Thu.Feb 08, 2024

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New York Accountant Receives Probation for Embezzling $78,615

CPA Practice

By Debadrita Sur, The Buffalo News, NY (TNS) A Cheektowaga, NY, man was sentenced last week to five years of probation for embezzling funds from a fitness center in Amherst, Erie County District Attorney John J. Flynn said. Michael F. Ickowski Jr., 36, stole $78,615.58 between Dec. 6, 2022, and June 11, 2023, from the Amherst Fitness Center where he worked as an accountant.

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Hot Topics: Sales Tax Rates | TaxConnex

TaxConnex

Sales tax compliance depends on many factors. One of the most important – and the most incessantly changing – is the tax rates that America’s thousands of jurisdictions impose. These rates change all the time – if not the actual percentage, then the exemptions and other special rules that can seem nothing short of picayune for a business just trying to stay on the right side of sales tax laws.

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IRS warns tax pros about new EFIN scam

Accounting Today

The Internal Revenue Service issued a warning about a new scam email this tax season pretending to come from tax software providers asking for the preparer's Electronic Filing Identification Number.

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Accounting Firms that Embrace Cloud Tech See Higher Growth, Says Survey

CPA Practice

Accounting firms employing cloud-based technology solutions experience higher levels of growth, but many are still grappling with how to harness the full power of such tools for strategic benefit. This is according to the 2024 U.S. Accounting Industry Report, commissioned by Wolters Kluwer, which polled 1,776 tax and accounting firms of all sizes, also shows that modern accounting practices face a mix of internal and client facing challenges.

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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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Let’s Discuss Bathroom Etiquette Now That We’re Returning to the Office

Going Concern

Perhaps this post is long overdue and should have been written at least two years ago when the professional workforce began returning to the office post-pandemic but better late than never eh? Take notes, slobs. Over the years, we have covered various incidents of college-educated professionals behaving as though they were raised in a barn when utilizing the office restroom.

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Money is the Biggest Relationship Hurdle for 1 in 4 Couples, Survey Reveals

CPA Practice

By Shalene Gupta, Fast Company (TNS) Two forces move the world: love and money. Fidelity Investments surveyed 1,794 couples over the age of 18 in committed relationships to examine what happens when you combine them. Here are some of the key findings. Talking about money is challenging : More than 1 in 4 couples say money is their greatest relationship challenge.

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State CPA Societies in Action: Iowa Society of CPAs (ISCPA)

CPA Practice

State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities in state CPA societies across the U.S. The Iowa Society of CPAs (ISCPA) was founded in 1915 and currently has more than 4,000 active members, making it the largest professional membership organization in Iowa. Current Members: 4,000 Founded: 1915 Headquarters: West Des Moines, IA CEO: Dawn P.

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SEC To Regulate High-Speed Traders and Hedge Funds in Treasuries Market

Withum

The Securities and Exchange Commission (SEC) has decided to increase its oversight of firms that trade U.S. Treasuries frequently, such as hedge funds and high-speed traders. These firms will now have to register as dealers with the SEC, which means they will face more rules and scrutiny. The SEC says this move will help them monitor the Treasuries market better, as these firms account for a large share of the trading volume.

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How Accounting Firms Can Choose the Right Solutions for Automation Success

CPA Practice

By Mike Fouts The accounting profession is at a crucial moment in which there’s massive potential to enhance productivity, elevate client experiences, and prevent burnout. As financial first responders, accountants often find themselves under immense pressure that is only amplified by the busy tax season. To alleviate accountants’ tedious—but essential—tasks, firms must adopt automation technology, an increasingly essential resource in the profession.

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CLA Staff Might See Actual Celebrities at Their New Training Campus in Minnesota

Going Concern

Neighbors! Announced earlier this week, CliftonLarsonAllen has signed a 16-year lease for training space at the Viking Lakes Campus in Eagan, Minnesota just 20 minutes outside of Minneapolis. The new “connection center” is expected to open next year. CLA, which has more than 130 offices across the country, including the US Bank Building in downtown Minneapolis, intends to use the space at Viking Lakes Campus for a connection center.

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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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How to Choose a Payroll Service for Your Small Business

Patriot Software

Payroll software makes paying employees a breeze by calculating federal, state, and local taxes. If you’ve decided you want to use software to run payroll, you can put away your calculator and income tax withholding tables (hooray!). But, do you know how to choose a payroll service?

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IRS updates FAQs for Form 1099-K

Insightful Accountant

In an effort to provide more resources for taxpayers during this filing season, the Internal Revenue Service today revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions in Fact Sheet.

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The 9 Best Accountant Soft Skills to Master

Ryan Lazanis

Accountant soft skills are an often overlooked component of building a successful firm and career. Learn where to start in this article. The post The 9 Best Accountant Soft Skills to Master appeared first on Future Firm.

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Meet 2023 CAS/BPO ProAdvisor Award Winner : Jessica Fox

Insightful Accountant

We sat down with Jessica to get her thoughts on being the 2023 CAS/BPO ProAdvisor Award Winner, her journey, her path to success, and how she delivers 5-star service to her clients.

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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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Employee Pay and Benefits Are Growing But At a Snail’s Pace

CPA Practice

By Associated Press (via Fast Company, TNS) Pay and benefits for America’s workers grew in the final three months of last year at the slowest pace in two and a half years, a trend that could affect the Federal Reserve’s decision about when to begin cutting interest rates. Compensation as measured by the government’s Employment Cost Index rose 0.9% in the October-December quarter, down from a 1.1% increase in the previous quarter, the Labor Department said Wednesday.

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Have You Seen the Tax Tab in QuickBooks Online?

Insightful Accountant

Starting this month, the Tax Tab in QuickBooks Online customer files, including your own subscription clients, is asking about their 'tax preparation' method.

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How to navigate accounting assumptions

ThomsonReuters

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Staying up to date with GAAP standards Running an efficient and successful business isn’t easy. Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions.

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IRS Cautions Tax Pros About New EFIN Email Scam

CPA Practice

The IRS and the agency’s Security Summit partners alerted tax professionals on Thursday of a scam email impersonating various software companies in an attempt to steal electronic filing identification numbers (EFINs). The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns.

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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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M&A roundup: CBIZ grows in Colorado, and more

Accounting Today

CBIZ acquires Erickson, Brown & Kloster; Bowers merges in Kasperski Dinan & Rink; Hiline acquires Calculate; and Kruggel Lawton plans to add Cole Gavlas.

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Have You Outgrown QuickBooks? | Webinar Presented by goVirtualOffice and AccountingDepartment.com

AccountingDepartment

Have you or your clients outgrown Quickbooks or a related solution? Need to streamline the process of handling operations? Stuck in an old system that is slowing down growth? Then this session is for you. Join Jennie Hoffman of AccountingDepartment.com and Chrissy Allard of goVirtualOffice as they take you through the signs that you have outgrown your current systems and tell the stories of businesses that have harnessed the power of an ERP.

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Small firms plan big spend in tech

Accounting Today

The smallest accounting firms are anticipated to be the biggest spenders in technology over the coming years, according to a recent survey from Caseware.

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Padgett & Padgett, PLLC CPA’s Guide to 2024 New Small Business Trends & Regulations

SkagitCountyTaxServices

This weekend we got a chance to see what’s trending in the world of music via the 66th Annual Grammy Awards. But something that wasn’t talked about on stage was the struggles of the music industry right now. A lot of artists are facing difficulties with promoting their music online thanks to Universal’s battle with TikTok. And many music giants, including Universal and Spotify, are issuing layoffs across the board.

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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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QuickBooks update splits 1099 cost with clients

Accounting Today

Intuit QuickBooks has introduced split billing for 1099s, which allows e-filing costs for 1099s to be split between accountants and their clients.

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CBIZ Picks Up Erickson, Brown & Kloster in Colorado

CPA Practice

Cleveland-based top 15 accounting firm CBIZ acquired Erickson, Brown & Kloster, a full-service tax, accounting, and business consulting firm located in Colorado Springs, on Feb. 1. Financial terms of the deal weren’t disclosed. Concurrent with this transaction, Mayer Hoffman McCann (MHM), the auditing arm of CBIZ, gained the attest assets of EBK.

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Tax Fraud Blotter: Let it snow

Accounting Today

The Lady in fed; an education in fraud; dependent-happy; and other highlights of recent tax cases.

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2023 Fitness and Wellness Industry in Review

Withum

The fitness and wellness industry is a broad and diverse sector that encompasses various products, services and activities that aim to improve the physical, mental and emotional health of consumers. In 2023, the industry faced many challenges and opportunities as it adapted to the changing needs and preferences of consumers in the wake of the Covid-19 pandemic.

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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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IRS Direct File progresses through internal testing

Accounting Today

The Internal Revenue Service's Direct File free tax system has passed a key hurdle in the pilot test, passing muster with a dozen IRS employees successfully filing returns in as many states.

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San Diego Agrees to Pay $250,000 to Settle Retaliation Suit From Fired Accountant

CPA Practice

By Jeff McDonald, The San Diego Union-Tribune (TNS) A longtime accountant for the San Diego City Treasurer’s Office who says she was fired after refusing to sign off on findings her bosses changed has agreed to accept hundreds of thousands of dollars from taxpayers to settle her lawsuit. Christine Boulton-Hunyady spent 27 years with the city of San Diego, during which she says she was promoted multiple times and discovered millions of dollars in uncollected revenue.

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XBert, the AI-powered work intelligence tool for Accountants and Bookkeepers, launches in the UK

Accounting Insight

XBert, the future leading AI-powered software for bookkeeping and accounting teams, is now available in the UK. XBert helps bookkeepers and accountants work faster and smarter, thanks to its unique features that monitor data integrity, automate workflows, provide analytics and insights, and offer a white-labelled client portal. XBert’s co-founder, Troy Brown, said: “We are thrilled to launch XBert in the UK, one of the largest and most competitive markets for bookkeeping and accounting services.

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AICPA Asks Treasury for Guidance in Domestic Grantor Trusts

CPA Practice

The American Institute of CPAs has requested guidance from the the U.S. Department of the Treasury and Internal Revenue Service regarding international information reporting for domestic grantor trusts. AICPA’s recommendations focus on simplifying filing for taxpayers and practitioners and reducing the administrative burden on the IRS. AICPA highlights the need for Treasury and IRS to issue a Notice or Revenue Procedure to resolve uncertainty regarding the obligation of domestic grantor trusts t

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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.