Mon.Mar 17, 2025

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Navigating heightened scrutiny: A guide for audit firms in a new era

ThomsonReuters

Blog home With regulatory bodies intensifying their focus on audit quality , todays audit professionals face a growing level of scrutiny around their work. With so much at stake, firms of all sizes must seize on every advantage they can find. But where do you start? To adapt to an industry in flux, audit professionals must harness modern solutions that offer robust documentation frameworks, advanced technology, and proven audit methodology.

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The Ripple Effect of Tariffs: Inventory, Pricing and Financial Statements

Withum

These days, nothing is more fluid in the United States than the term tariffs. While debate can be had on the macroeconomics and impacts of tariff policy on the U.S. economy, the tariff discussion appears to be ongoing for the foreseeable future. Because of this, business owners and managers will need to contemplate the impacts of tariffs on their financial reporting process.

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Why Structure Your Business as a Partnership? Exploring the Tax Benefits of Partnerships

CTP

Partnerships are a commonly misunderstood business structure. Because they are perceived as complicatedand sometimes they can bemany entrepreneurs shy away from this entity type and miss out on the many benefits they have to offer. What makes partnerships distinctive? Partnerships are pass-through entities, so they are not subject to corporate income tax.

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SEC Issues No-Action Letter on Rule 506(c) Verification

Withum

On March 12, 2025, the Securities and Exchange Commission (SEC) issued a no-action letter which provided assistance for issuers and investment funds relying on Rule 506(c) of Regulation D. While prior guidance existed on the application of minimum investment amounts as a factor in determining whether an issuer has satisfied the requirement to take reasonable steps to verify purchasers accredited investor status, further clarification has now arrived.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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When to Recommend a Partnership Structure: The Tax Benefits of Partnerships

CTP

Partnerships can either be the simplest or one of the most complicated entity typesdepending on how each of the partners relates to the business and what role they play. New entrepreneurs may instinctively view them as too complicated, and even if tax professionals are familiar with the benefits, they may not feel well-versed enough to know when to recommend a partnership structure to their clients.

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QBO Cleanup: The diagnostic skills every bookkeeper should know

5 Minute Bookkeeping

If youve ever opened a clients QuickBooks file only to find a mess of uncategorized transactions, undeposited funds, unapplied payments, or miscategorized expensesyoure not alone. Its easy to feel overwhelmed. But the ability to diagnose these issues is what truly sets great bookkeepers apart. Its more than just identifying errors; its about understanding the root cause and knowing exactly how to fix it.

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State CPA Societies Nationwide Inspire Thousands of Students to Explore a Career in Accounting

CPA Practice

This year, 44 participating state CPA societies sent more than 1,200 volunteer accounting professionals to 895 schools across the country.

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IRS approaching major layoffs, cuts as tax season heats up

Accounting Today

This month, the Internal Revenue Service is predicting a rise in tax scams for 2025, and added four new eligible counties for foreign income exclusion.

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IRS Has Issued $145 Billion in Refunds Thus Far This Tax Season

CPA Practice

In total, the agency has sent out more than 43.6 million refunds to taxpayers, up 1.5% compared to March 8, 2024. The average refund amount sits at $3,3245.7% higher than last year.

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What Is an IPO? The Process of Going Public

Patriot Software

At some point, you may consider going public if your business is private. When you “go public,” you go through an IPO process. So, what is an IPO? Read on to learn the ins and outs of an IPO, what the process entails, and the pros and cons of going public. What is an IPO?

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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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AICPA Names Creps New Chair of Auditing Standards Board

CPA Practice

Catherine Halie Creps, a partner in KPMGs Department of Professional Practice, will assume her duties at the end of May.

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Small business owners run into IRS tax deadlines

Accounting Today

Small businesses may have been caught unawares by the earlier tax deadline for filing their taxes, but they can still file for an extension.

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FASB’s Private Company Council Releases First-Ever Annual Report

CPA Practice

The PCC, the group that advises the Financial Accounting Standards Board on private company accounting matters, has published its 2024 Annual Report to highlight its accomplishments and activities.

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The tax advantages of charitable remainder trusts — and the risks

Accounting Today

Acronyms like CRT, CRAT, CRUT and NICRUT could have many clients' heads spinning. Here's a guide to the key pros and cons for financial advisors to consider.

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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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Confusion and Stress Drive Americans’ Desire for Tax Reform, Survey Finds

CPA Practice

A new poll from marketing research firmSavanta reveals that a strong majority of Americans want tax reform, with 70% saying they prefer a simpler tax code instead of the current overcomplicated and stressful U.S. tax system.

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Polls Remain Open for 2025 ProAdvisor Awards - Vote Today

Insightful Accountant

Have you voted for the 2025 ProAdvisor Awards? More than 3000 votes have already been cast for this year's candidates for both U.S. and International award candidates. Don't miss the opportunity to vote for the awards.

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Maximizing IT Investments: Hardware, Software, and Budget Planning

CPA Practice

By partnering with a proven IT advisor, firms gain astrategic IT advantagethat enhances performance while controlling costs.

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Promoting Workplace Wellbeing to Your Clients: A Strategic Opportunity for Accounting and Tax Professionals

Insightful Accountant

As owners of accounting firms and tax practices, you're uniquely positioned to guide clients beyond compliance and into strategic business enhancement. The emerging research on workplace wellbeing presents a compelling opportunity.

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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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IRS Provides Tax Filing Extensions to West Virginians Impacted by Severe Storms

CPA Practice

The IRS has extended the filing deadline to Nov. 3, 2025, for individuals and businesses in six West Virginia counties that were affected by severe storms, flooding, landslides, and mudslides that began on Feb. 15.

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Profit & loss Vs Cash

Accounting for Good

One of the most common questions Not-for-Profit (NFP) managers ask is: Why doesnt my Profit & Loss (P&L) statement match my cash balance?

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Southwest Airlines Will Start Charging for Checked Baggage … And Assigned Seats

CPA Practice

What makes Southwest Airlines different? Not much anymore. Starting May 28, flyers will have to pay extra for baggage, assigned seats and other items, just like every other airline.

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Art of Accounting: I practice what I preach

Accounting Today

Take the long view with your practice and don't miss any opportunity to train a staff person properly, as shown in these three memorable anecdotes.

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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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Boost Payment Solutions Teams with TransferMate to Expand Cross-Border Payment Capabilities

CPA Practice

The collaboration combines Boostscross-border payment solution,Boost 100XB, with TransferMates globally regulated payments infrastructure to help increase industry-wide commercial card usage and adoption.

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How GenAI is reshaping investment accounting

Accounting Today

To prepare for a GenAI-driven future, businesses must maintain impeccable, validated and standardized investment data.

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The Damage Inflicted by Financial Statement Fraud

FraudFiles

Financial statement fraud impacts any person or organization that has a financial interest in the success or failure of a company. A manipulation of the companys reported earnings or assets can affect a bank that extends credit to the company, a shareholder who invests money in the company, and those organizations that enter into contracts [.

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NFP – Preparing an annual budget

Accounting for Good

Preparing an annual budget is critical for any Not For Profit (NFP) organisation.

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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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IRS suffers another $20B budget cut

Accounting Today

The continuing resolution that the Senate narrowly approved included a $20.2 billion cut in the Internal Revenue Service's budget, the third such cut since 2023.

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Examining the Impacts of President Trump’s ‘Unleashing American Energy’ Executive Order on Clean Energy Tax Credits

CPA Practice

Since the Unleashing American Energy and Regulatory Freeze Pending Review" executive orders were issued, there has been much speculation on how they will impact green energy funding and incentivesespecially via tax creditsin the Inflation Reduction Act.

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Trump signs government funding bill to avert federal shutdown

Accounting Today

The stopgap funding bill paves the way for Republican lawmakers to pivot to signature border and tax bills they seek to pass in the coming months.