Thu.Nov 14, 2024

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Discover delays filing over accounting disagreement with SEC

Accounting Today

Discover disclosed last year that it overcharged merchants after misclassifying certain credit-card accounts into its highest pricing tier, and the CEO stepped down.

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Edge Marketing Wins Two Awards for Accounting Marketing

CPA Practice

Edge Marketing, Inc., a Minneapolis-based public relations and marketing firm serving the legal and accounting professions, has been named a gold winner in two Strategic Communications categories of the prestigious MarCom Awards. The agency was named a gold winner in the Marketing/Promotion Campaign for a Special Event category. This work was in crafting a client’s strategic marketing campaign to drive leads at a national industry event.

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How to Collect Cash Faster for your Business

Basis 365

One of the biggest financial challenges facing creative agencies and professional services firms is managing cash flow, especially when dealing with high labor costs and project-based work. For these types of businesses, employees are not only the biggest asset but also the largest expense. Yet, even with talent that delivers exceptional value to clients, many firms struggle with a simple yet critical task: getting paid quickly.

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AICPA & CIMA Launch Global Women to Watch Recognition to Celebrate and Honor Women in the Profession

CPA Practice

The American Institute of CPAs and the Chartered Institute of Management Accountants are launching a new initiative, the AICPA & CIMA Global Women to Watch recognition, to honor women who have made significant contributions to the accounting profession and their peers. This recognition will amplify the global voices of both emerging and experienced leaders in the accounting and finance profession.

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Live Demo - Supercharge your Month End Close

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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How predictive modeling can help accounting firms

ThomsonReuters

Highlights: Data analytics types : Useful data for predictive modeling includes historical financial data, operational data, customer data, market and economic data, and non-financial performance metrics. Predictive modeling types: Predictive models are categorized into non-parametric and parametric types, each with unique uses and techniques, including classification models for yes/no responses, outliers models for fraud detection, and clustering models for marketing strategies.

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Rho Launches Partner Portal Specifically For Accountants

CPA Practice

Fintech company Rho has introduced the Rho Partner Portal, a version of Rho designed for its accountant partners. In one central platform, accountants can quickly onboard new clients, manage their cash and spend, and easily provision permissions across staff. “The Rho Partner Portal delivers the cash and spend management experience that Rho customers love, with the added benefit of providing accounting firms a consolidated view of their entire book of business,” Rho says in a blog post.

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Citrin Cooperman Picks Up Clearview Group in Maryland

CPA Practice

A day after announcing it had acquired Signature Analytics , a San Diego-based outsourced accounting and advisory firm, top 20 accounting firm Citrin Cooperman has gobbled up another firm, this time Owings Mills, MD-based Clearview Group. Financial terms of the deal, which is expected to close this month, weren’t disclosed. Clearview Group will join Citrin Cooperman with 10 partners and more than 150 professionals.

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FASB wants feedback on financial KPIs

Accounting Today

The invitation to comment requests input on financial key performance indicators such as EBITDA and free cash flow and how they should be treated.

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ADC Attends The 2024 Genius Network Annual Event

AccountingDepartment

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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Tax Fraud Blotter: No risk

Accounting Today

Everything must go; have con, will travel; gold rush; and other highlights of recent tax cases.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

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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Top ProAdvisor Profiles: Lauretta Finis

Insightful Accountant

This week, we are proud and honored to share the profile of Lauretta Finis, Insightful Accountant's 2024 International ProAdvisor of the Year.

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CDP and GRI sign pact on sustainability reporting

Accounting Today

The Carbon Disclosure Project and the Global Reporting Initiative plan to deepen their collaboration.

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What Small Business Owners Should Know about Leasing vs Buying their Car, Corporate Ownership of Vehicles and Deducting Car Expenses

Ronika Khanna CPA,CA

Small business owners who need a vehicle to carry on their business are fortunately able to benefit from a tax deduction for the business use of their car. But given the potential for abuse, the CRAs rules around vehicle expenses are specific and cover what counts as business use, which expenses are allowed, how to calculate your deduction, and how things differ depending on whether you lease or buy.

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Citrin Cooperman buys Clearview Group

Accounting Today

The Top 25 Firm based in New York added a management consulting and CPA firm in the Baltimore area, its second acquisition in two days.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

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Top Remote Accountants of the Week | November 14, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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Puzzle launches automation for cash and accrual accounting

Accounting Today

The accounting solutions provider is now focusing on small businesses after mainly concentrating on the bookkeeping needs of venture-backed startups.

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Drop shipment: simple yet complex for sales tax

TaxConnex

Sales tax comes with a lot of important terms. One is “drop shipment.” Drop shipments are common in ecommerce and often occur when a seller uses a distributor for order fulfillment to a buyer. In such a transaction, a distributor must charge sales tax to the seller. Sounds simple – and in many ways it is, except that a drop shipment can often involve not two but three locations (usually states) where sales tax must be considered.

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Sotheby's pays $6M to settle NY sales tax evasion probe

Accounting Today

The auction house was accused of advising wealthy clients they could avoid sales taxes by falsely claiming they were buying art for resale purposes.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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Some Enrolled Agents Have Until Jan. 31 to Renew Their Status, IRS Says

CPA Practice

Enrolled agents who have a Social Security number ending in 0, 1, 2, or 3 must renew their EA status by Jan. 31, 2025, to ensure they receive their new enrollment card before their current enrollment expires on March 31, 2025, according to the IRS. Per Circular 230 , EAs are required to renew their EA status every three years, and the time frame for renewal is based on the last digit of their Social Security number.

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Accountants shouldn't drown in employee purchase reconciliations

Accounting Today

The emergence of virtual cards, especially when combined with AI-powered fintech apps, offers accountants a new approach to solving a long-standing challenge.

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Avalara Shines Spotlight on Customer Experience with Intuitive AI and Other Innovations

CPA Practice

Avalara, Inc. , a leading provider of tax compliance automation software for businesses of all sizes, showcased an array of customer-first innovations at this week’s signature Avalara CRUSH customer event in Austin. The company emphasized AI-infused product innovation and features, embedded integrations with popular business applications, and an expanded portfolio of compliance solutions that deliver a more simplified and streamlined experience for Avalara customers.

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PE-Backed Citrin Cooperman Adds a 150-Person Firm to the Roll

Going Concern

Announced earlier today, Citrin Cooperman (IPA Top 100 #19 with $674,000,000 in revenue) is acquiring Clearview Group, a Baltimore metro-based management consulting and CPA firm. According to this, CG’s annual revenue is $8.5 million. Put on your tallest wading boots and let’s see the press release : “We could not be happier to add a firm like Clearview Group to the Citrin Cooperman family.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

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AICPA News – Nov. 2024

CPA Practice

AICPA News is a round-up of recent announcements from the association. AICPA Urges FinCEN to Extend Automatic Disaster Filing Relief to FBAR and BOI Reporting Following a request to the Internal Revenue Service (IRS) for tax and payment filing relief in the wake of Hurricane Helene, the American Institute of CPAs (AICPA) has submitted a letter to the Financial Crimes Enforcement Network (FinCEN) urging them to implement a policy to offer automatic filing extensions for Reporting of Foreign Ban

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Bonus Property Depreciation: Big Tax Savings for Skagit County Business Owners

SkagitCountyTaxServices

Pause and take a collective exhale with me… The presidential election is behind us. Now that the chaos is over, we can focus on what’s ahead. I’d suggest taking a little sage advice from those t-shirts we had in 2010 – “Keep Calm, and Carry On.” With a new president in office, there are going to be plenty of tax legislation changes in the near future – those Trump proposed in his campaign and those he didn’t.

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Chicago Aldermen Give Mayor Brandon Johnson’s $300M Property Tax Plan the Boot

CPA Practice

By Jake Sheridan Chicago Tribune (TNS) The Chicago City Council emphatically voted down Mayor Brandon Johnson’s plan to hike property taxes by $300 million Thursday, creating a yawning hole in the city’s 2025 budget that must now be closed. Aldermen voted 50 to 0 in a rare unanimous roll call vote to discard the tax hike in a special meeting that lasted just minutes and included no debate.

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FASB Seeks Comment on Financial KPIs

CPA Practice

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov. 14 issued an invitation to comment (ITC), a staff document prepared at the direction of the FASB chair in which the board doesn’t express any preliminary views.

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8 Pillars of Leadership Development

Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.

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N.Y. Congressman Requests Trump’s Support For Tax Cap Elimination

CPA Practice

By Paul Kir Daily Freeman, Kingston, N.Y. (TNS) KINGSTON, N.Y. — U.S. Rep. Pat Ryan has sent a request to president-elect Donald Trump in the congressman’s ongoing effort, unsuccessful so far, to eliminate a cap on a federal tax program. In what is Ryan’s first communication to Trump since the election, the Gardiner (N.Y.) Democrat urged the soon-to-be commander-in-chief to support restoring the state and local tax (SALT) deduction “which will provide significant relief from double taxation,” hi

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