Wed.Dec 13, 2023

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Budgeting and Planning for 2024: A Guide for Businesses

AccountingDepartment

With a new year just around the corner, it's time for organizations to start thinking about their budgets for 2024 - if they haven't already. Effective budgeting and planning are critical to the success of any business. It helps in making smart financial decisions, optimizing resource allocation, and achieving business objectives.

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FASB issues cryptoasset standard

Accounting Today

The Financial Accounting Standards Board released its long-awaited accounting standards update to improve the accounting for and disclosure of certain cryptoassets.

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Trending Sources

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Home Energy Credits Under the Inflation Reduction Act

CPA Practice

By Mike D’Avolio, CPA, JD. The Inflation Reduction Act of 2022 was signed into law on Aug. 16, 2022, providing numerous tax deductions and tax credits for individuals, families and businesses. New tax incentives were added, and existing tax incentives got extended and enhanced. This article covers two home energy tax credits for your individual clients to take advantage of by saving money on their tax returns and conserving energy to help out the environment.

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IRS restructures leadership

Accounting Today

The Internal Revenue Service has reorganized its leadership structure at the top, with a single deputy IRS commissioner instead of two, and four chief executives to lead taxpayer service, compliance, information technology and operations.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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IRS Chief Lays Out Plans for New Leadership Structure

CPA Practice

A new leadership structure at the IRS will include a single deputy commissioner, instead of two, and four new IRS chief executives who will oversee taxpayer service, tax compliance, IT, and operations. Plans for the new leadership depth chart were unveiled by IRS Commissioner Danny Werfel on Wednesday. The agency noted this is the first shake-up to its leadership structure in more than two decades.

Tax 114
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IFAC sees need for internal controls for sustainability

Accounting Today

The International Federation of Accountants wants organizations to combine sustainability reporting with their existing internal control and governance frameworks.

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Sage 50 – Features, Use Case, Alternatives, & Limitations

Ace Cloud Hosting

Managing finances and accounting is a crucial aspect of any business, regardless of its size. Sage 50 Accounting software has long been a trusted solution for businesses looking to streamline.

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Stephen Smith Dives into Creating Niche Audiences

Canopy Accounting

Stephen Smith delves into creating a distinctive niche through partnerships and technology all while finding a work-life balance.

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What to Know about Tax Savings in the Inflation Reduction Act

CPA Practice

By Clement Feng. Like many other large legislative bills, the Inflation Reduction Act is filled with lots of taxpayer goodies that are hard to find unless you know where they are. Yet, in this case, identifying them is worth the time and effort since they can make a big difference in tax filings for eligible homeowners and business property owners. In fact, this particular legislation may help many more of your clients than CPAs realized when it was first passed in August 2022.

Tax 105
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Manolo Blahnik Pairs with NetSuite

Insightful Accountant

Fashion shoe brand Manolo Blahnik uses NetSuite to enhance supply chain efficiency, consolidate financial processes, and improve visibility into its growing global operations.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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5 Tax Season Tactics to Grow Client Advisory Services

CPA Practice

By Alex Loewenstein. Tax season can be exhilarating for its intensity but stressful if your firm has all its balls in one court. Diversifying with tax-adjacent advisory services can add value to your existing clients, build recurring revenue streams and increase the likelihood of your tax clients returning next season. Busy season is prime time for client engagement, which means there’s a major opportunity for firms to position themselves for client advisory services (CAS).

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Why Financial Management of a Nonprofit is Harder than a For Profit

GrowthForceBlog

Nonprofit financials are often more difficult to manage than for-profits. Here are some of those challenges and what to do.

Account 104
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Recent Data Study Reveals Most Popular Side Hustle in Every U.S. State

CPA Practice

By Mark Webster. In 2023, the pursuit of side hustles reached an all-time high over the past two decades, as revealed by a recent study from Authority Hacker. This surge can be attributed to several factors: inflation has gone up, but the average American’s wages have stayed the same for decades. On top of that, 49% of adults have less savings compared to a year ago, and 22% have no emergency savings at all, according to Bankrate’s 2023 Emergency Savings Report.

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Students can't afford to become CPAs

Accounting Today

Many students lack the financial resources to pay the tuition and fees needed to become CPAs, according to a new report.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Bill Announced New Features

Insightful Accountant

Today, BILL unveiled new features for its SMB financial automation software, including a redesigned interface, customizable spend limits, consolidated spend controls, and streamlined budget management.

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Cybersecurity for CPAs: don't leave the door open

Accounting Today

What good is a door you don't close? What's the point of going through all the trouble of having a secure space if someone can just walk right in?

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Achieving Positive Cash Flow For Your Skagit County Business’s Health

SkagitCountyTaxServices

Crazy to think there are only two more weeks until Christmas and only three more weeks left of 2023. There’s a lot of joy still to be had and opportunities for your Skagit County business to increase revenue And, while the rest of us are checking off our holiday shopping lists, the IRS is continuing its aggressive focus on checking off false ERC claims.

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Organizations should start planning for e-invoicing now

Accounting Today

E-invoicing is a reality that businesses must grapple with — and not only in the EU.

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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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PR For Your Startup – Is the Right Time Now?

Shay CPA

By Scott Rosenblum As we head into 2024, founders might be reviewing revenue goals, hiring, operational costs, taxes, and marketing spending. Some may also be considering adding Public Relations to that spend to help build brand awareness. Most founders hear that they need to consider PR, but a majority don’t really understand what that entails. Some experience a lucky break with inbound, organic media coverage and have gotten a taste of how positive publicity can boost a company’s marketing e

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Can technology address the accounting talent shortage?

Accounting Today

Right now, the accountants at the center of the growing talent crisis are cautiously optimistic on the potential of generative AI.

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Stanford Tax Adds AI to Automate Client Organizers for More Efficient Tax Workflows

CPA Practice

StanfordTax is eliminating the time-consuming and inefficient process of creating tax organizers for accountants and tax professionals with a platform driven by artificial intelligence (AI). The new features help eliminate inefficiencies and inaccuracies in the preparation of client tax organizers. The technology consolidates data from 30-plus tax source documents including 1099s, W-2s, K-1s and others, then integrates seamlessly with all major tax software to complete and send the client organi

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SEC approves PCAOB budget of $384.7M for 2024

Accounting Today

The Securities and Exchange Commission approved the 2024 budget of the Public Company Accounting Oversight Board, totaling $384.7 million, with an accounting support fee totaling $358.8 million.

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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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FASB Issues Standard to Improve the Accounting for and Disclosure of Certain Crypto Assets

CPA Practice

The Financial Accounting Standards Board ( FASB ) has published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets. “The new standard responds to feedback from stakeholders of all backgrounds who indicated that improving the accounting for and disclosure of crypto assets should be a top priority for the board,” stated FASB Chair Richard R.

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Airbnb to pay €576M to settle Italian tax claim

Accounting Today

Italy's finance police had claimed that the company failed to pay taxes on about €3.7 billion of rental revenue and claimed that the company owed about €779 million after an audit of the tax years from 2017 to 2021.

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Bill Enhances Visibility and Controls in Spend & Expense

CPA Practice

BILL, a financial operations platform for small and midsize businesses, has announced new features for its Spend & Expense solution, formerly known as Divvy , to help SMBs and accounting firms gain even greater visibility and control of their business finances. The latest capabilities, complete with a budgets interface redesign, include additional ways to customize spend target limits, consolidate controls to manage spend easier, and group budgets to streamline management of multiple budgets

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Leaving a Legacy of Pleasant Memories

Withum

One measure of a great person is the legacy they leave behind. A person who positively impacted many people in their family and others they came in contact with is someone who had a rich and valuable life. These people should be emulated and their memory treasured. These are comments normally made about someone who passed away. However, what we do while we are still around determines what will be said afterward, and this is a situation you can always do something about.

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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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AICPA Submits Recommendations More Streamlined Process for Disaster Extension Requests

CPA Practice

The American Institute of CPAs has submitted a comment letter to the Internal Revenue Service related to extension requests filed by disaster victims for business. Section 1033 of the Internal Revenue Code allows taxpayers who lose a home or business in a major disaster a certain amount of time to replace their property with no taxable gain being recognized.

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3 Ways to Prevent Vendor Fraud in Your Local Government Finance Department

LSLCPAs

In the past couple of months, several of our clients have contacted us to let us know that they have become the victims of external fraud schemes, often involving vendor personnel. External frauds from individuals or groups within—or posing as vendors—is a common and increasing problem for many organizations, but there is a way to. The post 3 Ways to Prevent Vendor Fraud in Your Local Government Finance Department appeared first on LSL CPAs.

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Rising from Setbacks: Guiding Prospective Entrepreneurs Toward Success

CPA Practice

By Adam Taylor. In the world of entrepreneurship, setbacks are often part of the journey. For prospective entrepreneurs who have faced past challenges, the road to establishing their dream business may seem daunting. However, with the right approach and mindset, it is entirely possible to turn past setbacks into valuable lessons and propel your entrepreneurial dreams forward.

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Guide: How to Build a Corporate Sustainability Program

Withum

Unlock the Power of Sustainability: Download Our New Guide to Learn the Five Steps to Building an Effective ESG Program Download Guide No longer just a buzzword, companies across the globe are awakening to the urgency of sustainability. From regulatory compliance to consumer demand and risk mitigation, the need for a comprehensive ESG program is undeniable.

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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

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.