Wed.Nov 01, 2023

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IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers

RogerRossmeisl

As reported via IR-2023-202 on 11/1/2023 IRS opens free Energy Credit Online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS.

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Top 12 expense management tips for businesses in 2024.

Airbase

In a tumultuous economy, effective expense management is more important than ever. To maintain financial stability and drive strategic growth, organizations must optimize spending and have accurate financial data to inform decisions. Effective expense management is often challenging due to the complexity and diversity of employee spending. With numerous cost categories, complex approval processes, and the need for accurate recordkeeping, it’s often difficult to maintain control and visibility ov

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Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

Going Concern

This is not the kind of behavior we expect from our friends in the north! CPA Ontario announced yesterday Deloitte will be paying $1.59 million ($1.15 million USD) in fines and costs for breaches of the CPA Ontario Code of Professional Conduct (Rule 501 and 502). 501 covers a firm’s maintenance of policies and procedures for compliance with professional standards and 502 a firm’s maintenance of policies and procedures: competence and conduct of firm members.

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Top 12 expense management tips for businesses in 2024.

Airbase

In a tumultuous economy, effective expense management is more important than ever. To maintain financial stability and drive strategic growth, organizations must optimize spending and have accurate financial data to inform decisions. Effective expense management is often challenging due to the complexity and diversity of employee spending. With numerous cost categories, complex approval processes, and the need for accurate recordkeeping, it’s often difficult to maintain control and visibility ov

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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

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CFOs should embrace digital transformation or risk irrelevance

Accounting Today

In an ever-shifting global landscape full of economic uncertainties, the traditional role of chief financial officers is undergoing a seismic evolution.

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Artificial intelligence and expense management: Taking on the tasks you love to hate.

Airbase

Boring. Tedious. Finicky. Something to put off … indefinitely. That’s how many people think of expense reporting. One survey found a majority would rather do their taxes than file expense reports! Our collective distaste for this necessary evil even costs us money, as many people end up paying for business expenses because they can’t be bothered to request reimbursement.

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Gaynor Meilke on People-Centric Accounting and Technology Friendly Firms

Canopy Accounting

In Episode 1 of Canopy's Practice Success podcast, Gaynor Meilke , owner of Charisma Inc. emphasizes accountants are often people-oriented and love helping others. Gaynor suggests that accountants may lack confidence in marketing themselves and their services. Gaynor highlights that marketing is a continuous process for accounting firms and recommends focusing on key strategies like social media, building an email list, and having a strong website.

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5 Family-Based Income Tax Breaks

CPA Practice

It costs a pretty penny to raise a child from infancy through their college years. At least, families may be eligible for certain tax benefits along the way. Here are five of the main tax breaks on the books. 1. Child Tax Credit: Under current law, the partially refundable Child Tax Credit (CTC) can be claimed by parents with dependent children under age 17.

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Revenue vs. Profit: Understanding the Difference and the KPIs that Matter

AccountingDepartment

Business owners strive to maximize their company’s profits. After all, profits are the primary metric of a successful business. However, not everyone understands the difference between revenue and profit, and why it matters for their business.

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How CPA Firms Can Compete for Top Talent in the Year Ahead

CPA Practice

CPA firm leaders outlining staffing plans for the coming year can’t help but worry if they will hit their hiring goals. This concern is not misplaced: Research for the 2024 Salary Guide From Robert Half found that organizations in both public and corporate accounting are grappling with an accountant shortage. Employers in both camps are trying multiple strategies — and often competing fiercely with each other — to attract and retain top talent.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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IRS increases 401(k) and IRA limits

Accounting Today

The service issued its annual adjustments for retirement plans, with some reflecting changes in the SECURE 2.0 Act.

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Avalara Adds 17 Certified Integrations into Business Apps

CPA Practice

Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced the release of 17 newly certified integrations with accounting, ERP, ecommerce, point-of-sale, mobile commerce, and CRM software applications. Avalara has been a partner-centric company since its founding in 2004, with a concerted focus on integrating with technology solutions already in use by existing and future customers.

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Imagineering Field Service Management for NetSuite

Insightful Accountant

I put my mind to work while I was at SuiteWorld to think about new ways to 'imagineer' the uses for the new NetSuite Field Service Management feature.

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IRS Increases 401(k) Limit to $23,000 for 2024; IRA Limit Raised to $7,000

CPA Practice

The Internal Revenue Service has increased the amount individuals can contribute to their 401(k) plans in 2024 to $23,000, up from $22,500 for 2023. The agency also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75 PDF.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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List of the Day: These Are the Firms on the 2023 MOVE Project Best CPA Firms for Women List

Going Concern

The Accounting & Financial Women’s Alliance and Accounting MOVE Project have released their Best Firms for Women list and while some names might prompt a hearty who?? from the audience, still others are familiar names known for their women-friendly culture. What does it mean to be a best firm for women in the year 2023 anyway? From the list’s press release [ PDF ]: In the 2023 Accounting MOVE Project report, released today, a talent-starved profession receives a fresh influx of s

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Xero Awards UK: Introducing our 2024 judges

Xero

We’re excited to announce our official judging panel for the Xero Awards UK 2024. This year’s panel is made up of Xero leadership, as well as guest judges from the Xero community, including previous Xero Award-winners and industry leaders. They’re taking on the difficult task of selecting our winners for the 12 accountant, bookkeeper and app partner award categories.

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Redefining digital taxes

Accounting Today

A new proposal would create new definitions of digital goods for state taxation.

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KROST is Attending the PrimeGlobal World Summit

KROST

Our CEO, Jason Melillo is attending the PrimeGlobal World Summit. The conference takes place from November 6th through November 9th and will be held at the InterContinental in Miami. Jason will be networking and attending sessions on topics such as business opportunities, technology, advisory, and more. The World Summit brings together leaders and professionals from Read the full article.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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IRS extends time to 'perfect' R&D tax credit claims

Accounting Today

Taxpayers will now have through Jan. 10, 2025, to fix a refund claim.

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The Ins and Outs of E-Filing 1099s With the IRS

Patriot Software

When you own a business, you may need to hire an extra helping hand, like a vendor or contractor, to get a job done.

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Choreo acquires BDO wealth management business

Accounting Today

Choreo, a Chicago-based independent investment advisory firm that spun off from Top 10 Firm RSM US last year, has acquired an $8.1 billion wealth management practice from BDO USA.

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Biden Would Veto House GOP’s Israel Aid Bill That Cuts IRS Funds, White House Warns

CPA Practice

By John Harney, Bloomberg News (TNS) The White House said President Joe Biden would veto a bill proposed by House Republicans to provide assistance for Israel that would be paid for by slashing funds for the IRS. The Office of Management and Budget, in a lengthy statement on Tuesday night, said the measure “fails to meet the urgency of the moment by deepening our divides and severely eroding historic bipartisan support for Israel’s security.

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Planning Your Restaurant's 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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M&A roundup: Adams Brown, Doeren Mayhew and VSCPA expand

Accounting Today

Adams Brown merged in VonFeldt, Bauer & VonFeldt; Doeren Mayhew acquired practice from Button Eddy & Sorrentino; and the Virginia Society of CPAs acquired Don Farmer, CPA, PA.

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How to Prepare for Black Friday and Cyber Monday Success

Menzies

Menzies LLP - A leading chartered accountancy firm. Black Friday takes place the day after the US holiday Thanksgiving, during the final weekend of November, marking the start of the Christmas shopping season. This year, it falls on November 24th. Originally celebrated in the US, its popularity has spread globally. Cyber Monday takes place on the following Monday and was created by retailers to encourage people to shop online, which in recent years has outperformed the traditional Black Friday s

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PCAOB rejiggers future agendas after busy year

Accounting Today

The Public Company Accounting Oversight Board has revised its standard-setting, rulemaking and research agendas for the year ahead after a series of unprecedented changes this past year.

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Sean Duncan on the Transformation of Traditional Accounting and Role of Technology Adoption

Canopy Accounting

Sean Duncan, founder of SMD Consulting & Accounting, talks about how he navigated the challenging terrain of transforming a traditional accounting practice into a future-facing firm. We'll dive into the importance of aligning personal and professional goals, and discuss the game-changing role of technology adoption in achieving work-life balance.

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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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Trump's three children set to testify in his NY fraud trial

Accounting Today

Letitia James alleges all three Trump children were central figures in a scheme to inflate the former president's assets by as much as $3.6 billion a year to get better terms on loans and insurance policies.

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The Offshoring Dilemma: Top Concerns for Partners When Considering Offshoring for Their Firms

Accounting Insight

To tackle the persistent skills shortage, many accounting firms are exploring new avenues to bolster their resources and remain competitive. Offshoring , the practice of outsourcing tasks or processes to professionals in other countries, has emerged as a viable solution for many. This approach isn’t just about saving costs; it gives access to specialized skills and the ability to meet increased client demands.

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Private sector added 113K jobs in October

Accounting Today

Annual pay increased 5.7% year over year in another sign of continuing strength in the economy despite interest hikes and inflation.

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3 Top Tools for Efficient Email

Ryan Lazanis

Effectively managing emails can be a time-consuming task. Explore these tools that can aid in handling your inbox and enhance efficiency. The post 3 Top Tools for Efficient Email appeared first on Future Firm.

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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.