Thu.Feb 22, 2024

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Can Payroll Services Handle Direct Deposit?

Patriot Software

If you want to deposit your employees’ paychecks directly into their bank accounts, you need direct deposit. Direct deposit is a convenient payment method for employees, who receive their paycheck quickly and securely on payday. Most employers handle direct deposit through their payroll software. Payroll services calculate employees’ wages, taxes and deductions, and take-home pay.

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The changing state of e-commerce

TaxConnex

Not long ago, clicking a computer mouse to buy something was an idea of science fiction. Today, of course, e-commerce is how a significant amount of shopping takes place in general. Capital One reports that global e-commerce retail sales will hit some $6.91 trillion this year, up 9.5% from total e-commerce retail sales in 2023. Projections indicate that value will increase to $8.03 trillion in 2027.

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Amazon Considers Introduction of Veterinary Telehealth Services

VetCPA

Amazon is considering the introduction of veterinary telehealth services, according to CNBC , following in the wake of Walmart, which made them available earlier this year to its Walmart+ subscribers. Sources familiar with the matter said Amazon could turn to Pawp to fuel a potential pet telehealth offering in time for the holiday season. Pawp currently works with Walmart, although its agreement with the retailer is set to expire on November 19th.

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Despite Dropping Degree Requirements on Job Ads, Many Firms Aren’t Actually Changing How They Hire

CPA Practice

By Brit Morse, Inc. (TNS) Employers and recruiting experts across the U.S. have shown increasing interest in using skills-based hiring—an approach that prioritizes a candidate’s ability to do the job rather than their college degree—to diversify talent pools. But while many employers are following this approach in theory by removing college degree requirements from job postings, some still hesitate to apply the approach in practice.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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2024 SEC Filing Deadlines and Financial Statement Staleness Dates

Cherry Bekaert

Financial statement issuers must assess many items when planning to file a registration statement with the U.S. Securities and Exchange Commission (SEC), including which financial statements are required to be included in the registration statement. Many factors are considered when determining the appropriate financial statements to include in the registration statement, such as the appropriate filing status of the company, pro forma financial statement requirements, transactions, acquisitions,

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Firms grapple with sustainability reporting and assurance

Accounting Today

Most companies are providing some disclosures about their sustainability efforts, but not as many are getting assurance on their numbers from auditing firms.

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Giving Some Love to the Concierge Accounting Practice

Insightful Accountant

Imagine a scenario in which you could devote more time to actually partnering with your clients to solve their issues and provide them solutions, rather than simply handling their books or processing their tax returns.

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Rethink Your Sales Approach with Diane Helbig

Summit CPA

Virtual CPA Success Show Podcast Episode 111 Jody and Jamie welcome author and business advisor, Diane Helbig. Diane shares her expertise in sales, emphasizing the need for a shift from traditional sales techniques to a more comfortable, trust-building approach. The conversation covers the importance of being a trusted resource, hiring strategies, transitioning from traditional sales models, and the value of curiosity and learning new skills.

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Report: Firms That Offer Employer Caregiving Benefits See a Return of Nearly 18x

CPA Practice

By Pavithra Mohan, Fast Company (TNS) There’s plenty of evidence that providing corporate benefits to support employees with fertility treatments and childcare costs is a worthwhile investment for companies. Caregiving benefits can be a strong driver of retention and an effective recruiting tool, with a not-insignificant portion of workers seeking new jobs to secure fertility coverage.

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What Artificial Intelligence Means for the Future of Accounting in 2024 and Beyond

Insightful Accountant

AI, especially ChatGPT by OpenAI, took over tech news. Speculation on its impact on industries and professions is high. As tax season nears, maximizing tech efficiency is a priority.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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The top 5 AI terms corporate tax professionals need to know

ThomsonReuters

Developments in artificial intelligence (AI) are advancing rapidly all the time, and it’s set to play an increasingly important role in everyday life and the professional landscape. It is inevitable that in the next few years, it will impact – and even transform – how corporate tax professionals go about their work. The good news is, AI should solve many pain points and make it easier (and quicker) to do a good job: cutting out repetitive processes and minimizing the risk of error, while e

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Tax Insights for Indian Companies in the U.S. Market

Cherry Bekaert

There are incredible advantages to expanding and conducting business in the U.S. that encourage Indian companies to grow globally. When beginning to look at the implications and regulations in the U.S., one item to take into careful consideration is U.S. sales tax. As businesses in India are accustomed to the goods and services tax (GST) on their goods and services, the U.S. sales tax regime often mystifies international sellers.

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Ultra-wealthy's corporate jet is latest IRS crackdown

Accounting Today

The agency will begin three to four dozen new audits this spring to see if inappropriate deductions were made.

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A Failed Business Strategy Tale for Skagit County Owners

SkagitCountyTaxServices

We’re less than a month away from March Madness. The NCAA recently released the tournament schedule with locations, if you’re wanting to see your favorite team play in person. Or you just want to mark it on your home calendar so your family knows you’ll be commandeering the living room TV for a few weeks. Something to mark on your office calendar, that’s also less than a month away: The March 15 S-corp and partnership filing deadline for 2023 taxes.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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Tax Fraud Blotter: Cheesy

Accounting Today

Repair thyself; this beauty's a steal; oh mama; and other highlights of recent tax cases.

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Leveraging Live Forecasts to Drive A Successful Business

AccountingDepartment

Forecasting in business has long been the compass that guides strategic planning and resource allocation. Traditionally, forecasting relied on historical data to project future trends, a method with inherent lag times and uncertainties. However, as markets become more dynamic and volatile, the value of traditional forecasting is waning. Enter live forecasting—a real-time analytical process that allows businesses to make agile, informed decisions, keeping their finger on the pulse of a rapidly ch

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IRS free tax system moves into public test phase

Accounting Today

The Internal Revenue Service's Direct File pilot program has expanded beyond internal testing of its free tax prep system to taxpayers in a dozen states.

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Valid8 Financial Launches “Stories” to Accelerate Financial Fraud Investigations

CPA Practice

Valid8 Financial, a maker of the Verified Financial Intelligence solution, has launcged Stories , a new capability allowing users to quickly separate transactions of interest and group them into different collections to understand how financial activities unfolded over time and across locations. Stories builds on Valid8’s existing AI Categorization capabilities to provide investigators with a new, more powerful way to identify questionable transactions, including checks, deposits, transfers a

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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House Passes the Tax Relief for American Families and Workers Act of 2024

LSLCPAs

The Tax Relief for American Families and Workers Act of 2024 was passed by the US House of Representatives on January 31, 2024. As the Bill moves to the US Senate in its current draft for passage, the Bill is to provide much anticipated business tax relief, expansion of the Child Tax Credit’s refundable portion, The post House Passes the Tax Relief for American Families and Workers Act of 2024 appeared first on LSL CPAs.

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CohnReznick Earns Award for M&A Restructuring

CPA Practice

CohnReznick LLP, an advisory, assurance, and tax firm, has been recognized by The M&A Advisor with the Sec. 363 Sale of the Year Award ($10 MM – 50MM category) for its advisory work in the restructuring and sale of Winc, Inc., a wine club, wholesaler, and online retailer. The M&A Turnaround Awards recognize noteworthy distressed transactions, restructuring, refinancing, products and services, firms, and professionals in the United States and international markets.

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NetSuite Ending Support for 2FA Security Functionality

Withum

In March 2023, Oracle NetSuite announced that users who are setting up or resetting their NetSuite 2FA (two-factor authentication) configurations need to download and use an authenticator app to generate verification codes. Getting codes by SMS is no longer available for users who are setting up 2FA for the first time, or for existing users who modify their 2FA settings.

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Docyt Combats U.S. Accountant Shortage with the Launch of Docyt University

CPA Practice

Docyt , a provider of AI-driven accounting automation technology, has launched Docyt University as a free resource for accountants and other financial personnel to train and become certified on the latest advanced AI accounting tools. The rich online curriculum centers on AI-driven accounting automation techniques that streamline workflows, improve accuracy, and give accountants a clearer path to achieving their business objectives.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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Handling Customer Prepayments and Deposits in QuickBooks Enterprise 2024

SchoolofBookkeeping

New for Quickbooks Desktop 2024!! The ability to accept Customer Prepayments and deposits has been added into QuickBooks Enterprise 24 Customer prepayments (customer deposits) are when you get money before a product or service is done. You don't have an invoice for the payment yet. To manage prepayments in QuickBooks Enterprise 24.0 or later: Receive customer prepayments Step 1: Turn on ‌prepayments Go to Edit , and then Preferences.

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Genetec Launches Enterprise-Grade, Unified SaaS Solution

CPA Practice

Genetec , a technology provider of unified security, public safety, operations, and business intelligence solutions, has launched Security Center SaaS. Built with cybersecurity and privacy at its core, the new offering is a massively scalable, open, and unified software as a service solution (SaaS). Combining access control, video management, forensic search, intrusion monitoring, automation, and many other advanced security capabilities, Security Center SaaS ushers in a new chapter in the techn

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Commercial Real Estate Accelerated 179D Tax Deduction Expanded

Withum

The Inflation Reduction Act of 2022 (“IRA”) is a landmark legislation that aims to promote investment in clean energy and combat climate change. The act expands existing clean energy tax credits and enhances tax deductions to further incentivize the development and use of clean energy products and technologies. The IRA is expected to have a significant impact on the environment and the economy, and it is a crucial step towards a more sustainable future.

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Digital Asset Risk and Regulatory Compliance Expectations for 2024

CPA Practice

Executives involved in managing digital assets like digital currencies, digital securities, and stablecoins expect digital asset risks to increase and the regulatory environment to become more complex in 2024, according to a recent Deloitte poll. Related investments at most organizations are expected to remain flat. Looking at the next 12 months, nearly one-quarter (24.7%) of respondents believe that the number and size of digital asset risks their organizations must manage will increase.

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Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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QuickBooks Migration from Desktop to Online - Ultimate Guide

SchoolofBookkeeping

Data Migration Best Practices If you look at the quickbooks.com website, you will likely find most of the content to be QuickBooks Online. Trying to find resources or support for their desktop products is similar to the needle and haystack analogy. It's intentional that Intuit has made multiple announcements that its Quickbooks Online ecosystem is the flagship offering with its reliance on generative AI, API, and computing evolutions.

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Arizona AG Asks Federal Court to Stop IRS From Taxing Family Rebate

CPA Practice

By Howard Fischer, The Arizona Daily Star, Tucson, Ariz. (TNS) Calling its actions illegal, Attorney General Kris Mayes is asking a federal magistrate to block the IRS from taxing the proceeds of last year’s family rebate. In legal papers filed Wednesday, Mayes points out that the IRS had previously concluded that rebates and payments made by 17 other states to its residents—up to $750 for eligible families—were not subject to federal income tax.

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Navigating the Impact: Inflation Reduction Act of 2022 Update

Cherry Bekaert

In this video, we provide a comprehensive update on the Inflation Reduction Act of 2022 (IRA) since its implementation. Explore key topics, including the influx of new providers in Section 179D, investment tax credits (ITCs) and production tax credits (PTCs) and how to work with a reputable team. Gain insights into prevailing wages and apprenticeship program requirements through published guidance.

Tax 52
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Sustainability Reporting and Assurance Practices of Largest Global Companies Continue to Mature

CPA Practice

The largest global companies are providing more detail and breadth in their sustainability reporting, and also are obtaining a greater scope of assurance on those disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA. The study, an annual benchmark that now includes 2022 data, also found the use of varying sustainability standards and frameworks continues to make it difficult for investors, lenders, and other stakeholders to find

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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.