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The recent cyber outage is a stark reminder of digital systems' vulnerability and potential impact on businesses, including those in the construction industry. This incident offers several critical lessons for construction bookkeeping. As a contractor, your accounting and bookkeeping systems are vulnerable not only to cyber threats but also to software outages, which can compromise sensitive financial data and disrupt business operations.
The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.
The Internal Revenue Service isn't in full compliance with the federal government's guidance for removal of TikTok from devices, according to a new report, but mainly because it hasn't been inserting the requirement in all its contract actions.
By Anthony G. Attrino, nj.com (TNS) A woman who worked as an accountant for a New Jersey company was sentenced Monday to more than three years in prison and ordered to pay $3.8 million in fines for charging millions in personal expenses on her employer’s credit card. Jennifer Vandever, 51, of Atco, was also sentenced in federal court in Camden County to three years of supervised release, according to a spokesman for the Internal Revenue Service’s criminal investigations unit.
Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te
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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. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.
By Karin Price Mueller, nj.com (TNS) New Jersey residents will have a new way to file their federal tax returns when it’s time to file for 2024, the IRS and state officials said Wednesday. The program, called IRS Direct File, was tested in 12 states during the 2023 tax filing season, and it’s now ready for prime time, officials said. The program will now be a permanent option for taxpayers in states that choose to participate, and New Jersey said it’s in.
8 min read July 26th, 2024 Nonprofit organizations have multiple funding channels to manage. In addition to tracking donations and events, nonprofits must also keep track of the funds received as a result of grant awards. Key Takeaways What Is Grant Tracking: Grant tracking is a part of grant management. The grant tracking process occurs after a grant is applied for and awarded.
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
By Caitlin Reilly, CQ-Roll Call (TNS) Big corporations and upper-income households could soon be “feeling the Bern,” as unabashed progressive Sen. Bernie Sanders, I-Vt., on Wednesday hinted at throwing his hat in the ring for the soon-to-be-open Senate Finance Committee seat. Sanders, who describes himself as a democratic socialist, is a vocal critic of Wall Street and corporate America and has pushed to expand entitlements like Medicare and Social Security, make college free and cut drug prices
Any sales that occur within a business where payment is not made up front (eg. retail) or in advance of the sale (eg. down payment for a car), is reflected as an “Accounts Receivable”, which is accounting terminology for amounts owing by customers to a business. It is good to have accounts receivable, as this means you are generating sales. The downside, however, of having accounts receivable is that it represents cash that you don't have now, and along with that comes the possibility that your
In today’s corporate sphere, virtually all companies depend, to some degree, on software systems supplied by third-party vendors. These include systems for accounting, back-office operations, and IT and cybersecurity support. Despite the prevalence of this practice, some organizations undermine the potential risks associated with dependence on third parties.
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
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On June 17, 2024, the Vermont legislature made a significant change by enacting legislation ( Vt. H. 887 ) that repeals the sales and use tax exemption for prewritten computer software accessed remotely, which was originally enacted in 2015 with Act 51. The new law went into effect on July 1, 2024, amending the definition of tangible personal property to include prewritten computer software, regardless of the delivery method or access.
Denver played host to the AGA Professional Development Training (PDT) in 2024, marking the first time the city had the honor of hosting this prestigious event in many years.
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Insightful Accountant launched it's premium content and training solution in June designed to help you grow and manage your practice through actionable articles, training sessions and Q&A sessions.
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Menzies LLP - A leading chartered accountancy firm. There are many factors that can severely impact business operation costs – technology is evolving, sustainability is a concern, and digital usage is at an all-time high. Investments are now forced to cover wage growth, service costs, fuel prices, and consumer demands, leaving little disposable income for improvements elsewhere.
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