just too high. Often more hands-on care is required due to a growing medical concern or perhaps social isolation may be an issue.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

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Meet the Tax Crime Junkies

Accounting Today

The hosts of the "Tax Crime Junkies" podcast share some of their favorite tax crimes and how they created their podcast.

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Study: Americans Are Blowing Through Pandemic Savings

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) Americans are likely to soon start depleting the excess savings they began to accumulate during the COVID-19 pandemic when the national fiscal response was strong and consumers spent less, according to a recent Federal Reserve Bank of San Francisco blog. That savings drawdown is likely to start as early as this quarter, according to the blog by Fed researchers Hamza Abdelrahman and Luiz E.

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Is Tax Relief on the Horizon for Marijuana Businesses?

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold.

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Generative AI plays a role in everyday finance

Accounting Today

Ultimately, ChatGPT can help teams improve, not replace them, and that's a critical distinction that too often gets buried in the hype.

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Financial Planning for Special Needs Clients Takes Special Professionals

CPA Practice

By Mary Anne Ehlert, CFP®. Advisors tell me quite often they started their careers in the financial industry to make a difference in people lives. It is a career that enables us to use our talents and make a real difference on the planet. But a very small percentage of those advisors have depth in the working with families who have a family member with disabilities.

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US Roadshow Accelerate: Xero brings the product announcements (and the noise)

Xero

This year’s US Roadshows were nothing short of inspiring, with accounting, bookkeeping and app partners showing up from all over the country to attend our events in Austin, Atlanta and Los Angeles. Joining us were leaders from Gusto, Poe Group Advisors, and futurist Elatia Abate to highlight how you can tap into the voice of the customer, capitalize on growing technologies, and capture the moment you’re in now.

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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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15 Accounting Firms Are Now Members of the ‘Billion-Dollar Club’ in the U.S.

CPA Practice

Fifteen public accounting firms in the U.S. made $1 billion or more in revenue during their most recent fiscal year, according to the newly released top 500 firms ranking for 2023 from INSIDE Public Accounting. There are three new additions to the “billion-dollar club” for 2023. At No. 13 is New York-based Marcum, which pulled in $1.21 billion, up from $799 million in IPA’s 2022 ranking.

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Tax trading scam made my life a 'shambles,' Duet Group founder Gabay says

Accounting Today

Henry Gabay, founder of a now defunct London-based asset manager, told a German court that he's innocent and that the "devastating" Cum-Ex charges against him are built on lies by his former business associates.

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How a Patient Advocate Can Work for Your Clients

CPA Practice

By Teri Dreher, RN, CMM. “Everyone today needs a patient advocate.” That’s what the American Heart Association said. Indeed, with our increasingly complicated healthcare system, more and more of your clients are finding that what the American Heart Association said is true, and they are increasingly turning to patient advocates to manage their care or the care of their loved ones.

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A year on, what do clients think about the IRA?

Accounting Today

Energy credits and a more responsive IRS seem to be the main talking points practitioners are hearing about.

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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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Risk-Free Recruiting for the Accounting Industry

Going Concern

Ed. note: The following is a guest post from Accountingfly , a niche recruiting agency that specializes in helping firms and finance departments hire accounting talent. They wrote this post because they heard you were looking for accountants. Full disclosure: Accountingfly is Going Concern’s owner/overlord. Let’s make this quick. If you need some help hiring US-based accounting talent, Accountingfly can help, and if they can’t, they’ll let you know.

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The CPA’s Guide to Business Continuity and Disaster Recovery Planning

CPA Practice

In the fast-paced and complex world of accounting, unexpected disruptions can pose severe threats to the continuity of operations. As stewards of financial integrity, CPAs bear the responsibility of preparing businesses for unforeseen challenges. But how does one combat the unpredictable? The answer lies in robust business continuity and disaster recovery planning. 1.

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What Illinois Secure Choice Retirement Means for Your Small Business or Non-Profit

Nancy McClelland, LLC

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement.

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PwC Admits 258 New Partners and Principals

CPA Practice

PwC unveiled its newest class of rainmakers on July 1, a group that includes 142 principals and 116 partners. The 258 members of the class of 2023 is smaller than the 283 PwCers who were promoted last year but larger than the 210 in the class of 2021. A majority (174) of the new partners and principals work in the Big Four firm’s consulting practice, while 77 of the promotees work in Trust Solutions, the PwC practice that includes audit and tax services.

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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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Different Ways to Bill Your Time as an Architect

Insightful Accountant

Architects or architecture firms find that effectively managing their time and accurately billing clients can be a challenging task without the right tools and resources. Hour Timesheet and Clockwise co-founder Debbie Sabin explains.

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What Illinois Secure Choice Retirement Means for Your Small Business or Non-Profit

Nancy McClelland, LLC

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement.

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Top 100 2024 Certification Clues: QBO Payroll

Insightful Accountant

Murph explains how the QBO Payroll Certification for ProAdvisors can greatly enhance your point earnings toward next year's Top 100.

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Monday Afternoon Accounting News Brief: Stop Calling It an Audit; Deloitters Clean Up Some Trash | 8.21.23

Going Concern

Good morning afternoon and happy Monday to you. This week I’ll be covering the Illinois CPA Society SUMMIT23 so if you want to keep up with all that from the comfort of your home or office go on Twitter. If you’re attending live come find me, I have stickers. Apologies that airport wifi held up today’s news brief, I know you all are devastated.

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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.

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Illinois CPA Society holds summit to discuss latest accounting issues

Accounting Today

The Illinois CPA Society is hosting its annual conference this week featuring 44 educational sessions and four keynote presentations, including a session on the state of the CPA profession.

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Clarification on refund related issues| Circular No. 197/09/2023- GST 

VJM Global

CBIC received various issues related to GST refunds such refund should be granted in accordance with invoices appearing in GSTR-2A or GSTR-2B, whether exporter is entitled to claim refund of IGST paid under Rule 96A(1), manner of computation of adjusted total turnover etc. In order to clarify these issues and to bring uniformity, CBIC has provided followin gclarification on various matters vide Circular No. 197/09/2023- GST dated 17th July, 2023. a.

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How to Complain Effectively

CPA Practice

By Izzy Kharasch. Writing a scathing review on Google or Yelp after a terrible experience at a restaurant or business makes us feel all warm inside. We’re upset! We want everyone to know we’re upset! We want to warn others to stay away. But what if you like that particular business and want to return? If so, a social media complaint is not necessarily going to lead to improvement.

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Managing Cash Flow: Outsourcing for Better Financial Management

Analytix Finance & Accounting

Managing your cash flow as a small or midsize business (SMB) can feel challenging, especially if you’re just starting out or your business is growing quickly. But learning how to manage cash flow successfully can help you avoid potentially catastrophic financial blows to your business and empower you to make positive financial management decisions. Overview of cash flow management Cash flow management involves tracking the cash entering your business and comparing it to the amount leaving your b

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How to Set Better OKRs and Drive Results

Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.

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Improving Workpaper Tools and Processes Could Unlock Opportunities for Corporate Tax Professionals

CPA Practice

A new survey shows the most urgent workflow challenges faced by tax professionals at large U.S. corporations may be alleviated by the optimization of workpapers processes and tools. The survey was commissioned by Bloomberg Tax and Arizent. Workpapers serve as the foundation of the tax department’s workflow, playing a pivotal role in tax calculations supporting crucial tax deliverables such as provision, compliance, planning, and audits.

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Super-Deduction Replaced by Full-Expensing

Menzies

Menzies LLP - A leading chartered accountancy firm. After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spe

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Webinar Video: The 7-Minute Conversation With Cash Flow Mike (Financial Health)

Patriot Software

Want to be able to look at the financial health of any business in minutes? Industry expert Mike Milan, otherwise known as Cash Flow Mike, presents “The 7-Minute Conversation – How To Analyze Any Company’s Financial Statements in 7 Minutes or Less.

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Steinhoff Europe's ex-CFO jailed in Germany over accounting scandal

Accounting Today

Dirk Schreiber was the first top manager to be imprisoned over an accounting scandal that led to the near-collapse of the retailer.

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.