Wed.Mar 29, 2023

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Don’t Take Tax Advice from Social Media

CPA Practice

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples. These can involve common tax documents like Form W-2 or more obscure ones, like Form 8944 that’s aimed at a very limited, specialized group.

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A Tale of Two Pitchers

Withum

It was the best of times; it was the worst of times for New York Met Fans. On December 2nd, 2022, long-time Met’s pitcher Jacob deGrom signed a 5-year contract worth $185 million with the Texas Rangers. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to Texas for what he called a “winning culture” and likely tax savings.

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Consumers More Optimistic on U.S. Economy and Jobs Outlook

CPA Practice

Reade Pickert Bloomberg News (TNS) U.S. consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market. The Conference Board’s index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the gauge to fall to 101.

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ChatGPT Talks About AI Taking Accountants’ Jobs From the Perspective of an Accountant Losing Their Job to AI

Going Concern

Ed. note: I asked ChatGPT to write about automation in accounting from the perspective of an accountant losing his or her job to AI. Here’s what it said. Note: Going Concern does not publish AI-generated content unless it’s clearly labeled as in this case. Believe it or not, humans write most of this crap. As an accountant, I have always known that my job was at risk of being automated.

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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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Your Firm and Your Environment

CPA Practice

A Top Technology Initiative Article – March 2023. By Randy Johnston. You know your local market and target clients better than anyone else. So can we make technology observations about your work environment and what to expect? I think so since we are carefully watching the macro environment while you watch your micro conditions. In this year of discussing and rebuilding technology stacks, I was pleased to be invited to the Top Thought Leaders Symposium in New York City on February 20-22, 2023.

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Celebrating Women in the Financial Services Industry

Withum

In celebration of Women’s History Month, Withum’s Women in Financial Services Team is spotlighting some dynamic female leaders in the industry. With dedication, hard work, and collaboration, these women continue to break barriers, ensuring that they and those who come after them have a rightful seat at the table. An overarching theme among women leaders is the importance of advocating for other women and celebrating each other’s accomplishments.

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Researchers Shockingly Discover That If You Pay Low Level Grunts More, They Do Better Financial Reporting

Going Concern

A new working paper from Stanford Graduate School of Business professors Christopher Armstrong, John Kepler, and David Larcker, and Shawn Shi, Ph.D. ’23, of the University of Washington’s Foster School of Business has found a connection between how well low-ranking accountants are paid and the quality of their work. This is a new area for researchers as they are usually focused on CEOs, CFOs, and other such golden parachute-eligible executives when researching a connection between pa

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How to Know it’s the Right Time to Move Clients to QuickBooks Online Advanced

CPA Practice

When you’re meeting with your clients and prospects, how do you instinctively know which version of QuickBooks Online is right for them? After all, you want your clients to have a seamless experience you can manage and the client can use with ease, while also using the data to help the client grow their business. There’s QuickBooks Online … and then there’s QuickBooks Online Advanced.

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A Financial Controller May Be Just What You Need, And More

AccountingDepartment

Considering the need for a financial controller for your business? To help you solidify the decision, learn more about the duties of a financial controller and the benefits of partnering with an outsourced client accounting services (CAS) provider to make it even easier!

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Intuit QuickBooks Survey: Technology Continues to Drive Firms' Growth

Insightful Accountant

The 'Intuit QuickBooks Accountant Technology Survey' takes a deep dive into how accountants are embracing the power of technology and artificial intelligence.

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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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Being a Leader vs. Being a Manager: Level Up Your Managing Skills

GrowthForceBlog

8 min read "All of the folks who ever report for us. they've all worked for someone before us, and let's face it. There are a lot more bad managers out there than good ones.

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Accounting Today Names KROST Top 100 Firm and Regional Leader 2023

KROST

Los Angeles, CA – KROST has been recognized as a Top 100 Firm by Accounting Today for the third year in a row. The firm ranked 72nd with a 16.60% change in revenue from the previous year. In addition, KROST has also been named a Regional Leader of 2023. The firm recently launched a new Read the full article. The post Accounting Today Names KROST Top 100 Firm and Regional Leader 2023 appeared first on KROST.

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What needs to happen for the metaverse to reach its potential for small business?

Xero

The amount of global coverage for the metaverse has ramped up in recent times, creating the impression that it will soon become a common way to sell, play and work online. But for many people, there is confusion around what the metaverse actually is and how it could be used in a practical way. The metaverse is a form of internet that operates as a blended and immersive virtual world, powered by a mix of virtual reality (VR) and augmented reality (AR).

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Identifying Top Concerns Among Finance Leaders

Insightful Accountant

A national survey by Trullion highlights major accounting pain points, including handling the talent gap, making time for strategy and life after a recession.

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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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Navigating Compliance and Contractor Business Systems

Withum

Whether you are pursuing a new contract or have extensive experience in the industry, having the proper contractor business systems in place can ensure that your business is on the path to profitability and compliance. An adequate business system is based on the extent in which the overall system allows the organization to comply with regulations, adhere to internal control frameworks such as the Integrated Internal Controls Framework issued by the Committee of Sponsoring Organizations (COSO) an

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Former IRS Worker Guilty of Fraud and Identity Theft

CPA Practice

On January 26, 2023, in the Eastern District of California, Deena Vang Lee was found guilty of three counts of wire fraud, two counts of aggravated identity theft, five counts of aiding and assisting in the preparation and presentation of a false and fraudulent return, and three counts of making and subscribing a false and fraudulent tax return. According to the court documents, from 2012 through 2016, Lee who at certain times was an Internal Revenue Service (IRS) employee, prepared and filed ta

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2023 Tech Company Tax Tips

Shay CPA

Does thinking about filing your taxes put some tension on your shoulders? If so, it’s probably because you’ve had a less-than-ideal filing experience in the past. And in most cases, those unwelcome filing instances come from surprises. Or you might be feeling stressed because you don’t know what to expect. Either way, we can help. By giving you a heads-up in some key areas, we can make filing your tech company’s 2022 taxes gets a whole lot easier — and less stressful.

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AICPA Provides Comments on Interim Guidance Regarding Application of Corporate Alternative Minimum Tax

CPA Practice

Following the release of interim guidance ( Notice 2023-7 ) by the Department of the Treasury and the Internal Revenue Service (IRS) addressing how the Corporate Alternative Minimum Tax (CAMT) applies to corporations, certain partnerships, troubled companies and affiliated groups of corporations that file consolidated tax returns, the American Institute of CPAs (AICPA) submitted comments and recommendations which identify and provide additional information regarding CAMT guidance provided in the

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Uncovering Hidden Costs in Small CPA Firms

Insightful Accountant

EmpowerCPA's Julie Smith provides some insights on how to boost profits and avoid financial drain.

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Update #3: IRS Tax Relief on California Storm Victims

KROST

The Internal Revenue Service (IRS) has once again extended the tax relief to California storm victims. The deadline to file federal income taxes for qualified California residents has been extended to October 16, 2023 as announced by the IRS on March 10, 2023 (CA-2023-03). The relief applies to deadlines that fall within the relief period Read the full article.

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Going Green: How a Manufacturer Can Drive Profits While Reducing Carbon Footprint

Cherry Bekaert

Creating a Difference in the World Without Sacrificing Profits Assumptions An average annual U.S. factory’s electric bill is approximately $6M, or 60 GWHs total per year. Current factories average a purchasing grid power of approximately 20MW for their operations. Actions New 20MW solar array capital project costs estimated at $20M, are down from several times that amount a decade ago.

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Understanding Accounting Software and DCAA Compliance

Accounting Seed

What does it really mean to be compliant? In a nutshell, being DCAA compliant means that the organization simply has systems and procedures in place to comply with the DCAA audit. The DCAA audits assess whether or not your organization meets: Cost Accounting Standards (CAS) Federal Acquisition Regulation (FAR) And any other government rules that are required for every government project Download our comprehensive guide to find out everything you need to know about becoming DCAA compliant and how

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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.

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Internal Revenue Service Employee Charged with Theft of Government Vehicle

CPA Practice

On January 11, 2023, in the Central District of California, Graham Hefner was arrested on one count of theft of Internal Revenue Service (IRS) property. According to the court documents, on January 10, 2023, Hefner, a 13-year IRS employee while on administrative “Leave Without Pay” status was seen at the El Monte IRS office. On this same date, two separate witnesses observed vehicle keys and a General Services Administration (GSA) fuel card for an IRS Government Owned Vehicle (GOV) prior to Hefn

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Integrating an Accounting System

Accounting Seed

A guide to integrating an accounting system Integrating your accounting software with the rest of your business software lets you streamline your company’s entire financial cycle. Many businesses cringe at the thought of integrating to a new accounting system, anticipating an expensive, complicated process. But it doesn’t have to be that way if you transition to a modern accounting system that uses a robust API.

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Getting Things Done® with David Allen

Summit CPA

The Virtual CPA Success Show: Episode 77 Do you need to get things done? The Getting Things Done® methodology has been implemented worldwide by more than 2 million people! In this special episode, our host, Jamie Nau, Summit CPA's Director of Virtual CFO, teams up with the host of Summit’s Modern CPA Success Show, Tom Wadelton, Virtual CFO at Summit, to interview one of the best-selling authors and productivity coaches of our time and creator of GTD®, David Allen.

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The Accounting Game

Accounting Seed

About the game The series is an equally great supplement for high school and college-aged students enrolled in accounting and financial management courses. The game starts by diving into the debits and credits generated through business operations and ends with financial reporting. Before you start playing the Accounting Game, check out our feature video explaining the accounting fundamentals behind the game!

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Explore Leadership

RitaKeller

“Leadership is not about titles, positions or flowcharts. It is about one life influencing another.” John C. Maxwell The AICPA provides a great resource that I hope you will consider for some of your younger, up-and-coming leaders. It is the AICPA Leadership Academy. Here’s what you need to know: The AICPA Leadership Academy inspires, connects, and develops the next generation of CPAs and future leaders of the accounting and finance profession Durham (March 28, 2023) — The Amer

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The Annual Tax on Enveloped Dwellings - what you need to know about ATED

Wellers Accounting

Tom Biggs ACA CTA , explains the Annual Tax on Enveloped Dwellings and what you need to look out for.

Tax 52
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New England Firm Joins 10th Largest Global Accounting Network

CPA Practice

Baker Newman Noyes has joined HLB International, of independent advisory and accounting firms with 40,831 professionals across 156 countries. Baker Newman Noyes has a wide client base that they serve locally, regionally, and globally from five full-service offices in Maine, Massachusetts, and New Hampshire. They are a leading tax, assurance, and advisory firm in the region and work in a host of sectors including banking and financial services, healthcare, life sciences and biotech, real estate a

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What Skagit County Employers Should Know About Employee Satisfaction

SkagitCountyTaxServices

It happened: Silicon Valley Bank sold. Well, at least part of it. The bank’s deposits, loans, and 17 branches — scheduled to reopen today — were snagged by First Citizens BancShares, a Raleigh-based bank. (About $90 billion of assets still remain with the Federal Deposit Insurance Corporation.) The hope is that this sale will “instill confidence in the banking system.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.