Fri.Mar 10, 2023

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14 Ways to Improve the Accounts Payable Process

GrowthForceBlog

9 min read As the saying goes, you have to spend money to make money.

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What can ChatGPT do for accountants?

Accounting Insight

A lot has been written about OpenAI’s unveiling of ChatGPT. It’s garnered a very excited response. To summarise, it’s a chatbot. By responding to prompts, it can answer questions, create stories, and it remembers its previous responses. Its core function is to mimic a human conversation. What separates it from other chatbots is the absurd amount of data behind it – 300 billion words’ worth.

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SVB Closure Is Unacceptable

Patriot Software

Canton, Ohio Patriot Software, an online payroll and accounting company, announced today that some employee direct deposits were affected by the abrupt Silicon Valley Bank closure.

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How Firms Can Use Payroll to Build Trust with Clients

CPA Practice

By Max Pearlstein. Accountants have more tools at their fingertips to grow their advisory services than ever before, and the pandemic underlined the importance of using those tools to help their clients. Today’s accountants are helping their clients navigate a rapidly changing labor and regulatory landscape. PPP loans, a tight talent market, the hybrid workplace, and changing tax laws are all combining to put incredible pressure on small- to medium-size businesses.

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Planning Your Restaurants Path to Profitability

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.

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Why NASBA Can Be a Bully and What CPAs Can Do About It

Going Concern

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver Going Concern previously reported on bits of an interview with Ken Bishop , President and CEO of NASBA, published in Journal of Accountancy. A cut out in the article includes this quote, “Should any state or jurisdiction lower the licensure requirement to 120 hours, their CPAs would no longer be automatically substantially equivalent and would no longer enjoy the mobilit

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Collapse of Silicon Valley Bank is Largest Since 2008

CPA Practice

By Amelia Pollard, Bloomberg News (via TNS). Silicon Valley Bank became the biggest U.S. bank failure in more than a decade, after its long-established customer base of tech startups grew worried and yanked deposits. The move by California state regulators to take possession of the lender on Friday and appoint the Federal Deposit Insurance Corp. receiver caps a vicious fall for a Silicon Valley stalwart.

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Tax Court Tightens Rules on Mortgage Interest Deduction

CPA Practice

Can you deduct mortgage interest you pay on a home you own? Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. However as shown in a new case, Shilgevorkyan, TC Memo 2023-121, 1/23/23 , you must meet some basic requirements. Background : As a general rule, an itemizer can deduct mortgage interest on an “acquisition debt” where the mortgage proceeds are used to buy, build or substantially improve a home.

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West Virginia Income Tax Rates: Here’s What Changed for WV Withholding in 2023

Patriot Software

Are you an employer in West Virginia? If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. In this article, we’ll go over: What compensation is subject to withholding?

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How To Attract Profitable Construction Clients

Randal DeHart

A USP (Unique Selling Proposition) is a compelling reason for your target market to choose your construction business over your competitor's. Examples range from cutting-edge service and product features to simply being more convenient and easier to find for the target market. But it all boils down to meeting your local market's needs in a more accurate and improved way than the competition and being able to market these points more effectively.

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What Is a Cap Table? The Essential Tool for Your Startup

inDinero Accounting

Every business, big or small, needs to know who is invested in their company and how much of that company they own. The cap table is an essential business document communicating vital information about a company’s current equity structure. What Is A Cap Table and Why Is It Important? The cap table is a spreadsheet businesses use to track who owns what percentage of a company.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

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

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Does my Rental Property Qualify for the New Section 199A Deduction Under Tax Reform?

CTP

How do you know if your rental property qualifies for the 20 percent tax deduction under new tax code Section 199A? Just what we need–something else to learn along with all of the other tax code changes this year. Well, maybe not. There is a piece of good news: we won’t be required to learn this tax code because everything we need to know about it is in the new regulations proposed by the IRS.

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The Office of the Inspector General’s Report on the FDIC InTREx Program

Cherry Bekaert

Author: David (Brook) Conner, Director, Information Assurance & Cybersecurity Steven Ursillo , Partner, Information Assurance & Cybersecurity Leader At the end of January 2023, the Office of the Inspector General (OIG) for the Federal Deposit Insurance Corporation (FDIC) released a report on the FDIC’s Information Technology Risk Examination (InTREx) program.

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How State and Local Tax Refunds Affect Gross Income for the Following Year

CTP

The IRS published Revenue Ruling 2019-11 at the end of March 2019 in order to answer questions that arose due to limitations imposed on itemized deductions for state and local taxes (SALT) by the 2017 Tax Cuts and Jobs Act (TCJA). The law limited the itemized deduction for SALT to $10,000 except in the case of married people who filed a separate return.

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Can AI Actually Predict When an Employee is Going to Quit?

CPA Practice

By AJ Hess, Fast Company (TNS) Artificial intelligence may be making human resource departments less human. “AI has the potential to automate some tasks in human resource (HR) departments, but it is unlikely to completely take over HR departments in the foreseeable future,” reads one ChatGPT response on the subject. “AI can assist with tasks such as resume screening, candidate matching, and even initial interviews, which can free up HR professionals to focus on higher-level tasks such as employe

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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What Is a Cap Table? The Essential Tool for Your Startup

inDinero Accounting

Every business, big or small, needs to know who is invested in their company and how much of that company they own. The cap table is an essential business document that communicates vital information about a company’s current equity structure. What Is A Cap Table and Why Is It Important? The cap table is a spreadsheet businesses use to track who owns what percentage of a company.

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One Year Count Down for Claiming 2020 Employee Retention Credits

Cherry Bekaert

The Employee Retention Credit (ERC) continues to prove to be an incredible cash flow opportunity for businesses that have qualified for the COVID-19 relief. Even with the initial relief being offered in 2020, you are able to apply for 2020 ERC until 2024 and 2021 ERC through 2025. Our ERC leader, Marty Karamon, will share insights he has learned over the past two years and how your business can take advantage of ERC.

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Are the new Corporate Insolvency measures here to stay?

Menzies

Menzies LLP - A leading chartered accountancy firm. An official review of permanent measures that were introduced during the pandemic to protect businesses that might be at risk of insolvency, has been completed. The good news for ailing businesses is that the measures are here to stay – but how useful will they be and what do credit managers need to know?

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Transitioning to ISO 27001:2022: What You Need to Know to Ensure a Smooth Transition to the New Compliance Requirements

Cherry Bekaert

What You Need To Know To Ensure a Smooth Transition to the New Compliance Requirements Authors: Matthew Schiavone, Managing Director, Information Assurance & Cybersecurity & Brian Kirk, Senior Manager, Information Assurance & Cybersecurity Overview After nine years, the International Standards Organization (ISO) updated its ISO 27001:2013 standard.

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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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Insolvency update – stormy waters ahead in 2023

Menzies

Menzies LLP - A leading chartered accountancy firm. The data that had been released on 31 January 2023 by the Insolvency Service shows that the number of corporate insolvencies in England and Wales has risen to 5,995 in Q4 2022. This means that there has been a seven percent increase since the previous quarter. Unfortunately, this does not come as a surprise as the number of insolvency enquiries that we have been receiving since November continues to rise.

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Visix, Inc. Utilizes Sage Intacct to Streamline Communication and Collaboration

Cherry Bekaert

Visix, Inc. offers a robust suite of digital signage software, content designs and meeting room signs for any organization wanting to engage, excite and inform their audiences. Their products work separately or together, are competitively priced and scalable, and have powerful interactivity and data integration features for a unified, enterprise signage solution.

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Deloitte Global CEO Joe Ucuzoglu Just Mic Dropped EY’s Messy Split Drama

Going Concern

Joe Ucuzoglu, the former head of Deloitte US and current Deloitte Global CEO, has recorded a 20 minute video which was circulated to all firm leadership yesterday and then, just to be sure EY sees it to be as transparent as possible, had it published to the Deloitte website for all to see. In it, he is adamant that Deloitte does not intend to change its current model as unified professional services firm (a.k.a. “multidisciplinary model”).

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How API integration helps drive automation in tax and accounting firms

ThomsonReuters

If you’re a leader in a tax and accounting firm, you know the pain that disconnected teams, lack of visibility, and inefficient workflows can bring. You also may have heard of APIs; however, many accountants are unsure of what they are and how they can help simplify workflow and boost profitability. So, let’s start with the basics. What are APIs? Application Programming Interfaces (APIs) are software code that allow two unrelated systems to access and use each other’s features or data.

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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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Friday Footnotes: KPMG Client’s Spectacular Failure; PwC Gets Defensive; Kids Doing Taxes | 3.10.23

Going Concern

Some things are happening today. Bank Fail Friday is back! What does Silicon Valley Bank’s collapse mean for the financial system? [ The Economist ] Two ways. Gradually, then suddenly. That is how Silicon Valley Bank (svb), the 16th-largest lender in America, with about $200bn in assets, went bust. Its financial position deteriorated over several years.

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Ex-IRS Chief Says He Is Confident Daniel Werfel Will Do Well as Agency’s New Leader

CPA Practice

A former IRS commissioner said on Thursday he believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation—but added it will not be easy. Mark Everson “Commissioner Werfel and I worked together when he was on my staff at Office of Management and Budget (OMB) during the Bush administration 20 years ago,” Mark Everson, who was commissioner of the IRS from 2003 to 2007, said in a statement emailed to CPA Practice Advisor.