Mon.Dec 04, 2023

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Consulting giants see AI shaving years off the path to partner

Accounting Today

Artificial intelligence speeds up the time it takes junior staffers to make it to the prestigious partner level as the technology eliminates vast swaths of the repetitive, time-consuming tasks that typically filled up their first few years on the job.

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Monday Morning Accounting News Brief: EY’s Audit AI May or May Not Be Impressive; Putting New Hires to Work | 12.4.23

Going Concern

Morning! Here’s some news I scraped up, kinda dead out there. Bloomberg talks about Big 4 firms implementing AI. Funny Bberg framed it as a fast track to partner considering how few people actually want to be partners these days. There’s a whole discussion to be had about how repetitive grunt work in your early years actually serves a purpose but we’ll save that for another day.

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IRS falls short when employees get arrested

Accounting Today

The Internal Revenue Service needs to do a better job of keeping track of employees who are arrested by law enforcement and notifying their colleagues, according to a new report.

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Quote of the Day: ‘The Message Conveyed is That Firms Will Work You to Death with Minimal Pay Increases’

Going Concern

Check out this brutal honesty in CPA Journal today: The message conveyed is that firms will work you to death with minimal pay increases, there is little long-term career pay-off for the majority of new hires, and the work is mundane and boring. OK, context. The article “ What Can the Profession Do? ” is predominantly about the profession’s diversity problem and how despite “decades of effort” to diversify accounting programs and CPA firms, Black representation is s

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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PwC names Mohammed Kande as new global chair

Accounting Today

Kande has been the firm's global advisory leader since 2019 and also currently serves as co-leader of the U.S. Consulting Solutions side, where he has been involved in the firm's artificial intelligence efforts.

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3 Minutes with Lydia Read-Potter

Accounting Insight

Lydia founded BookSmart Accounting at the start of 2021 and has grown the business to a team of five with 200+ SME clients. Before starting her own company Lydia had worked in accountancy practice and finance roles in industry for over 15 years. We caught up with the trail-blazer herself… How did you get into the profession? I was temping through an agency at 18, they moved me from an admin role to a finance team and I fell in love with the work.

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Award Nominees and Applicants: Don't Lose that Email

Insightful Accountant

What Does It Take To Be Recognized in the 2024 ProAdvisor Awards? It Takes You Participating! If you've been nominated you should have gotten an email taking you to the Formal Application. Don't ignore or loose that Email!

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SSA: Social Security Overpayments Swell to $23 Billion

CPA Practice

By Joey Solitro, Kiplinger Consumer News Service (TNS) The Social Security Administration (SSA) released a report revealing its overpayment problem worsened in October, now standing at $23 billion. The newly released Agency Financial Report showed that the SSA made $11.1 billion in overpayments—accidentally paying beneficiaries too much—and $2.5 billion in underpayments to beneficiaries in fiscal year 2022, up from $6 billion in overpayments and $1.4 billion in underpayments in fiscal year 202

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20 big companies that need better tax advice

Accounting Today

The five S&P 100 companies with the highest overall tax rates paid an average of 43.32% in 2022.

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Intuit Releases Newest Small Business Index

Insightful Accountant

According to the Intuit QuickBooks Small Business Index, November, 2023 saw US small business employment decrease by 36,800 jobs to 13,244,300 people.

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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.

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IRS whistleblower nets $15M award amid calls for reform

Accounting Today

An anonymous tipster helped the agency catch more than 100 high net worth individuals who paid a combined $71 million in previously avoided taxes.

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AICPA Debuts Proposed Reporting Framework for Issuers of Stablecoins

CPA Practice

The AICPA has developed a comprehensive set of criteria to help increase transparency around stablecoins, a type of digital asset backed by traditional currency or other types of assets. The document will provide the first framework of its kind to those issuing stablecoins, backed by fiat currency, to report relevant information to stakeholders and will provide the basis for attestation services around this asset class.

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Supreme Court could make massive tax impact — or none at all

Accounting Today

Moore v. U.S. could "basically get rid of, I don't know, a third of the tax code," former House Speaker Paul Ryan has said.

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Make sales tax easier with Xero’s new auto sales tax, powered by Avalara

Xero

It’s no secret that businesses are always looking for ways to work smarter and faster. In fact, according to a recent survey of finance professionals commissioned by Avalara , 71% are investing in more tools and solutions to close overall efficiency gaps. When it comes to manual tasks, there are few that are more burdensome than sales tax. There are more than 13,000 jurisdictions across the US, so sifting through them all and making sure you’re selecting the right ones for your business can be a

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Marcum launches generative AI tool, AskMarcum.ai

Accounting Today

The tool is a product of Marcum Technology's innovation incubator, Marcum Labs, and is embedded within Microsoft Teams.

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Protective Refund Claims on Taxes Paid Under Section 965 in Light of the Moore Case

Withum

On December 5, 2023, the U.S. Supreme Court will hear oral arguments in Moore v. United States , an appeal from a decision from the 9 th Circuit U.S. Court of Appeals which, held that the Transition Tax under Section 965 of the Internal Revenue Code was a constitutional tax. Moore involved individual taxpayers who challenged the constitutionality of the Transition Tax as it violated the 16 th amendment since it was a direct tax on income which has not been apportioned among the states.

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Billionaire Tax Rests on a Disputed $14,729 Tax Refund at the U.S. Supreme Court

CPA Practice

By Greg Stohr, Bloomberg News (TNS) Democratic dreams of imposing a wealth tax on the richest Americans risk being snuffed out by the US Supreme Court in a dispute over a $14,729 bill. Calls to tax assets in addition to income have grown since Senator Elizabeth Warren ran for the White House on the issue in 2020, with President Joe Biden’s 2024 budget requesting a “billionaire minimum tax” to ease the federal deficit.

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Ex-lawyer who advised top banks on taxes told to expect conviction

Accounting Today

A former Freshfields Bruckhaus Deringer attorney advised top investment banks on how to navigate the "Cum-Ex" trading strategy at the center of Europe's biggest tax scandal.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Marcum Unveils New Generative AI Tool AskMarcum.ai

CPA Practice

Top 15 accounting firm Marcum has launched AskMarcum.ai , a generative AI tool powered by Microsoft Azure OpenAI Service. Developed by Marcum Technology’s innovation incubator, Marcum Labs, this new tool is embedded within Microsoft Teams to be used exclusively by firm employees. Embedding a custom generative AI interface into Teams extends its accessibility and functionality as a secure AI tool for Marcum employees to use at their desks and on mobile devices, the firm said on Dec. 4.

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Billionaire tax rests on a disputed $14,729 refund at the Supreme Court

Accounting Today

The case coming before the court stems from a 2017 tax law provision that aimed to collect hundreds of billions of dollars on earnings accumulated and held overseas by big multinational companies.

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Generative AI, Practice Transformation, Capacity and Leadership Headline DCPA23 Conference

CPA Practice

Harnessing the power of GenAI, transformation of practice areas, building capacity and a sharp focus on leadership and talent strategies are the key themes being discussed at this week’s 2023 Digital CPA conference, an event for forward-thinking accounting professionals. The rapid emergence of GenAI-enabled solutions was front and center for CPA.com president and CEO Erik Asgeirsson who believes the technology “presents enormous opportunities for the accounting and finance profession.

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Swoop for Advisors introduces tailored package for Bookkeepers, recognising their invaluable contribution to SMEs

Accounting Insight

Swoop for Advisors, a leading funding platform, proudly launches a package exclusively for bookkeepers, highlighting their crucial role in supporting business owners. This move underscores our commitment to recognising and empowering bookkeepers as integral players in every business’s success. “Our team at Swoop for Advisors deeply appreciates the invaluable contribution bookkeepers make to their clients.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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How to find or trace a lost pension

Menzies

Menzies LLP - A leading chartered accountancy firm. Is it time to get your pensions pots into shape? Locating a misplaced pension fund can be a challenging task, particularly if you’ve changed jobs frequently. Recent studies by Opinium reveal that 16% of UK adults have made an effort to locate a lost or forgotten pension, with only 9% succeeding in doing so.

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ACCOUNTEX ESPAÑA 2023 closes its second show, breaking records with more than 5,000 attendees

Accounting Insight

On the 7-8 of November, the accounting and finance profession reunited at ACCOUNTEX ESPAÑA to discuss the challenges and trends affecting the industry. Big themes included digital transformation, Artificial Intelligence, the constant legislative changes, labour management and human resources. The event, which has become the main meeting for the profession, presents an opportunity for the sector to learn about digitalisation and automation.

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70% of Higher Ed Leaders Think Industry Needs Fundamental Change in Management

CPA Practice

Despite 70% of higher education leaders expressing the belief that their industry’s economic model, programming, and other operations require fundamental change, about 80% of these same leaders are confident in their own institution’s financial stability over the next decade. This and other findings are part of FORVIS’ 2024 Annual Higher Education Outlook.

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Join us for Today's Future Forward (Day-1)

Insightful Accountant

It's Future Forward time. are you ready to find out what the future holds for the accounting, bookkeeping and advisory communities? It's not too late to register for today's FREE informative 'live' sessions.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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Sovos Approved as an IRS Modernized e-File (MeF) Business Provider for 1042 Returns

CPA Practice

Global compliance technology solutions and services provider Sovos has been approved by the IRS as a Modernized e-File (MeF) Business Provider for 1042 returns, in compliance with updated IRS e-filing requirements. Starting with tax year 2023 filings and beyond, financial institutions or businesses filing 10 or more information returns can no longer submit Form 1042 on paper, making e-File the only acceptable option.

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Navigating the staffing challenges in the hospitality sector for a smooth festive season

Menzies

Menzies LLP - A leading chartered accountancy firm. As we approach the holiday season, the hospitality industry stands at a pivotal juncture this year. Restaurants, pubs, and bars are eagerly anticipating an increase in visitors looking to celebrate with family and friends. Jobs site, Adzuna, has noted a 25% surge in openings for temporary festive positions in preparation for this expected influx.

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Creating a Budget for College Expenses: Tips for Clients

CPA Practice

By Billie Jo Weis. Some of your clients may be parents of college-bound students, and you know that higher education comes with not just academic challenges, but financial ones as well. The cost of college can be significant and can put a strain on a family’s finances if not managed wisely. That’s why it’s essential to create a budget for college expenses early on.

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Using Bank Statements to Determine Income in Divorce

FraudFiles

What do you do when a spouse will not accurately disclose income during a divorce? One option is to analyze the bank statements. Tracy explains how this is done.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.