CPA Practice

JUNE 28, 2023

By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole. Instead, exceptions are applied on a lease-by-lease basis depending on certain policy elections: ASC 842, IFRS 16, and GASB 87 all have exceptions for short-term and immate

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Going Concern

JUNE 28, 2023

According to the recently released Thomson Reuters 2023 State of the Tax Professionals Report [ PDF ], talent is no longer firms’ most important priority. This is a significant shift from last year (see also: Finding/Retaining Staff and Challenges Working With the IRS Are Top PITAs for CPA Firms, Says AICPA Survey ) that could mean the so-called accountant shortage is over or it could be that firms have had long enough to figure out how to make things work with the existing resources they

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CPA Practice

JUNE 28, 2023

By Erin Bendig, Kiplinger Consumer News Service (TNS) Amid uncertain economic conditions, baby boomers aren’t feeling confident in their retirement plans. In fact, 70% of baby boomers expressed uncertainty over whether their retirement savings were healthy enough to carry them through retirement, according to a study from Retirement Living. The study, which surveyed 758 American baby boomers aged 59 and older about their financial plans, found that the average retirement savings of respondents

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ThomsonReuters

JUNE 28, 2023

In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the curve and remain competitive. To do this, auditors must leverage technology and data analytics to innovate and sustain their edge over the competition. In this article, we will explore how using data analytics and automation can help enhance the auditing process, achieve greater operational efficiency, and ultimately set your firm apart.

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Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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CPA Practice

JUNE 28, 2023

Small- and medium-sized businesses (SMBs) are looking to invest $10,000 more in their suite of technology solutions this year than they were in 2022, a new study finds. Business owners are willing to invest $45,000 to $142,000 on tech products that can help them focus on growth and financial stability, according to the newly released Intuit QuickBooks Small Business Survey.

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ThomsonReuters

JUNE 28, 2023

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. Let’s take a look at some best practices accounting firms can use to help clients overcome the challenges of ESG data collection and management. What are the challenges of ESG data collection?

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Insightful Accountant

JUNE 28, 2023

Murph gave you valuable clues about the Top 100 process and the specific categories in our story about the ProAdvisor of the Year and Categorical Award recipients.

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CPA Practice

JUNE 28, 2023

Geni Whitehouse, CPA.CITP, CSPM has been appointed president of the Information Technology Alliance (ITA), an independent membership association of leading mid-market technology professionals, consultants and product/service providers in North America, effective August 1, 2023. Whitehouse’s resume includes roles at Top 100 and niche accounting firms, accounting software developers, consulting and advisory practices, and private industry.

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SkagitCountyTaxServices

JUNE 28, 2023

We’re nearing June 30 (the mid-year marker), which is a very smart time to move into a different gear in examining your business’s financial situation. Because, like the good business owner that you are, I’m sure you kicked off Q1 with a bunch of exciting goals and objectives for 2023. So, now that we’re nearing the end of H1, it’s a good idea to check in on those goals.

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CPA Practice

JUNE 28, 2023

[Note: The following article was provided by the IRS Office of Professional Responsibility.] Benjamin Franklin famously wrote, “[I]n this world nothing is certain but death and taxes.” When a Circular 230 practitioner dies, leaving behind a tax practice, there can be many questions and much uncertainty about the practitioner’s preparations beforehand and the consequences for clients and those responsible for administering the deceased practitioner’s estate.

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Advertiser: Paycor

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KROST

JUNE 28, 2023

Have You Heard About KROST’s Will & Trust Asset Legacy Planner? We understand the difficulty when losing a loved one. We want to help ease the burden for you and make the transition as seamless as possible. Therefore, we created a guidebook to help prepare your family members, beneficiaries, and trustees. KROST’s Will & Trust Read the full article.

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Tax 72

CPA Practice

JUNE 28, 2023

By Chris Farrell, CPA. By now, most tax preparers are aware they need to comply with the FTC Safeguards Rule and IRS Publication 4557. Failure to do so could result in stiff penalties, yet many firms have not been able to make this a priority. And what if you don’t provide tax? The first step is to figure out if you are subject to the FTC Safeguards Rule.

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Insightful Accountant

JUNE 28, 2023

Hour Timesheet and Clockwise co-founder Debbie Sabin discusses how AI is revolutionizing the timekeeping industry and what the future of employee timekeeping may look like in five years.

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CPA Practice

JUNE 28, 2023

The New Jersey Society of Certified Public Accountants (NJCPA) is accepting nominations for its 2023 Ovation Award s. The awards celebrate individuals who demonstrate exceptional work in or support of New Jersey’s accounting profession in seven categories: Diversity, Equity & Inclusion; Impact; Innovation; Emerging Leaders; Exceptional Educators; Lifetime Leader and Women to Watch.

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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.

Cherry Bekaert

JUNE 28, 2023

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan , Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black , discuss the concept of offshoring and some key considerations for companies evaluating whether to use the offshore ability of their service providers.

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Dent Moses

JUNE 28, 2023

IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% in 2020. Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit? IRS Matching Program The IRS has a matching program.

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Cherry Bekaert

JUNE 28, 2023

This webinar provides an overview of the ASC 326 Financial Instruments – Credit Losses (CECL) accounting standard. Our speakers discuss the key changes from the legacy incurred loss model, what instruments are in scope under the new standard, and areas companies should focus on during implementation. While the new guidance impacts the financial services industry, many other industries have financial instruments or other assets that are subject to the CECL model.

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accounting standards Account accountant accounted 52

Shay CPA

JUNE 28, 2023

Finding investors for your early-stage startup can feel particularly challenging. When you’re working with what might amount to little more than a good idea and a basic product, it’s hard to quantify. And yet, so much of startup financing hinges on getting a valuation for the company. Fortunately, that’s not your only path forward. With convertible notes, you can get investors on board well before your company gets officially valued.

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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

Technology

Menzies

JUNE 28, 2023

Menzies LLP - A leading chartered accountancy firm. Charities are entitled to claim relief from VAT when they construct new buildings. This can be a valuable benefit for charities, which are generally not able to recover VAT, but they and the builders undertaking the work for them must take care to ensure that they do qualify for the relief. Both the charity and the builder are at risk of receiving assessments from HMRC for the full value of VAT on the project, unless the work falls fully within

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Shay CPA

JUNE 28, 2023

A relatively new tool has come into founders’ hands: simple agreements for future equity, or SAFEs. But are they, as the name suggests, simple? Not necessarily. They’re still worth wrapping your head around, though, because SAFEs could give you a way to get the financial backing you need with less risk to your company. Introduced by Y Combinator in 2013, SAFEs are legal contracts that serve as an alternative to convertible notes.

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accounting and finance CPA Finance Account 52

Summit CPA

JUNE 28, 2023

The Virtual CPA Success Show: Episode 83 JD Graffam understands the peaks and valleys of agency life. From bootstrapping his first agency, making tough personnel decisions, and learning best practices as a business owner, JD gives Jody and Jamie an honest account of his experience and how reading Jody’s book, "Digital Dollars and Cents," helped him apply financial metrics to his business.

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Ryan Lazanis

JUNE 28, 2023

If you’re getting a large number of applicants, it could be challenging to gauge which ones should make it past the interview. In this podcast episode, I share my top 3 interview questions to help you determine the high performers or best candidates from the rest. Listen Below. 0:31 – Crafting effective interview questions holds paramount importance in your recruitment process as it will be the key to hiring high-quality applicants. 0:51 – Through personal experience, I discove

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Advertiser: Paycor

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.

CPA Practice

JUNE 28, 2023

The American Institute of CPAs (AICPA), provided the Department of the Treasury and the Internal Revenue Service (IRS) issues and recommendations for improvements to the Form 706-GS(D-1) , Notification of Distribution from a Generation-Skipping Trust, and instructions and extensions, as well as guidance and regulations updates if Treasury and the IRS find that there are issues beyond changes to the form and instructions.

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FraudFiles

JUNE 28, 2023

If you’re new to the world of fraud investigations, the concept of the fraud triangle will be important for you to learn. In this video, Tracy explains the fraud triangle and its importance in fraud prevention and detection.

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Canopy Accounting

JUNE 28, 2023

If you’re ready to say goodbye to the rat race, it may be time for your accounting firm to look into a value-based pricing model.

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accounting firms Account accountant accounted 52

Insightful Accountant

JUNE 28, 2023

Joe Woodard has announced that his Scaling New Heights conference for 2024 will return to Orlando, Florida June 16-19, 2024.

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Florida 52

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Finance

Accounting Insight

JUNE 28, 2023

Outsourced payroll services are underrated. Trust me, we asked. Employment Hero recently conducted a survey of 313 accountancy and professional service firms. Perceptions of offering outsourced payroll services were very negative – just 12% saw it as a profit-driver, while 11% saw it as a “necessary evil” and 35% thought of it as a way to attract and retain clients, not drive revenue itself.

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ThomsonReuters

JUNE 28, 2023

The U.S. Department of Labor (DOL) recently indicated that the final version of the worker classification rule it proposed last year will be delayed up until October 2023. The rule would change the current, more abbreviated and employer-friendly version of the DOL’s economic realities test, back to something representing its prior rule that would rely on several factors, which tend to favor an employee relationship.

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