Fri.Jun 07, 2024

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How to future-proof a business with accounting technology

Accounting Insight

While the accounting sector has long been shaped by technology, and in particular automation, the last couple of years have perhaps laid the foundations for the greatest change to date. At the heart of this shift is AI and its growing integration with accounting software. But change is also being driven by evolving customer habits in a post-Covid and digitised landscape.

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IRS backlog grows from tax adjustments

Accounting Today

While the Internal Revenue Service has managed to reduce its backlog of unprocessed tax returns since the pandemic, one area where it's losing ground is in processing all the documentation for tax adjustments.

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Does Accounting Education Belong in the University Curriculum? 

Going Concern

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver As much as I enjoy reading Going Concern, I find the article titled “ Did the Anti-150 Hour Crowd Finally Beat the AICPA Into Submission? Looks That Way ” troubling. Busy people might read only the title and believe that the “extra 30” is dying.

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ID theft victims waiting longer to receive tax refunds

Accounting Today

The amount of time that identity theft victims have to wait for tax refunds has increased as the Internal Revenue Service has shifted priorities, with some victims waiting nearly two years.

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Live Demo: How to Achieve Reconciliation Zen

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

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Utah Movie Producer Found Guilty of $1 Million in Tax Crimes

CPA Practice

A federal jury convicted a Utah man on June 4, 2024, of tax evasion and forcibly retaking property that had been seized by the government to pay his outstanding tax debt. According to court documents and evidence presented at trial, Paul Kenneth Cromar owned a home in Cedar Hills, Utah, and operated Blue Moon Productions LLC, a freelance film and media production company.

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On the move: Wipfli adds national health care partner

Accounting Today

The Bonadio Group launches business unit; RSM appoints leader to new Professional Services+ practice; and more news from across the profession.

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Fraud victims hit by 'double whammy' of theft, taxes on stolen funds

Accounting Today

The growing number of fraud victims who suffer staggering financial losses often find themselves having to pay Uncle Sam for their missing income, experts say.

Tax 84
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Tax Obligations Every Canadian Small Business Should Know

Ronika Khanna CPA,CA

Table of Contents When starting a business, it can be confusing and a little overwhelming to keep on top of the different types of tax filings that need to be submitted and ensuring that these tax deadlines are met. It isn’t always clear, particularly to a new business owner, as to what the various documents from Revenue Canada or Revenue Quebec relate to., which often contains jargon that requires decoding.

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UK tech mogul Lynch beats HP fraud case in stunning US loss

Accounting Today

Prosecutors alleged that Autonomy used a number of manipulations to make its revenue growth appear better than it was, such as back-dating contracts, pretending to ship goods, and overpaying for unnecessary services so vendors would then buy the company's products.

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Review of Black Ore Tax Autopilot- The Accounting Technology Lab Podcast – June 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, review Black Ore Tax Autopilot, an AI tax prep system for CPAs, which features complete 1040 tax preparation automation. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

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.

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The Art of Firing a Client | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

We are thrilled to announce that Episode 21 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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IRS Issues New Guidance for Energy Community Bonus Credit

CPA Practice

The Department of the Treasury and Internal Revenue Service have issued Notice 2024-48 (PDF) that publishes information taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category in Notice 2023-29 for purposes of qualifying for the Energy Community Bonus Credit. These lists are provided in Appendix 1 PDF and Appendix 2 PDF of this notice.

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You Learn From Listening, Not Talking

Withum

There is too much talking and not enough listening. This is particularly so in politics where it is believed that the more you talk and the louder, the more your views will get through. I don’t believe this is so, but it might be since that is what I see on political segments on television and hear on the radio. I do not think the browbeating is effective.

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Boomer Consulting, Inc. Launches the Boomer Knowledge Network

CPA Practice

Boomer Consulting, Inc., a provider of unique consulting services, peer-led communities and thought leadership for the accounting profession, has launched the Boomer Knowledge Network ( bkn.boomer.com). This innovative, subscription-based platform is designed to deliver valuable resources to accounting firms of all sizes, helping them achieve growth and profitability.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

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.

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The whistleblower UBS fired for 'blackmail' who got a medal from Macron

Accounting Today

A former auditor, Nicolas Forissier was made a "chevalier" — or knight — of France's National Order of Merit during a ceremony at the Senate in Paris.

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Finding Qualified Staff Is the Top Issue Facing Most CPA Firms In 2024

CPA Practice

This week at the ENGAGE conference in Las Vegas, topline results of the Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey were revealed during the AICPA Town Hall. What was discussed were the biggest issues facing accounting firms of differing sizes in 2024—and which of those challenges were the most common. Survey respondents were asked to rank the impact of a host of issues on a 1 to 5 scale, with one being “minimal” and five being “extreme.

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VAR 100 2024 deadline extended to June 12

Accounting Today

The deadline for Accounting Today's 2024 VAR 100 survey has been extended to Wednesday, June 12.

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How Do I Set up Payroll for My Accounting Clients?

Patriot Software

From tax preparation to advising, your accounting services are invaluable to small businesses. One in-demand service among small business owners is payroll. Not to mention, 43% of accounting firms believe payroll services can benefit clients.

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How to Build the Ideal HR Team

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.

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EWA executives discuss current status and future of on-demand pay

ThomsonReuters

Earned wage access (EWA), also known as on-demand pay, continues to be an integral part of the employee benefits packages offered by employers. With technological advancements enabling instant access to earned wages, employees increasingly expect such financial flexibility in managing their cash flows, which can spur adoption and growth. Some of the resistance points from payroll professionals and concerns with tax compliance are being addressed through communication and the use of data analytic

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Utilizing New Markets Tax Credits for Komar Brand’s Expansion

Cherry Bekaert

Komar Brands Apparel Manufacturing & Distribution The Project Komar Brands has built a world-class apparel manufacturing and distribution operation over the last century. Today, the company is 50% owned by women, and the Qualified Active Low-Income Community Business (QALICB) will maintain this status. With over 100 brands, a global footprint, and recent growth, the company is looking to expand on its track record of success.

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FRAUD ALERT: The Growing Fraud Occurring in Accounts Payable in Local Government Finance Departments

LSLCPAs

Accounts payable fraud is a growing concern for local governments, with vendor scams becoming an increasingly common problem. Bad actors are contacting local governments, claiming to be from a vendor and requesting changes to addresses or bank information. Without proper controls in place, these changes are often made without verification, resulting in payments being made.

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Employers added 272K jobs in May, including 7,600 in accounting

Accounting Today

The jobs report blew past expectations, although the unemployment rate ticked up to 4%.

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Planning Your Restaurant's 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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Building a Scalable Accounting Firm: A Q&A on Growth Strategies for Accountants

CPA Practice

By Sarah Acton. Growth is often top of mind for accounting firm leaders, but what does sustainable growth actually look like in practice? In this Q&A, I asked Jason Blumer, CPA to discuss firm growth and what firms truly need to be able to scale and succeed. Jason knows a thing or two about firm growth and innovation: after originally taking over his father’s accounting firm, he is now the CEO of Blumer CPAs, an experimental CPA firm, and founder and CEO of Thriveal CPA Network, a community

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Breaking down a scheduled tax season

Accounting Today

Here's a step-by-step guide to calendar blocking.

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The impact of Practice Forward: Unlocking the lucrative shift to client advisory services

ThomsonReuters

With AI-powered tax technology automating most traditional tax compliance work, forward-thinking accounting firms are increasingly shifting their business model and engaging clients in a new (and more profitable) way: advisory services. Making this transition, however, requires a change in mindset. Advisory engagements are centered around your client’s business goals and strategy (in addition to traditional tax compliance, of course) and are built into your client relationships from the get-go.

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Tech news: Marcum acquires CLA's Enhanced Managed Services division

Accounting Today

Plus, Vertex consolidates Accelerator and Chain Flow Accelerator into single solution; and other accounting tech news.

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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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272,000 Jobs Were Added to the U.S. Economy in May

CPA Practice

By Associated Press via Fast Company (TNS) America’s employers added a vigorous 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates. Last month’s strong job growth reflected the durability of America’s consumer-driven economy. With the nation’s households continuing their steady spending, many employers have had to keep hiring to meet their customer demand.

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Trump tax cut renewal is winning Wall Street, but could cost $4.6 trillion

Accounting Today

The prospect of a fresh round of tax cuts next year is helping Donald Trump woo Wall Street donors but threatens to add trillions of dollars to the national debt.

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