Thu.Jun 13, 2024

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Client Concentration: How High Is Too High? (And What to Do If It Is.)

Summit CPA

What is the ideal client concentration? How high is too high of a concentration? What do you do if your concentration is too high? Find out in this post.

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Cookies, clicks and Wayfair: Why economic nexus started

TaxConnex

It seems like yesterday when only physical nexus ignited a company’s sales tax obligations in a state. Six years ago this month, that changed with one court decision. These days selling a certain amount remotely into a state or other tax jurisdiction (one that has a sales tax, anyway) means your company must collect and remit sales tax – a complication of doing business that’s probably going to only get more complicated in the years ahead.

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A Crucial Window for Estate Planning: Preparing for 2026 Changes

CPA Practice

By Daniel F. Rahill, CPA/PFS, JD, LL.M., CGMA. The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 million for individuals and $27.22 million for married couples). However, these exemption amounts are set to expire on Jan. 1, 2026, and—absent new legislation before then—will revert to approximately $7 million for individuals and $14 million for married couples, subject

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EY Promises to Increase Starting Salaries to Make Accounting More Attractive

Going Concern

At least they said “attractive” and not “sexy.” According to a press release they put out yesterday , EY plans to invest a billion dollars over three years on talent and technology “to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession.” Let’s see what exactly they think that looks like: This investment includes a significant increase in early career compensation, artificial intelligence

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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CTA opens door to new kinds of scams

Accounting Today

The Corporate Transparency Act, ostensibly meant to address scams and other crimes, has ironically opened the door to new kinds of scams directed at small-business owners.

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Florida Institute of CPAs Names 2024 Women to Watch Honorees

CPA Practice

On Thursday, June 13, as part of the Women’s Leadership Summit at MEGA 2024, the FICPA presented its annual “Women to Watch Awards”, honoring Experienced Leader Cristina Hale and Emerging Leader Carmen Velasquez. “The Women to Watch Awards recognize and celebrate the women among us who exemplify leadership excellence,” said FICPA President & CEO Shelly Weir.

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More Trending

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Hey, Take This Survey

Going Concern

ConvergenceCoaching has opened up responses for their Anytime, Anywhere Work survey and you are invited to contribute. The survey is open to either of these: The Firm Leadership portion of the survey is designed for completion by one person for each accounting and consulting firm — usually the Managing Partner or a top HR professional. Those leaders are asked to provide information about their firm’s remote and flex work practices.

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White House downplays hopes for SALT cap hike

Accounting Today

The SALT cap is one of several tax issues to be confronted next year, with key portions of Trump's 2017 tax cuts expiring at the end of 2025.

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Tax Strategies for Real Estate Investing: Maximizing Income from Rental Properties

CTP

In a recent blog , we discussed the tax implications of converting a residence to a rental property. Once that rental property begins generating income, what else does a taxpayer need to consider for effective tax planning? First, real estate rentals classify as either long-term or short-term rentals. Long-term rentals typically qualify for traditional real estate tax deductions from mortgage interest, property taxes, insurance, and property management fees.

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Tax scams are targeting seniors

Accounting Today

In advance of World Elder Abuse Awareness Day, the Internal Revenue Service is highlighting how criminals target older citizens.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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A Leadership Qualities List To Help You Build Your Skagit County Company Team

SkagitCountyTaxServices

In conversations with Skagit County business owner friends recently, it seems hiring has been a struggle bus (can you relate?). There are qualified applicants showing up in their resume stacks. But, what’s more difficult to look for in that pile is the right combo of qualified and quality to fill out the position. For a lot of them, no one’s really standing out from the pack.

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Navigating DCAA Accounting: A Comprehensive Guide for Government Contractors

AccountingDepartment

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor. DCAA stands for Defense Contract Audit Agency, a branch of the Department of Defense that is tasked with auditing and evaluating proposal and contract costs for the government.

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Accounting Today accepting 2024 MP Elite submissions

Accounting Today

The annual list recognizes top leaders from accounting firms across the country.

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That’s a wrap for Xerocon London 2024!

Xero

We’ve just wrapped Xerocon London 2024, and what a magical two days it’s been. Although Xerocon is a chance for us to update everyone about the industry trends we’re seeing, and the new product features we’ve been building, it really is about the people. Bringing our community together and experiencing that magic in person, is priceless. Day two brought more insightful keynotes, breakout sessions and activity from our exhibitors.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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Tax Fraud Blotter: Big winners

Accounting Today

Extreme and outlandish; General nonsense; tat's all, folks; and other highlights of recent tax cases.

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PCAOB Looks to Clarify Auditing Rules on Substantive Analytical Procedures

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) on June 12 is seeking to replace an outdated auditing standard on substantive analytical procedures, used by auditors to compare an amount recorded by the client to an amount expected by the auditor to determine whether there’s a misstatement. The current AS 2305 was originally put in place by the AICPA in 1989 and hasn’t changed much since its adoption on an interim basis by the PCAOB in 2003.

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Tax Strategy: Continuing uncertainty over IRS authority to assess certain penalties

Accounting Today

The Tax Court approach in a recent case may produce a split among the circuit courts, and the Supreme Court may take a case to resolve the split.

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AICPA and Oxford Course on Sustainable Financial Strategy Now Available as CPE

CPA Practice

A prestigious executive management course on sustainable financial strategy, jointly developed by Saïd Business School at the University of Oxford and AICPA & CIMA, now offers continuing professional education (CPE) credit for CPAs. The six-week course, ESG and Sustainable Financial Strategy , is designed to give accounting and finance professionals the skills necessary to lead their organization’s response to sustainable business priorities.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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Most-read mortgage news you might have missed

Accounting Today

From updates in mortgage-related court cases, to developments in AI and policy, here are the most-read stories from National Mortgage News over the past week.

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PCAOB OKs Tougher Rules on Auditor Negligence

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) on June 12 updated a nearly 20-year-old rule on auditor conduct, making it easier for the audit regulator to hold associated persons of an accounting firm accountable when their negligence “directly and substantially” causes the firm to violate auditing standards. The update to PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations , which was enacted in 2005, changes the threshold for liability for those who

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PCAOB updates strengthen auditor accountability

Accounting Today

The Public Company Accounting Oversight Board's amendments will make it easier to hold auditors accountable for violations, among other things.

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Proposed Cannabis Rescheduling: Tax Implications and the Need for IRS Guidance

Insightful Accountant

The cannabis industry anticipates a major change with the DEA's expected rescheduling of cannabis from Schedule I to Schedule III. This shift could have significant tax implications for businesses, potentially impacting IRC section 280E.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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Companies aren't ready for CSRD reporting but say they will be

Accounting Today

Sixty-three percent of companies say they will be ready to report under the EU's Corporate Sustainability Reporting Directive, but many don't know how, a new PwC survey says.

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Top Remote Accountants of the Week | June 13, 2024

Going Concern

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. TAX CANDIDATES FTE Senior Tax Accountant / Manager | Candidate ID #21844350 Certifications: CPA Education: BSBA Accounting, MS Accounting Experience (years): 6+ years i

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Growth challenges for CPA firms

Accounting Today

These eight hurdles stand between you and a thriving accounting practice — and they can all be overcome.

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Top 10 Things to Get You Excited About Outsourced Accounting Services

LSLCPAs

Outsourced accounting services are the talk of the town in the business world, and it’s easy to see why. These services offer a transformative approach to managing finances, providing businesses with a host of benefits that can drive growth and efficiency. From significant cost savings to strategic financial insights, here are ten compelling reasons to.

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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Ditch the hourly grind: Unlock the power of value pricing

Accounting Today

Charge your clients based on the outcomes you achieve for them, not your inputs.

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Understanding the New QuickBooks Pricing Updates [2024]

SchoolofBookkeeping

Hold onto your wallets, folks! QuickBooks just announced they're hiking up their prices. Here's a breakdown of their justifications and the key dates you'll need to know. Why the price increase? Apparently, it's all about giving us more AI, automation, and streamlined workflows. QuickBooks wants us to believe this is for our benefit, saving us time and helping our clients get paid faster.

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Review of Laurel Timekeeping – The Accounting Technology Lab Podcast – June 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, review Laurel.ai , automated timekeeping solution that uses real AI to not just track hours, but also to unlock a new level of profitability and efficiency. 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 transcription errors.

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Unclunk Your Firm with Canopy | Special BDO Demonstration

Canopy Accounting

What does it mean to unclunk your firm? Join a special BDO demonstration of Canopy's practice management solution to find out. The demo will feature insights and reactions from BDO member Lera Kooper of Accountability Solutions, who is also a Canopy customer.

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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.