CPA Practice
MAY 26, 2023
The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.
Going Concern
MAY 26, 2023
Last week, the AICPA released a revised pipeline acceleration plan , the goal of which is to get more young people into accounting to save the profession from extinction. To save you a click, I’m putting it here. At its spring meeting in Washington this week, the AICPA’s governing body (“Council”) approved this plan. Yay. Cue measured fanfare.
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CPA Practice
MAY 26, 2023
The governing body of the American Institute of CPAs has endorsed the creation of a national strategy to boost the number of accounting graduates who enter the profession, as well as those who go on to obtain a CPA license. It also directed the organization to lead a united, profession-wide effort to achieve those aims. Convening for its spring meeting, which concludes tomorrow, the AICPA governing Council passed a resolution that supports the organization’s Pipeline Acceleration Plan, commits t
Going Concern
MAY 26, 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. Have a safe Memorial Day. Long Read How a Pandemic-Era Program Became a Magnet for Fraud [ New York Times ] Amid the onset of the pandemic in 2020, as large swaths of the economy went into lockdown, Washington set up various pro
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.
CPA Practice
MAY 26, 2023
With additional reporting by CPA Practice Advisor staff. On Thursday, May 25, Governor Ron DeSantis of Florida signed a bill to approve legislation that provides six sales tax holidays in the state. The bill also establishes numerous new permanent Florida sales tax exemptions. However, the Florida Legislature erred in including items eligible in two of the sales tax holidays, but that have different tax treatments.
Randal DeHart
MAY 26, 2023
A competitive advantage is something that you offer or have that the competitor does not. There must be compelling reasons for people to do business with you rather than with other construction companies. The need to identify your point of difference is essential. The more similar your business is to many others, the greater your need to develop competitive advantages.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Cherry Bekaert
MAY 26, 2023
As organizations continue to rely on technology to achieve their business objectives, information technology (IT) risks continue to evolve, becoming increasingly complex and challenging to many organizations. We are seeing a significant shift in the IT risk landscape, driven by emerging technologies, changing cybersecurity threats, and evolving regulatory requirements.
Canopy Accounting
MAY 26, 2023
The dynamic nature of practice management in accounting has sparked widespread interest, driven by its constant evolution.
Accounting Insight
MAY 26, 2023
Cloud accounting business iplicit and global Software as a Service business Lightyear have joined forces to provide an accounts payable solution that can drastically cut the time and costs involved in the manual accounts payable process. The partnership will see cloud accounting provider iplicit integrate its product with Lightyear’s accounts payable automation system.
Going Concern
MAY 26, 2023
The other day Grant Thornton sent out a firmwide email packed with words like “difficult but necessary decisions,” “values and culture,” and “continued investment in growth” to inform everyone that heads were soon to roll. While pointing out that “unlike peers,” GT’s revenue growth had been strong through March versus the prior fiscal year “thanks to the superb client service our team delivers,” the email said senior leadership wo
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.
Withum
MAY 26, 2023
Implementing an enterprise resource planning (ERP) system can be a complex and challenging undertaking for small to mid-sized businesses. Despite the potential benefits of implementing an ERP system, many companies face significant challenges that can derail the project. Many businesses experience cost overruns, timeline delays, lack of user adoption, lost momentum and project rigor.
Ronika Khanna CPA,CA
MAY 26, 2023
While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). All taxpayers used to receive a beige envelope , until many of us signed up for online receipt (thereby saving CRA huge amounts of money on postage).
Anders CPA
MAY 26, 2023
When an employee leaves your workplace, what happens to their 401(k) funds? What are forfeitures in a 401(k) plan? How will proposed IRS 401(k) forfeiture rules affect how they are treated? Most employers that offer a 401(k) as a benefit have rules about funds being vested. It’s not uncommon for employers to require that employer-matched funds remain non-vested for five or more years.
Canopy Accounting
MAY 26, 2023
In the fast-paced accounting environment, practice management software has become essential for efficient operations and streamlined workflows. The success of any software solution heavily relies on its reliability and performance. With the 2023 tax season in the rearview mirror, we wanted to take the time to highlight ways that we've enabled accountants to experience uninterrupted operations and productivity.
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.
CPA Practice
MAY 26, 2023
By Diana Li – Bloomberg News (via TNS). While artificial intelligence is seeding upheaval across the workforce, from screenwriters to financial advisors, the technology will disproportionately replace jobs typically held by women, according to human resources analytics firm Revelio Labs. “The distribution of genders across occupations reflects the biases deeply rooted in our society, with women often being confined to roles such as administrative assistants and secretaries,” said Hakki Ozdenoren
KROST
MAY 26, 2023
KROST’s Restaurant Practice Leader, Jean Hagan is proudly representing KROST at the 24th annual Elizabeth Burns Lifetime Achievement Award Gala on Friday, June 2nd, 2023, in Santa Monica. The California Restaurant Association(CRA) will be honoring our client, John Tallichet, President, and CEO of Specialty Restaurant Corporation. John Tallichet has been a committed member of the Read the full article.
CPA Practice
MAY 26, 2023
Grant Thornton reportedly let some staff in its advisory and tax practices know on Thursday that they were losing their jobs, as the Chicago-based professional services firm joins many of its competitors in letting employees go—mostly in consulting—due to client work drying up amid a shaky economy. Going Concern reported the job cuts on Tuesday after receiving a tip from an anonymous Grant Thornton insider, but the number of layoffs and which areas of the firm would be impacted were not known at
Cherry Bekaert
MAY 26, 2023
Securing a Strong Retirement Act (SECURE 2.0) was signed into law at the end of 2022. This law brings significant changes to the retirement savings landscape. As a follow up to the 2019 SECURE Act, SECURE 2.0 continues to focus attention on enhancing employee savings for retirement, and when and how plan benefits are distributed to participants. A majority of the new law’s provisions take effect in 2024, but employers and individuals should begin planning for these changes now.
Advertiser: Paycor
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.
CPA Practice
MAY 26, 2023
Oracle has launched Oracle NetSuite for Government , a new suite of cloud solutions specifically designed for the needs of small-to-midsize state and local government agencies. NetSuite for Gover nment provides a single, integrated suite for streamlined accounting, grants management, payroll, planning and budgeting, human resource management, and more.
Insightful Accountant
MAY 26, 2023
On this Memorial Day, we honor those who have died and who remain in service to these United States of America.
CPA Practice
MAY 26, 2023
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss artificial intelligence generators Dall-E and MS-Designer. Click here to go to the podcast page.
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