CPA Practice

SEPTEMBER 8, 2023

The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. Fortunately, an employer can offer one of two possible alternatives. Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan.

payroll tax 119

payroll tax Healthcare Account accountant 119

Accounting Today

SEPTEMBER 8, 2023

Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.

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Tax tax accountant audit Account 127

CPA Practice

SEPTEMBER 8, 2023

The IRS is deploying cutting-edge technology like artificial intelligence to identify and begin examinations of large partnerships with billions of dollars in assets that have “cut corners” on tax compliance, Commissioner Danny Werfel said on Friday. Werfel said a large hiring spree and AI research tools developed by IRS employees and contractors are helping the agency hone in on wealthy tax dodgers.

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audit Tax Real Estate Technology 121

Accounting Today

SEPTEMBER 8, 2023

The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts.

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audit Tax 125

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

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

CPA Practice

SEPTEMBER 8, 2023

In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., the maker of the popular TurboTax tax filing software, “… engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.

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tax preparation Tax income tax 120

Going Concern

SEPTEMBER 8, 2023

We’ve received this tip a few times now from a few different people, time to throw it to dogs and see if anyone knows more. Here’s the original, slightly edited to protect anonymity: Plante Moran, CBIZ, Marcum, Armanino, and a couple of other large public firms will no longer be serving public clients. It does look like CBIZ has left or is leaving the space.

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audit Gaming Real Estate Construction 118

CPA Practice

SEPTEMBER 8, 2023

Are you thinking of switching from the C corporation form of business ownership to S corporation status? There could be a big tax in your future—literally. We’re referring to the so-called “built-in gains” (BIG) tax. The BIG tax often catches business owners by surprise. Fortunately, however, you may be able to avoid adverse tax consequences with some astute planning.

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Tax corporation tax accounts payable Account 110

Going Concern

SEPTEMBER 8, 2023

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. News KPMG halves pay for US partners on gardening leave amid poaching war [ Financial Times ] KPMG’s US partners have been told that they will be put on 50 per cent pay during six months of gardening leave if they quit t

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Tax Kansas Arkansas Real Estate 106

CPA Practice

SEPTEMBER 8, 2023

By Matthew Boyle – Bloomberg News (via TNS). In the emerging post-pandemic era, most aspects of life have returned to normal. Moviegoers are flocking to cinemas, vacationers jammed airports for summer travel and kids are returning to classrooms. The one thing that has remained stubbornly fraught: the world of work. Three and a half years after millions of office-goers were sent home en masse, companies, employees and governments are still figuring out how to adapt to lasting changes to corporate

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Real Estate New York Government Transportation 110

Canopy Accounting

SEPTEMBER 8, 2023

It’s October, the spookiest time of the year.especially for accountants, considering Oct. 15 is a pretty scary day. Now that the 15th is behind us (thank heavens) it’s time to focus on the more fun parts of the month: Halloween activities! We already gave you advice on some fun accounting-themed Halloween costumes , but now it’s time to share our wisdom about another important October activity.pumpkin carving!

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Account accountant accounted 105

Advertiser: Paycor

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

Accounting Today

SEPTEMBER 8, 2023

The SEC's recently finalized rule on private fund advisors will impose new requirements.

audit 136

audit 136

Cherry Bekaert

SEPTEMBER 8, 2023

Americans’ trust in government has been on the decline for decades. In the 1960s, polling from the Pew Research Center showed that more than 70% of Americans believed the Federal Government would do the right thing “just about always.” The same poll today shows that this trust has fallen to around 20%. There are many factors that contributed to this declining sentiment.

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Government Healthcare accounting and finance accounting firms 92

Accounting Today

SEPTEMBER 8, 2023

Plus, Bill releases financial operations platform for SMBs; and other accounting technology news and updates.

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Technology Account accountant accounted 121

Randal DeHart

SEPTEMBER 8, 2023

Not everyone knows construction accounting, and it is easy to assume all accounting is the same. Even if you have outsourced your financial functions, as a small construction business owner, having a solid understanding of critical financial concepts is crucial to work with your advisor and 'speak their language". This article outlines several essential concepts that every small business owner should know.

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Construction Start-ups Account accountant 90

Advertisement

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? Which is better: a C corp, S corp, or LLC? What is a C corporation? What is an S corporation? When is it better to create an LLC instead of a C corp or S corp? What is an LLC? Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, a

income tax 75

income tax Tax Legal tax return 75

Accounting Today

SEPTEMBER 8, 2023

Indiana CPA Society adds five to board of directors; Eide Bailly Financial Services becomes Eide Bailly Wealth; and more news from across the profession.

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Indiana CPA 66

Canopy Accounting

SEPTEMBER 8, 2023

Tax season is a critical and demanding period in the accounting profession that necessitates concentration, expertise, and efficiency. Accountants must navigate a labyrinth of complex tax regulations while meeting numerous deadlines with precision and accuracy. Fortunately, several advanced methods, such as utilizing automated software, implementing standardized procedures, and leveraging data analytics, can aid in streamlining the tax preparation process.

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tax preparation Tax Account accountant 59

Anders CPA

SEPTEMBER 8, 2023

Join us November 1st for Anders Alumni Happy Hour! Join us for the 2023 Anders Alumni Happy Hour! Reconnect with your former Anders colleagues over a mini golf experience like no other. When: Wednesday, November 1, 2023 | 5:00 – 7:00pm Where: Puttshack St. Louis 3730 Foundry Way, Ste 100, St. Louis, MO 63110 Register for the event below: Contact Krystal Harrison at kharrison@anderscpa.com with any questions.

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CPA 52

Advertiser: Paycor

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

Withum

SEPTEMBER 8, 2023

In the world of project management , output delivery holds the utmost importance. Output management extends beyond final reports, presentations, products or services. The work performed and the outcome is part of the output. Project managers ensure that the production aligns with the intended goals and objectives, uses resources efficiently, meets the defined requirements and has the desired outcome.

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Management Consulting 52

Cherry Bekaert

SEPTEMBER 8, 2023

What are the key compliance requirements and what do they mean for private fund advisers? On August 23, the Securities and Exchange Commission (SEC) adopted new and amended rules (Final Rules), initially proposed last year, that will significantly increase the regulatory burden on private funds. The Final Rules retained much of the key requirements from the proposed rules, including the annual audit requirement for each private fund, preparation and distribution of detailed fund-level informatio

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audit accounting principles Non-Profits financial statements 52

Insightful Accountant

SEPTEMBER 8, 2023

With the virtual event right around the corner, here's another sneak peek at what to expect—and why you should sign up today.

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Accounting Today

SEPTEMBER 8, 2023

As accounting students start a new semester, there is a glimmer of optimism in the distance.

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Gaming Account accountant accounted 68

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.