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Download a PDF of this case study Executive Summary The Labor Union had several turnovers within their accounting department, causing them to fall into trusteeship due to their financial mismanagement. Withum’s Outsourced Accounting Systems and Services (OASYS) team intervened, rectifying the accounting records and paying overdue bills, transitioning their accounting system to a cloud-based platform and introducing an online bill payment system.
Everyone wants to know why it is taking so long for the IRS to pay their claims for the employee retention credit (ERC) and what they can do about it. There are steps that businesses can take today, but let’s first review why the IRS is slow-paying these claims. The IRS has an estimated 1,400,000 ERC claims in its backlog. Last year, when the IRS announced a moratorium on the processing of ERC claims filed after September 14, 2023, its backlog was about 600,000 claims.
Two huge firms are coming together in a $2.3 billion cash-and-stock deal, making the combined firm what is projected to become the seventh largest accounting firm in the U.S. with approximately $2.8 billion in annual revenue.
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.
It seems IRS employees owe almost $50 million in overdue taxes and somehow this news slipped right past us. One person who did not miss the memo is Joni Ernst, the Republican senator from Iowa who we assume has no relation to Ernsts Alwin C. and Theodore though we suppose it’s a possibility given the proximity of Iowa to Ohio. Anyway, this is what her office released on Monday : After an explosive report showed thousands of Internal Revenue Service (IRS) employees owe nearly $50 million in
By Timothy Keith. Artificial intelligence might be able to help introverts sell with less social discomfort and higher effectiveness, offering help for a challenge many accounting and law firm partners suffer with. And just in time, too: This rise and adoption of AI-empowered marketing and sales tools in professional services firms comes as private equity investments in professional service firms makes revenue growth more important than ever.
By Timothy Keith. Artificial intelligence might be able to help introverts sell with less social discomfort and higher effectiveness, offering help for a challenge many accounting and law firm partners suffer with. And just in time, too: This rise and adoption of AI-empowered marketing and sales tools in professional services firms comes as private equity investments in professional service firms makes revenue growth more important than ever.
Professionals on the Move is a round-up of recent staffing and personnel announcements from around the profession. CLA Celebrates More than 700 Advancements CLA (CliftonLarsonAllen LLP), the eighth-largest accounting firm in the United States, recently announced more than 700 advancements across the firm. Twice each year in July and November, CLA advances high performing team members to new roles, further developing the firm’s talent and investing in its succession mindset.
A 2.3-billion-dollar megadeal in public accounting was announced this morning, as top 15 firm CBIZ said it’s acquiring another top 15 firm, New York-based Marcum, which would put the combined firm among the seventh largest in the U.S. by revenue after the transaction closes later this year. Cleveland-based CBIZ, which is a publicly traded accounting services provider (NYSE: CBZ), will acquire the non-attest business of Marcum, while Kansas City, MO-based Mayer Hoffman McCann, the national indepe
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.
Things are looking bleak for the annual release of QuickBooks Desktop. It's August 1st, and Beta Testers are typically 'testing' RC1 (release candidate 1) for a September release date, but not this year.
By Gail Cole. Washington could be on its way to becoming the third state in the nation with a retail delivery fee, following the route paved by Colorado and Minnesota. So, what would a Washington retail delivery fee look like? When would it take effect? Read on to find out. What is a retail delivery fee? The name says it all: A retail delivery fee is a fee imposed on items purchased at retail for delivery in the state by motor vehicle.
“The whole point of Building Up is to connect people with barriers to employment to careers in construction,” explained Marc Soberano, founder of non-profit project Building Up. “We help people break the cycle of poverty and make a life for themselves.” Building Up was one of the 2023 recipients of funding from the Xero Beautiful Business Fund , winning the ‘Strengthening Community Connection’ for their inspiring community building work as a non-profit social contractor.
The American Institute of CPAs (AICPA ) has provided recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) on interim guidance in Notice 2023-38 as updated by Notice 2024-41. The guidance describes certain rules that Treasury and the IRS intend to include in proposed regulations regarding the domestic content bonus credit (DCBC) requirements and related recordkeeping and certification requirements.
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.
Let’s leave aside culture wars controversies about the opening ceremony – the Olympics still bring the magic. And in the dog days of summer, with so much chaos brewing in so many political and cultural corners … well, it is, in fact, a nice way to leave aside the culture war. Case in point: Simone Biles with a calf injury still pulled out an impressive floor routine and vault performance ending the night with a cushy point margin, in front of celebrities and the watching world.
By Marc Staut. Technology, personnel, accounting standards, and tax regulations mean accounting firms are constantly changing. So, it’s easy to neglect the need for innovation. However, that’s a serious mistake. Evolving client expectations, the commoditization of traditional accounting, tax and audit services and talent shortages demand that firms find new service lines and do more with the same resources.
As students head back to school, a class they may not have available to them is one focused on personal finance or financial literacy. According to research by Junior Achievement and research firm Big Village, 68 percent of teens would “likely” take a class on financial literacy (money management, personal finance) if offered to them, yet only 31 percent say they have access to these kinds of courses in school.
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.
The International Accounting Standards Board published a consultation document with eight proposed illustrative examples to show how companies could apply International Financial Reporting Standards when reporting the effects of climate-related and other types of uncertainties in their financial statements.
In a letter of support to Congressman Darin LaHood (R-IL), the American Institute of CPAs (AICPA) expressed its endorsement of provisions of H.R. 8864, the Tax Administration Simplification Act, which would apply the mailbox rule to electronically submitted tax returns and payments and would revise the estimated tax payments deadline to fall on a true quarterly interval.
A new survey from ACCA and the IMA reported a sharp decline in economic confidence among accountants and finance professionals in the U.S. and North America, although globally confidence seemed to be increasing.
The integration of bots into the accounting profession is revolutionising how accountants operate. Bots can enhance efficiency and accuracy while allowing professionals to focus on higher-value tasks, such as advisory. This is a shift many accounting professionals have been trying to do for years. What are bots? We have heard the term, usually with negative connotations.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Last week we received a tip that Marcum and CBIZ were “merging.” This seemed highly improbable given Marcum’s recent troubles — large and embarrassing SEC fines , an even larger private equity deal falling apart — but hey, stranger things have happened. So we tweeted it. Completely unsubstantiated rumor of the day: pic.twitter.com/xNiStHwgnB — Going Concern (@going_concern) July 24, 2024 Didn’t hear much on the wire after that except a small handful of p
As your practice evolves—whether you’re just starting out, scaling up, or preparing for an exit—the challenges of servicing clients and managing your practice remain ever-present, even as the role of accountants continually changes. For nearly a decade, Elite Business and it’s partners have been working with accountants to introduce innovative technology, develop profitable service lines, and transform practices to better meet client needs.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
“I want to grow a bazillion dollars next year.” My favorite flavor of pie in the sky is when a business owner throws out a random number for next year’s growth. They think that by putting pen to paper, they’re one step away from success. But there are so many questions to answer before you even get to the point where you know if that goal is realistic – and whether you can hope to maintain profitability while achieving it.
We’re looking at how artificial intelligence can help teams detect and prevent fraud. Understanding the problem Fraud is a growing problem. More than half (51%) of surveyed businesses experienced fraud in 2022, and cybercriminals are using increasingly sophisticated techniques to evade detection — sometimes, even utilising artificial intelligence themselves.
Federal law changes this year have shed new light on employee and contractor classifications. This guide provides an overview of key considerations for determining whether remote workers should be classified as employees or independent contractors.
Sometimes clients get upset at having to pay high prices for complex tasks like backlog cleanups. In this episode, I […] The post The Pricing Trick to Avoid Price Disagreements appeared first on Future Firm.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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