Thu.May 09, 2024

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IRS Increases HSA Contribution Limits for 2025

CPA Practice

Beginning in January, you’ll be able to contribute more to your health savings account (HSA), as the IRS released its annual inflation adjustments for HSA owners on May 9. For calendar year 2025, the annual contribution limit for an individual with self-only coverage under a high-deductible health plan (HDHP) will be $4,300. For an individual with family coverage, the amount will be $8,550.

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CLA acquires AI company Engine B

Accounting Today

CliftonLarsonAllen, a Top 10 Firm, has acquired Engine B, a London-based company that helps accounting firms get more insights from their clients' data, effective May 1.

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Contributing App Analysts for eCommerce Needed

Insightful Accountant

While we received some 'generic' App interest to our last posting, Insightful Accountant is currently looking for a few good ProAdvisors who can provide analysis specifically of eCommerce apps.

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House approves repeal of SEC crypto rule

Accounting Today

The House passed a bill that would repeal the SEC's SAB 121, which requires custodians to list digital currency as a liability on their balance sheets. However the president said he'd veto the bill.

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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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Sikich Is the Latest Firm to Take an Outside Capital Injection

Going Concern

Good gosh that’s a firm handshake. Bain Capital’s PR people announced this morning that BC is putting $250 million into Top 30 firm Sikich (which we always want to type out as Sickish), an investment only slightly less than the Naperville, Illinois firm’s last reported revenue of $316,397,417 (per the IPA Top 500 ). That’s quite the growth bet.

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Sikich gets $250M PE funding from Bain

Accounting Today

Sikich LLC, a Top 50 Firm based in Chicago, has snagged a $250 million minority investment from private equity firm Bain Capital to fund further acquisitions and growth, becoming the latest in a series of firms to score PE money.

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More Trending

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Ohtani interpreter to plead guilty to bank fraud

Accounting Today

An interpreter for the Los Angeles Dodgers star has agreed to plead guilty to criminal charges including filing a false tax return after secretly transferring about $17 million from the player's account to pay off gambling debt.

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IRS: No Change in Tax Interest Rates for Q3 2024

CPA Practice

The IRS said Thursday that interest rates will remain the same for the calendar quarter beginning on July 1. The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Interest rates have stayed at their current levels since the fourth quarter of 2023 , when they increased from 7% for individuals and 6% for corporations.

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Foreign tax credits intersect with global minimum taxes

Accounting Today

The Internal Revenue Service and the Treasury Department plan to issue regulations on the interplay between foreign tax credits, dual consolidated losses and OECD rules.

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How to Use Microsoft Copilot for CPA Firm Marketing

CPA Practice

You have a ton of content on your website. But are you marketing it as effectively as you can? Maybe you don’t have time or can’t be bothered. Maybe you aren’t sure how to do it. I’m here to let you in on Copilot’s tricks to help you be more effective with your marketing initiatives. What is Copilot? According to ChatGPT, “Microsoft Copilot is an AI-powered code completion tool developed by GitHub in collaboration with OpenAI.

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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 adjusts HSA amounts for inflation in 2025

Accounting Today

The Internal Revenue Service issued the annual inflation adjustments for health savings accounts in 2025 as prices continue to rise.

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Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

CPA Practice

More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, shows a new report by Thomson Reuters. Thomson Reuters 2024 Generative AI in Professional Services report shows views towards AI among tax professionals have shifted significantly in the last twelve months.

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Tax Strategy: A look back at the 2024 tax season

Accounting Today

Overall, a better experience, but there were still some bumps on the road to April 18.

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CLA Acquires U.K. Tech Company Engine B

CPA Practice

In what is the top 10 accounting firm’s first deal outside the U.S., CliftonLarsonAllen (CLA) said Thursday that it has acquired London-based Engine B, a technology company that specializes in delivering generative AI solutions for the professional services industry. “This strategic move—CLA’s first global acquisition—underscores the firm’s commitment to harnessing cutting-edge technology to enhance client service and enable CLA professionals to focus more on client engagement, pursuing new busi

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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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Tax Fraud Blotter: Lots of energy

Accounting Today

Bodies of evidence; the Ultimate crime; one expensive ghost; and other highlights of recent tax cases.

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What Auditors Do

Withum

In two weeks, I will be teaching a graduate course on audit concepts and methods to accounting students at Fairleigh Dickinson University. I’ve taught this previously and certainly know the material. However, my role is not just to teach the material but to excite them about accounting as a profession and auditing in particular and share my pride in the vital role auditors play in our ecosystem.

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How to Get Things Done When You Feel Overwhelmed

Insightful Accountant

Tax pros post-tax season: vacation or dive into to-do list? Heavy workload can overwhelm, hindering productivity. Strategic techniques help navigate overwhelm efficiently and reduce stress.

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What are Australian businesses looking for in the upcoming 2024 Federal Budget? We asked them.

Reckon

Here at Reckon, our primary concern is the wellbeing and prosperity of Australian small and medium businesses. So, with the Federal Budget looming, we wanted to understand what they were really looking for. What measures are important to small businesses? We conducted a study to get to the bottom of what businesses want to see on 14 May 2024 when the Federal Budget drops.

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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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Sikich Secures $250 Million in PE Funding From Bain Capital

CPA Practice

Sikich has locked up a $250 million minority investment from private equity firm Bain Capital to support the top 30 accounting firm’s aggressive growth strategy, focused on acquisitions and strategic partnerships. As part of the deal, Sikich maintains majority control of the company and its existing executive and leadership teams, led by CEO Christopher Geier.

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WHAT IS CASH FLOW FORECASTING?

Summit CPA

Cash flow forecasting seems like a simple process, but it’s the most fundamental part of running a business. Forecasting helps you determine if you have enough money to keep the lights on, avoid overdrawing on your line of credit, send your employees home with paychecks, etc.

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Navigating the Corporate Transparency Act: Implications and Congressional considerations

ThomsonReuters

Jump to: Implications of the Corporate Transparency Act Congressional considerations and proposed solutions Evolving attitudes and potential changes to the Corporate Transparency Act To catch up with the Corporate Transparency Act, read our introductory blog below: Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024 In an effort to combat money laundering, tax fraud, and other illicit activities, the Corporate Transparency Act (CTA) was enacted in 2021 and became effe

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Diving Into the HR Recruiting Landscape: A Complicated Market and Outlook for the Next Year

Cherry Bekaert

In the latest episode of the Talkin’ Talent, Sam McCarthy, Director at Cordia Resources by Cherry Bekaert, is joined by Tori Mitchell, SHRM-CP, Talent Acquisition Leader at Juno Search Partners. They discuss how the HR recruiting landscape has changed since the COVID-19 pandemic and what the next 12 months have in store. They also delve into why working with an HR recruiter can be beneficial in this complicated hiring market, common mistake leaders make when hiring for HR and what to do instead.

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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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New Hire Screening Survey Helps Optimize WOTC Credits

CPA Practice

Arvo Tech , which provides tax strategy solutions for small businesses, is launching a new version of its Work Opportunity Tax (WOTC) Credit program survey. The survey helps employers improve employee application rates and gather the data they need to take advantage of federal and state incentive programs aimed at helping them and increase WOTC certification rates.

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60% of Corporate Tax Professionals Believe in Value of GenAI

Insightful Accountant

A new 'Generative AI' report from Thomson Reuters shows 60% of corporate tax professionals now believe Gen AI should be applied to their work, up from 53% in 2023.

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Numeric Raises $10 Million to Transform Accounting with AI

CPA Practice

Numeric , an AI-powered accounting automation company, has raised $10 million in Seed funding from Founders Fund, Menlo Ventures, 8VC, Long Journey, Friends & Family Capital, and more to fuel product development and hiring. Numeric has quickly become a leader in accounting automation. Hundreds of private and public companies – including Brex, Plaid, and Wealthfront – leverage Numeric to perform technical accounting research, proactively flag data discrepancies, draft variance explanations, a

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What is invoice fraud and how can you avoid it?

Accounting Today

The first step in identifying invoice fraud and stopping it is knowing what you're looking for.

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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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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. An overhead rate, also known as an indirect rate, is the percentage of indirect costs that are allocated to a contract or project.

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The Accounting Technology Lab Podcast – Review of Digilence Cloud – May 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, look the Digilence Experience Cloud , a cloud-based digital intelligence solution for accounting firms. The Digilence Cloud accelerates the digitization of inefficient, repetitive processes across audit, tax, client accounting, and other back-office functions. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated t

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Transforming GovCon Accounting with Technology

AccountingDepartment

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors. However, technology has revolutionized business processes by simplifying accounting and ensuring DCAA compliance.

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IRIS Updates Elements Professional Edition and Confirms Future Roadmap 

Accounting Insight

IRIS Software Group (IRIS), a leading global software provider of accounting, edtech, HR and payroll solutions, today unveiled a series of product updates for its unified cloud accountancy platform, IRIS Elements , designed to automate workflows so accountancy practices can further digitise their operations without having to switch between multiple applications.

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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.