Going Concern

JUNE 2, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says PwC chair [ The Telegraph ] Kevin Ellis, chairman of PwC, said the popularity of AI software will drive employees to abandon working from home as they

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Withum

JUNE 2, 2023

Transfer pricing professionals have the pleasure (and the challenge) of specializing in a discipline that is increasingly valuable, though often unfamiliar, even to those who need it the most. At a cocktail party, revealing you are a transfer pricing specialist can be met with the same response reserved for an unusual charcuterie board. Partygoers are generally unfamiliar but maybe a little intrigued, and if you explain the value of the subject matter well enough, they just might give it a bite.

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CPA Practice

JUNE 2, 2023

By Fast Company Staff. Fast Company Magazine (via TNS) Do-it-yourselfers and repair shops are celebrating a victory in Minnesota with the enactment of a new law that requires many manufacturers to share parts and information with tinkerers and small businesses. The so-called right to repair law will allow equipment owners and independent shops to more easily fix devices like mobile phones, laptops, appliances, and other equipment.

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Going Concern

JUNE 2, 2023

According to reporting across the pond (including this story from City A.M. we shall be quoting in a moment), KPMG UKers are not going to have a fruitful bonus season due in large part to a slowdown in business. KPMG has slashed the bonus pool of its UK workforce and reined in commission for salespeople as its profits falter amid a slowdown in the dealmaking environment this year, City A.M. has learned.

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

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

CPA Practice

JUNE 2, 2023

Abdo LLP, a leading full-service accounting and advisory firm based in Minnesota, announced today that HG&K, Ltd. has merged with the firm. In this transaction, HG&K’s three partners and 16 staff members have joined Abdo effective June 1, 2023. The newly combined firm will continue to operate under the Abdo name, with shared values, brand, and vision.

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Randal DeHart

JUNE 2, 2023

Fear is a natural, emotional response to distress. The evolution of humanity was dependent upon feeling and responding to fear. Unfortunately, for some of us, fear is a stumbling block to unlocking our full potential and becoming great leaders. Fear can have a significant impact on business activities. If a business owner is afraid of taking risks or making decisions based on past negative experiences, it can hinder their success.

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ThomsonReuters

JUNE 2, 2023

About halfway through his presentation on the future of payroll at Payroll Org’s (formerly the American Payroll Association) annual Congress event, Pete Tiliakos, an analyst and founder of GxT Advisors, stated that although artificial intelligence (A.I.) “is not going away” when it comes to playing a role in the industry, the new technology “is not going to replace” payroll professionals.

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payroll Technology Start-ups California 59

Nancy McClelland, LLC

JUNE 2, 2023

Chart from Down Detector website illustrating current banking issues at Chase as of 2:40 pm June 2, 2023 — [link] Chase Bank seems to be having issues today… many small business owners have reported seeing duplicate Zelle notices, but it turns out: those aren’t just duplicate notices. Chase is actually taking the money out twice! From Chase —- We’re sorry that some customers are seeing duplicate transactions and fees on their checking account.

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Patriot Software

JUNE 2, 2023

Canton, OH Patriot Software, a leading provider of affordable, easy-to-use accounting software and online payroll, is excited to announce the release of a new payroll permissions feature. Now, Patriot customers can control access to sensitive payroll data, increase security, have better protection against fraud, and reduce risk of errors.

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payroll accounting software Account accountant 52

CPA Practice

JUNE 2, 2023

While EY continues to lick its wounds after the firm’s plan to split its auditing and consulting arms into separate firms failed spectacularly , the Big Four firm shared some good news on Thursday: 966 people were promoted to partner across the globe. “As we prepare EY to continue to thrive this year and beyond, I am delighted to congratulate our new class of EY partners on this impressive milestone as we celebrate the career progression of our new partner promotes,” EY Global Chairman and CEO C

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Advertiser: Paycor

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

ThomsonReuters

JUNE 2, 2023

A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment tax returns. Employers use Form 941-X to correct errors on a previously filed Form 941 for incorrectly reported wages, tips, and other compensation; income tax withheld from wages, tips, and other compensation; taxable Social Security w

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CPA Practice

JUNE 2, 2023

Top 35 accounting and advisory firm Weaver has acquired Pasadena, CA-based firm HKG in a deal that went into effect on June 1. As part of the transaction, 65 HKG professionals, including seven partners, joined Weaver. Terms of the deal weren’t disclosed. The acquisition boosts Houston-based Weaver’s presence on the West Coast to six offices and 150 team members, including 18 partners.

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Menzies

JUNE 2, 2023

Menzies LLP - A leading chartered accountancy firm. Menzies Business Recovery is thrilled to be named as the winner of the Corporate Restructuring & Insolvency team of the year award at the Credit Awards 2023 – for the third consecutive year! Commenting on our win for Corporate Restructuring & Insolvency team of the year, Simon Underwood , Partner, said: “We are delighted and very proud to have been awarded ‘Corporate Restructuring & Insolvency Team of the Year’ for a remarkable thir

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CPA Practice

JUNE 2, 2023

By Erin Bendig. Kiplinger Consumer News Service (via TNS) A new perk from Amazon is potentially on the way, one that could help you save a good chunk of cash each month. For the last six to eight weeks, Amazon reportedly has been in contact with several wireless carriers as they consider offering low-cost or free phone service to U.S. Prime members.

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CPA Practice

JUNE 2, 2023

By Ane Ohm and Chris Marschka. If the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank illustrate anything, it’s the fragility of trust that both bank customers and regulators are experiencing as a result of downturn fears. While a new era of regulatory scrutiny was dawning well before the collapse of SVB and Signature Bank in March, these incidents brought into sharp focus the impact of rising interest rates and economic slowdown on banks and their customers from a risk

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CPA Practice

JUNE 2, 2023

The AICPA Foundation , established in 1922 to advance accounting as a learned profession and promote its future, is offering more than $75,000 in scholarships for CPA Exam candidates and college accounting students. The CPA Exam Scholarship is available to U.S. citizens or permanent residents who are pursuing CPA licensure and who have financial need.

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CPA Practice

JUNE 2, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the content quality in various AI generative content systems. Click here to go to the podcast page.

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