Fri.May 26, 2023

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How to Be Prepared for an ERC Audit

CPA Practice

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.

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AICPA Council Approves 12-Point Plan to Do F*ck All to Solve the Accountant Shortage

Going Concern

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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AICPA Supports New Strategy to Increase New Accounting Professionals

CPA Practice

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

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Top Information Technology Audit Risk Considerations in 2023

Cherry Bekaert

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.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Florida Adds New Sales Tax Holidays, But with a Bug

CPA Practice

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.

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Friday Footnotes: The ERC Problem; EY Double Dips; Stress Less in Public Accounting | 5.26.23

Going Concern

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

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Building A Competitive Advantage In The Construction Industry

Randal DeHart

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.

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iplicit and Lightyear join forces to create a seamless accounting experience

Accounting Insight

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.

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Practice Management: You're Doing it Wrong

Canopy Accounting

The dynamic nature of practice management in accounting has sparked widespread interest, driven by its constant evolution.

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Grant Thornton Layoff Numbers Are In

Going Concern

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

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Scrum: An Agile ERP Framework for a Successful ERP Implementation

Withum

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.

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What is a notice of assessment and How to Handle a request for information

Ronika Khanna CPA,CA

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).

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What are 401(k) Forfeiture Accounts?

Anders CPA

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.

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2023 Tax Season: the Numbers, the Challenges, and the Wins

Canopy Accounting

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.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Most A-Threatened Jobs are Held by Women, Says Study

CPA Practice

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

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KROST is Attending the California Restaurant Association LA Chapter Elizabeth Burns Lifetime Achievement Award Gala

KROST

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.

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Grant Thornton is the Latest Large Firm to Get Rid of Staff

CPA Practice

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

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SECURE Act 2.0 Changes Impacting Employers and Individuals

Cherry Bekaert

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.

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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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The Technology Lab Podcast – Generative AI: Dall-E, and MS-Designer

CPA Practice

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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Memorial Day 2023

Insightful Accountant

On this Memorial Day, we honor those who have died and who remain in service to these United States of America.

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NetSuite for Government Helps State and Local Agencies Move to the Cloud for Better Efficiency

CPA Practice

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.