Wed.May 22, 2024

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The wisdom of being a lazy CPA

Accounting Today

Once you see how much more value you and your managers can deliver to the firm when you're freed up from doing routine client work, you'll never want to go back to the old way of doing business.

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The Future of AI: How Finance Leaders Will Guide its Adoption

CPA Practice

By Eli Gill. We’re in the midst of a revolution in the AI space. Splashy public models like OpenAI and ChatGPT are in the spotlight, bringing AI into focus where it has previously been considered a non-essential function. The move from classical AI models to advanced generative AI promises a rapid and continuing evolution that has profound implications for businesses.

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CAQ asks PCAOB to delay standards

Accounting Today

The Center for Audit Quality wants the Public Company Accounting Oversight Board to postpone sending two of its newly approved standards, on quality control and auditor responsibilities, to the SEC for final approval.

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Barry Melancon to Retire from AICPA

CPA Practice

Barry Melancon, CPA, CGMA, has announced that he will to retire on December 31, 2024, from his role as president and CEO of the American Institute of CPAs and CEO of the Association of International Certified Professional Accountants. Combined, the two organizations comprise the world’s largest membership of public and management accountants. Melancon has served in this role for 30 years.

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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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Did the Anti-150 Hour Crowd Finally Beat the AICPA Into Submission? Looks That Way

Going Concern

Stephen Foley at Financial Times wrote something today that may be of interest to high school freshmen bound for the CPA track one day, an article that suggests the AICPA is giving up the fight to save 150 hours. The leaders of the US accounting profession have signaled they could cut the education requirements for becoming an accountant, amid growing alarm about a shortage of new recruits.

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Tax Considerations When Disposing of Qualified Opportunity Zone Business Property

Cherry Bekaert

Contributor: Michael Wallach, Senior Manager, Tax Services Established by the Tax Cuts and Jobs Act, the Opportunity Zone program has been a focal point for investors seeking tax incentives while simultaneously revitalizing economically distressed communities. One crucial aspect of managing investments in Qualified Opportunity Funds (QOFs) is understanding the tax impact stemming from the disposition of Qualified Opportunity Zone Business Property (QOZBP).

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More Trending

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Essential Change Management Strategies for Accountants

Canopy Accounting

The off-season is when you can examine how your tax season went and reflect on changes you can make for the next season. Sometimes, those changes are significant — new tech stack, hiring new employees, or increasing/decreasing your client list. Sometimes, those changes are minor and (hopefully) take less effort. If you've been keeping a pulse on the evolution of the accounting industry, you've realized that change is not just a necessity; it's imperative.

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Melancon to retire at year's end

Accounting Today

The long-time head of the AICPA — and one of the foremost leaders of the profession — will step down on Dec.

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Intern Hiring Is Stable For 2024, Report Says

CPA Practice

As new stars are about to be born through summer internships at public accounting firms across the nation, a new report found that employers across all professions are likely to bring on as many interns this summer as they did last summer. Overall, eight out of 10 employers taking part in the National Association of Colleges and Employers’ (NACE) 2024 Internship & Co-op survey expect to maintain (47.2%) or increase (32.2%) the number of interns they bring in, even though they anticipate th

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HSAs come with pitfalls — here's how to avoid them

Accounting Today

They have oft-cited tax advantages, but the available research raises alarms about fees, interest rates and investing in assets other than cash.

Tax 84
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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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Just Shy of His 30th Anniversary, Barry Melancon is Retiring as AICPA CEO

Going Concern

AICPA President, CEO, and chihuahua juggling fan Barry Melancon is retiring at the end of this year. Reports Journal of Accountancy : Barry Melancon, CPA, CGMA, who guided the accounting profession in the United States into the digital age and led the transformation of the AICPA and CIMA into the world’s largest accounting membership body, announced Wednesday that he is retiring at the end of this year.

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S&P 500 companies boost profit by stripping more items from earnings

Accounting Today

Large companies are bolstering their adjusted earnings per share by excluding items such as litigation expenses and amortization of intangible assets from their net income.

Account 68
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AICPA Honors Robert J. Kueppers with the Gold Medal of Distinction

CPA Practice

The American Institute of CPAs has selected Robert J. (Bob) Kueppers, CPA, as the recipient of the 2024 AICPA Gold Medal Award of Distinction. The Gold Medal is the highest honor granted by the AICPA. Since 1944, it has been bestowed upon CPAs whose influence on the accounting profession has been especially notable. Tracey Golden, Past Chair, AICPA and the Association of International Certified Professional Accountants, presented Kueppers with the award at the spring meeting of the AICPA gover

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Hedge fund founder on trial for £1.4B tax scam treated himself to Ferrari

Accounting Today

Testifying at a London court from a Danish prison via a video call, Sanjay Shah insisted that his controversial so-called Cum-Ex trades were lawful and that any rumors circulated in the industry were merely due to jealousy.

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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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CAQ Asks PCAOB to Extend Comment Period on a Pair of Proposed Standards

CPA Practice

The Center for Audit Quality has asked the Public Company Accounting Oversight Board for a 60-day extension on the comment period due date for two proposed standards the board released last month. The PCAOB issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose a set of 11 metrics—including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new Form FM that would be accessible to investors.

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Massachusetts risks $1B in lost tax revenue as rich flee

Accounting Today

If the current trend continues, more than 96,000 residents making a combined $19.2 billion in adjusted gross income are set to leave the state annually by 2030.

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Sage’s Net-Zero Target Receives SBTi Validation

CPA Practice

Business accounting technology provider Sage says its net-zero targets have been validated by the Science Based Targets initiative (SBTi). Sage’s net-zero targets span all three emission scopes, aiming to achieve net-zero greenhouse gas (GHG) emissions across the value chain by 2040. As of the issuing of this press release, there were just over 3100 companies globally with an approved net-zero target, making Sage an early responder in business’ fight against climate change.

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Have you received an HMRC nudge letter about filing ATED returns?

Menzies

Menzies LLP - A leading chartered accountancy firm. HMRC have an ongoing campaign to tackle non-compliance connected with offshore corporate entities owning UK property, and we are seeing an increase in this activity in 2024. What is ATED? The Annual Tax on Enveloped Dwellings (ATED) is an annual tax due where corporate entities – whether UK resident or not – own UK residential properties.

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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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Lightyear launches ‘Vaults’: Highest available rate in the UK of all flexible interest-earning products with no strings attached

Accounting Insight

Today, wealth platform Lightyear announces the launch of its high interest Vaults. These will pay UK savers 5.19% AER – the highest rate currently available out of all flexible interest-earning products with no strings attached in the UK 1. The Bank of England held the base rate at 5.25% on the 9th May; meanwhile data released on the 30th April shows that 65% of UK deposits – £1.16tn – is sitting in easy-access savings account with an average rate of 2.12% 2.

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Do you have tax to disclose on let property in Dubai?

Menzies

Menzies LLP - A leading chartered accountancy firm. The Times has recently reported on leaked data which shows approximately 17,000 British citizens owned approximately 22,000 properties in Dubai as of spring 2022, and yet only 1,900 UK tax residents reported let property income from a Dubai property in the 2021/22 tax year. It is expected that most of these property owners will have let their property rather than retaining them solely for their personal use, meaning very few will have had no ta

Tax 59
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Xero Announces Strong and Profitable FY24 Results

Insightful Accountant

Xero has announced its strong and profitable FY24 results and Rule 40 outcome and solidifies their status as a leading global SaaS provider empowering 4.2 million users across 180 countries.

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Litigation and Settlement Strategy (‘LSS’)

Menzies

Menzies LLP - A leading chartered accountancy firm. What is the LSS? The LSS provides HMRC with a framework to resolve tax disputes and applies to all disputes resolved through civil procedures, although it does not apply to criminal prosecution cases. HMRC must act in accordance with the principles outlined in the LSS and by doing so they avoid the risk of being accused of making so-called “sweetheart deals” with more powerful individuals or groups of taxpayers, an allegation that has been leve

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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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Making Cybersecurity a Priority in 2024

Ryan Lazanis

Implementing cybersecurity measures to safeguard your firm should be a priority. Discover in this episode why it's very important. The post Making Cybersecurity a Priority in 2024 appeared first on Future Firm.

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Innovation strategies to meet the challenges of indirect tax

ThomsonReuters

People who purchase software rarely get to talk to the product’s developers about the development process or the features and updates users can expect in future iterations of the product. But that’s precisely what happens at the Thomson Reuters annual Synergy conference , where product developers, software engineers, and other representatives from the company gather with users to share knowledge, discuss industry trends, listen to feedback, and peer into the future.

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Strategic fleet management: Navigating depreciation with a data-driven approach

Menzies

Menzies LLP - A leading chartered accountancy firm. In the evolving and increasingly competitive landscape of the transport industry, fleet management is important. Some businesses may adopt a policy of running fleets into the ground, replacing vehicles only when they break down, become unusable, or when it seems like an opportune moment for a replacement.

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Challenges and opportunities for accounting firm partners transitioning to the cloud

ThomsonReuters

From allowing for a remote work environment to eliminating the need for on-site data centers, cloud-based solutions have fundamentally changed how businesses operate, approach staffing, and serve clients. Is your firm among them? In today’s dynamic and competitive business environment, owners and partners of accounting and audit firms should, at least, be considering cloud-based technology as part of their broader strategies.

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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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IRS Extends Free File Program Through 2029

CPA Practice

The Free File program , a partnership between the IRS and tax preparation companies that make their online filing software available to eligible taxpayers for free, has been extended through 2029, the tax agency said on May 22. The five-year extension agreement between the IRS and Free File Inc. will continue the program through October 2029. This year, Free File saw an increase of about 200,000 tax returns filed through the program, reaching 2.9 million returns as of May 11, according to the IR

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Roth for Kids and Young Adults

Dent Moses

Setting up a Roth IRA for your child can be a smart financial move with long-term benefits. It can also help them get started saving for retirement or other life events early. For 2024, the maximum contribution is $7,000 for those under age 50. Time is a powerful ally when it comes to investing. Even modest contributions made now could snowball into a substantial nest egg by the time they reach retirement age.

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May 2024 Summit VCFO Employee Spotlight: Max Freeman

Summit CPA

As a hybrid firm , not only do we serve our clients remotely, but our team members are often distributed as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services while being hybrid, and we couldn't do any of it without our amazing team.

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Enhancing Growth: The Crucial Role Outsourced Accounting Services Play for Growth-Minded Construction Companies

Cherry Bekaert

In the competitive landscape of the construction industry, growth-minded companies are continuously seeking ways to streamline operations, optimize financial processes and focus on their core competencies. Outsourced accounting services emerge as a strategic solution, offering construction companies the tools to drive their growth while maintaining financial stability.

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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.