Mon.Feb 05, 2024

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Unleash the power of tax automation

ThomsonReuters

The accounting profession is currently navigating through a transformative era. An aging workforce, a dwindling number of new college graduates entering the profession, and a lack of desire to pursue the partner path among existing employees make it challenging to attract new talent and retain experienced professionals. This talent shortage impacts individual firms and leads to systemic problems in the broader business and financial world.

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Deloitte Has Out-Cringed Itself

Going Concern

The Aussie Corporate ( Insta ) recently shared some uniquely Deloitte motivation attempts and we must warn you, it’s bad. Why are firms like this? HAHAHAHA because we make you work too much LOL aren’t we funny!! But wait! There’s more! Ten posters to be exact, nine of which are terrible. View this post on Instagram A post shared by The Aussie Corporate (@theaussiecorporate) This set includes: Don’t “circle back” Do Talk straight [Take your own advice here, Big

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Storytelling in Agencies: Connect, Inspire and Transform

Summit CPA

A Conversation with Jeff Bartsch Someone wants something: love, money, success, happiness. To get that thing, they overcome obstacles: dragons, villains, natural disasters, the doubting voices in their head. At the end of the day, they get the thing and go home, a changed person. That’s the recipe for a story: Desire, conflict, transformation. When Jeff Bartsch – founder of Story Greenlight – spells it out like that, suddenly a story is not just an anecdote you share at the dinner table.

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Join Me Thursday for a Tech Spotlight on Increasing Your Practice Profits Advising Multi-entity Clients

Insightful Accountant

Murph says, "if you have multi-entity clients using QuickBooks Desktop or Online, you need to take an hour out of your busy schedule to attend this 'free' webinar.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Ashley V. Johnson, CPA, EA – 2023 “40 Under 40” Honoree

CPA Practice

Ashley V. Johnson, CPA, EA – 2023 “40 Under 40” Honoree Founding Partner J&F Advisors, PLLC www.jandfadvisors.com Career Highlights Ashley Johnson, a Founding Partner and strategic leader at J&F Advisors, PLLC, is committed to advancing the firm’s mission and elevating it among the top CPA firms in Detroit. In her capacity, she effectively oversees revenues, manages cash flow, and directs credit operations.

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Art of Accounting: Make your services a must have

Accounting Today

Clients will want to use you when you become their trusted advisor and they think of calling you before they do anything that might impact their business, financial security or growth.

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PwC US picks new leader

Accounting Today

PwC US has elected Paul Griggs as its next senior partner, succeeding Tim Ryan after Ryan retires on June 30.

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Marcum Adds Massachusetts Firm Powers & Sullivan

CPA Practice

Marcum LLP has entered a merger with Wakefield, Massachusetts-based Powers & Sullivan, LLC, effective February 1, 2024. Massachusetts-based Powers & Sullivan has a portfolio of services spanning accounting, auditing, and management consulting, with a specialized practice focused on auditing governmental entities. Four partners and 26 associates from Powers & Sullivan are now integrating into Marcum’s team.

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Tax relief for Maine weather victims

Accounting Today

The IRS is pushing back payment and filing deadlines for those impacted by storms and flooding in Maine.

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Baker Tilly Gets Big Private Equity Boost From H&F and Valeas

CPA Practice

Baker Tilly said on Monday it has received a “significant investment” from private equity firms Hellman & Friedman and Valeas Capital Partners in what the top 10 accounting firm says is the largest private equity investment in the CPA sector thus far. Financial terms of the deal, which is expected to close in early June, weren’t disclosed. The Financial Times reported that H&F and Valeas would take an equity stake of about $1 billion for just over 50% of the Chicago-based accounting and

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Recruit and Retain New Blue-Collar Talent

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.

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Baker Tilly US gets PE investment

Accounting Today

Baker Tilly US LLP is receiving an infusion of funding from a pair of private equity firms, Hellman & Friedman and Valeas Capital Partners, making it the biggest accounting firm to date to accept PE funding.

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Monday Morning Accounting News Brief: Wealth Management Is a Bust For Firms; Old Guys Struggling to GTFO | 2.5.24

Going Concern

Good morning, faithful capital markets servants. Today is February 5, 2024 and we are getting into some news. Financial Advisor says many accounting firms want to get on the wealth management bandwagon “to serve clients better” but of course really “ wealth management practices can be quite profitable when done well. ” Guess what?

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'Superfunding' 529 plans carries tax questions — what advisors should know

Accounting Today

The gift outlays — and the many rules and potential duties tied to them — can affect clients' long-term trail toward RMDs, Roth IRAs, the FAFSA and other areas.

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How to green the books

Accounting Insight

Accountants are the most trusted outside advisors most small businesses have. This leads to conversations about far more than just “the books”. Good accountants can use this advisory time to lock in strong relationships with their clients. And a big issue coming down the pipe for businesses is some sort of accounting of their carbon emissions. Why accounting for emissions is on the up There is currently no regulatory requirement for smaller firms to audit or report on their emissions.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Marcum merges in Powers & Sullivan

Accounting Today

The Top 25 Firm based in New York has added a firm headquartered in Wakefield, Massachusetts, expanding Marcum's government client base in New England.

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Nourishing Insights: A Discussion With Sharebite’s Dilip Rao

Withum

In this two part video series, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Sharebite’s Co-Founder and CEO, Dilip Rao , to discuss the FoodTech ecosystem. Nourishing Insights – Part 1 In Part 1 of this interview, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Sharebite’s Co-Founder & CEO, Dilip Rao , discuss Sharebite and its leading meal benefits platform that was built exclusively for companies to feed employee

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AICPA asks for delay in DAF regulations

Accounting Today

The American Institute of CPAs has sent a letter to the Treasury Department and the Internal Revenue Service asking them to postpone the effective date of their final regulations on donor-advised funds.

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David Henroid Named a Top Business Advisor by Small Business Monthly

Anders CPA

Assistant controller David Henroid, CPA , was named a St. Louis Small Business Monthly (SBM) Top Business Advisor. The advisors included on the list were nominated by SBM readers as the best advisors for business owners in the St. Louis region. David discussed the biggest challenge facing business owners and offered them his best advice. Many small business owners want to be involved with all or most aspects of their business, but they cannot do it all as business needs can quickly surpass their

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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DOJ launches probe into ADM over its accounting practices

Accounting Today

ADM shook the commodity world last month after it suspended CFO Vikram Luthar and cut its earnings outlook pending an outside counsel inquiry into its accounting practices involving its troubled nutrition segment.

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CohnReznick Adds 24 New Partners and Principals

CPA Practice

Top 20 accounting firm CohnReznick admitted 24 professionals—18 men and six women— to its partnership on Feb. 1. The newly admitted partners and principals bring expertise across advisory, assurance, and tax, and play integral roles in the firm’s industry groups. “CohnReznick’s ability to deliver world-class client service is driven by our commitment to recruit, develop and reward outstanding individuals who demonstrate the capability to lead our firm into the future,” CohnReznick CEO David Kess

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Samsung billionaire Jay Y. Lee acquitted in fraud suit

Accounting Today

Prosecutors sought a five-year prison sentence along with a fine on charges of stock-price rigging and accounting fraud.

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New Jersey CPAs Visit 65 High Schools to Discuss Accounting Careers

CPA Practice

Members of the New Jersey Society of Certified Public Accountants (NJCPA) visited 65 high schools in the state during the fall of 2023 to inform students about the benefits of having a successful career in accounting and how to become a certified public accountant (CPA). Through the NJCPA Career Awareness Program, more than 60 NJCPA members made presentations throughout New Jersey.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Fixed expenses: how to manage them effectively

Reckon

Guest post by Maya Kirianova Managing fixed expenses is essential for individuals, families, and businesses when it comes to management. These expenses refer to the recurring costs that remain relatively stable in terms of their amount. Examples of fixed expenses include rent or mortgage payments, utility bills, insurance premiums, loan repayments, and more.

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IRS Provides Tax Relief to Rhode Island Storm Victims

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. Individuals and businesses affected by the severe storms now have until June 17 to meet certain tax obligations.

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Revised AICPA Standards Impacting Your Tax Practice

Insightful Accountant

Changes to the AICPA Statements on Standards for Tax Services (SSTS) are potentially impacting CPAs. While these changes do not govern EAs and other tax preparers, CPAs who offer even a small amount of tax services should be paying attention.

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Three Skills Every Accountant Needs to Differentiate and Scale Their Firm

CPA Practice

By Adam Lean. It used to be that all an accountant had to do to earn respect, win over new clients, and have a growing firm was simply be a great accountant. Those days are over. They’re over for a few reasons: Reason #1: Most clients don’t value accounting as much as we think they should. Reason #2: Most clients (especially business owners) would rather their accountant give them advice (instead of simply being a recorder of the past).

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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Need to finish or update your Formal Application but can't find the link?

Insightful Accountant

If you are a ProAdvisor participating in the ProAdvisor Awards process and find yourself unable to continue or change your Formal Application because you can't find the link to reopen it, this article is for you.

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Terrell Turner, CPA – 2023 “40 Under 40” Honoree

CPA Practice

Terrell Turner, CPA – 2023 40 Under 40 Honoree Founder & CEO TLTurner Group www.TLTurnerGroup.com Career Highlights In the past year I have been featured in a NY Times Square ad as a top CFO, was selected to be the Chair of the Law Firm finance committee for the American Bar Association, been recognized as a top 20 global finance influencer, I’ve been invited to speak for over 13 public events in one year.

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Hot Topics of CAP Audits and How To Best Prepare

Withum

DOL CAP Audit Series While CAP audits can examine any financial, business and compliance aspects of a Union, there are a handful of topics that tend to be examined frequently among unions. Officer and Employee Expenses and Compensation – For example, the method for approving officer salaries, adherence to DOL documentation requirements and Union policies for expense reimbursements and credit card charges, reporting of gifts on LM-30, background checks, etc.

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Steven Bong – 2023 “20 Under 40” Influencer

CPA Practice

Steven Bong – 2023 “20 Under 40” Influencer Cofounder AuditFile [link] Steven is the founder and CEO of AuditFile.com, a cloud-based solution for auditors. AuditFile is used by thousands of customers all over the world. In 2021, Steven was awarded US Patent 10,891,294 for the application of artificial intelligence and machine learning techniques to financial statement audits.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.