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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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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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.

Tax
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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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8 Ways to Torture Your CFO

The office of the CFO is rapidly evolving, with more and more demands being placed upon the finance and accounting team each year. Join us in this webinar, where we share 8 things to NOT do when it comes to helping the CFO office advance in supporting the business. Learning Objectives: This course objective is to understand how best to support an organization's finance leadership.

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IRS spots $37.1B in tax and financial crimes

Accounting Today

The Internal Revenue Service's Criminal Investigation unit identified $37.1 billion in tax and financial crimes in fiscal year 2023, exceeding the previous year.

Tax
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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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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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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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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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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.

Tax
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How to Streamline Payment Applications & Lien Waivers Through Innovative Construction Technology

Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant

Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.

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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.

Tax
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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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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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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.

Tax
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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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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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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.

Tax
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Anti-money laundering and accounting: 2024 predictions

Accounting Insight

The National Crime Agency estimates that between £36 billion and £90 billion is laundered in the UK currently. In light of this, the long awaited Economic Crime and Corporate Transparency Act has finally passed, bringing much needed reforms, including robust improvements to Companies House and its powers to verify the information that is registered there.

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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.

Tax
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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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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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Art of Accounting: Jumpstarting tax season 2024

Accounting Today

Now is the time to start planning tax season and easing some of its pressures.

Tax
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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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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Swoop honoured with Deloitte Fast 50 win

Accounting Insight

First time award made to female-founded company Swoop has been named as the winner of the Deloitte Fast 50 for 2023 at a ceremony in Dublin’s Mansion House. Swoop w as founded by Andrea Reynolds and Ciaran Burke in 2018. It now employs 25 people in Ireland and one hundred globally. It has offices in the UK where it has five locations; Canada; US; Australia; and South Africa.

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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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GST Implication on reimbursement of foreign expats salaries| “Manpower Supply service” or not

VJM Global

Time limit of issuance of notice for GST Assessment for FY 2017 -18 lapsed on 30th September, 2023. Every industry is flooded with GST notices on various allegations including Purchase from canceled dealers, ITC reversal on exempted supplies, ITC ineligible under Section 17(5) of CGST etc. Notices are issued for FY 2017-18 till FY 2022-23. One of the issues on which thousands of MNCs have received notice is GST on salary of foreign expats paid by foreign parent companies.

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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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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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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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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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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