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Authors: Graham Michitsch , Senior Manager, Risk & Accounting Advisory Services | Louis Liu , Manager, Risk & Accounting Advisory Services Digital assets and the underlying technology have taken the marketplace by storm in recent years and accountants are not immune. Whether implementing for increased efficiency, new product or service offerings, added security measures or supporting new business models, it is quickly becoming vital that the accountants understand the importance, impact
I have to start by stating that this “Final Notice notice of intent to levy and notice of your rights to a hearing, please respond immediately” is one of the most important and urgent IRS notice a taxpayer may receive, and although it is so important as it would lead to levying your bank accounts, paychecks etc., many taxpayers unintentionally ignore it.
See how the First Real-Time Payments only solution empowers US businesses to get paid up to three days faster, while saving money on processing fees and streamlining workflows with automatic payment reconciliation.
The American Institute of CPAs (AICPA) is expressing strong support of bipartisan legislation introduced in both the House and the Senate which would modify the rules for postponing certain deadlines in the event of a disaster. The Filing Relief for Natural Disasters Act – H.R. 3861 & S. 1815 – would extend the Internal Revenue Service’s (IRS’) authority to grant tax filing relief following state-declared disasters and states of emergency under Section 7508A(a); and expand the mandatory fede
In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Dumpster Fires PwC’s head of reputation quits as firm’s horror show continues [ WAtoday ] The public relations department of embattled consulting giant PwC has not been a happy place of late.
Lynn Mucenski-Keck , Principal and Lead of Federal Tax Policy at Withum, testified in front of the House of Representatives Committee on Small Business last week on how tax hikes crush the competitiveness of small businesses. The House Committee on Small Business hosted a hearing on Tax Day, April 18th of 2023, on how changing policy will affect a business’s finances and growth.
Lynn Mucenski-Keck , Principal and Lead of Federal Tax Policy at Withum, testified in front of the House of Representatives Committee on Small Business last week on how tax hikes crush the competitiveness of small businesses. The House Committee on Small Business hosted a hearing on Tax Day, April 18th of 2023, on how changing policy will affect a business’s finances and growth.
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) IRS notices were recently sent to many California taxpayers indicating that balances due on their 2022 federal tax returns had to be paid in 21 days. The notices, however, were not entirely clear to some who received them. That’s because millions of Californians have an extension to file their 2022 taxes granted by the IRS due to severe weather that has occurred in the state.
In today’s rapidly changing business environment, firms need to stay on top of their audit compliance. As disruptive technologies and new regulations are constantly emerging, it can be difficult for businesses to remain compliant. In this blog post, we’ll provide some tips on how to ensure your firm is audit compliant and up to date with the latest industry changes.
“AI can take a lot of the heavy lifting out of marketers’ jobs, allowing us to focus on the strategic and creative aspects of our work,” says Kristin Lemkau, Chief Marketing Officer at JPMorgan Chase, in an interview with Forbes on the impact of AI on marketing. 10 Top AI Application Uses Here are 10 AI uses for CMOs (Chief Marketing Officers) and CGOs (Chief Growth Officers) in the accounting industry.
The accounting industry is seeing significant attrition among LGBTQ+ professionals Research commissioned by the Institute of Management Accountants (IMA), the California Society of CPAs (CalCPA), and the International Federation of Accountants (IFAC) revealed a surprising number of LGBTQ+ accountants are leaving their profession. This is a unique development when compared to other underrepresented identities, as it has not been seen in such numbers before.
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.
Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023. For many businesses, the most significant provision of the legislation was regarding IRC conformity of research and experimental (R&E) expenditures under Section 174.
9 min read The most successful nonprofit organizations – no matter how small or large – are run just like for-profit corporations, meaning their leaders know their numbers and use data-driven decision-making to guide the organization to mission success while expanding organizational impact. Key Takeaways Budget Performance (Nonprofit Budget vs. Actual): The budget vs.
Construction business owners face various sources of stress that can negatively impact their well-being and overall business performance. Some leading causes of stress for construction business owners include financial pressures, tight deadlines, workforce management, safety concerns, and regulatory compliance. If not adequately addressed, these factors can lead to burnout, decreased productivity, and even business failure.
U.S. taxpayers that own or control certain foreign corporations, foreign partnerships or foreign trusts are required to disclose the activities, usually with forms attached to a tax return. If not reported timely or properly on the designated forms, these U.S. taxpayers may be subject to significant penalties. A recent Tax Court Ruling for Farhy v. Commissioner brought to light how the Internal Revenue Service (IRS) applies these penalties.
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.
Fresh research looking into the barriers to changing accounting software has revealed that over a quarter of UK finance decision-makers (27%) would be unlikely to change their accounting software provider even if they could achieve ROI in less than 12 months. The sizable survey, commissioned by award-winning accounting software provider iplicit , sought the opinion of 1,000 UK-based finance decision-makers working in organisations that employ between 50 and 500 employees.
No doubt proud of its partnership with a massive professional services organization that is mostly prestigious unless some scandal or embarrassing internal falling out is afoot, Microsoft has written a long and complementary blog post about EY’s new toy the ‘EY Intelligent Payroll Chatbot ‘ Speaking of EY and payroll, the great “just kidding!
An award-winning company secretarial software firm’s recent attendance at Accountex proved to be a busy and successful show. Inform Direct has participated in Accountex over many years, meeting potential clients as well as enjoying the opportunity to catch up with existing subscribers. This year its attendance as an exhibitor generated more than 200 sales leads from accountancy practices of different sizes, firms which were keen to see a demo of what Inform Direct’s cosec software could do for t
*not the actual partner in photo The PwC tax scandal ( AFR coverage ) has brought to light the government’s liberal use of outside consultants (that’s “liberal” as in “a lot” not the political leaning so spare the comments) and amplified the voices of people who believe the government should be doing a lot of this work itself.
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.
On the 10th of May at Accountex London, Jonathan Athow, Director General, Customer Strategy and Tax Design at HMRC took to the main stage to discuss ‘HMRC’s Strategic Vision: Today, Tomorrow, Together’. HMRC provided an update on the progress in delivering transformational and innovative changes to the tax system – helping them become a truly digital organisation with easier and simpler services for accountants and customers.
Menzies LLP - A leading chartered accountancy firm. In 2021, the International Consortium of Investigative Journalists released over 11 million documents from 14 offshore service providers, revealing previously hidden owners of offshore companies, bank accounts and other assets. This release is known as the Pandora Papers. From 5 June 2023, HMRC have started to issue ‘nudge’ letters to taxpayers they believe now have offshore income or gains to report directly as a result of information they hav
By Laura Weiss, CQ-Roll Call (TNS) The House Ways and Means Committee is preparing to consider a package of tax breaks for individuals and businesses next week, laying out GOP priorities ahead of potential bipartisan tax talks later this year. Several lawmakers said after leaving a closed-door meeting of panel Republicans on Thursday that the goal is to complete a markup by next Friday.
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